What you need to know about the Exciting New Features of Workday 2020 R2 in Financial Management

The main reason for major enterprises to prefer Workday over any other SaaS is mainly because of its functionality, features and the release of new versions twice a year, which makes it all the more compelling to learn Workday Training from reputed institutes like ERP Cloud Training.

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New Features in Workday Financial Management: To enhance the scope of financial services, Workday has released many new features in the R2 version including documentation of policies and procedures for account certification definitions, automated process to decertify previously approved certifications, accounting adjustments features, matching transactions across journal lines and the enhancement of supplier request process through portal integration.

To know more about such features in Workday, one can opt for Workday Finance Training to gain comprehensive knowledge about the Workday products and services offered in this area.

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Features relating to cash, banking, settlement, and expenses: Miscellaneous payment requests can be offered through Expedited Settlement runs. Improvisations have been done for the functionality and performance of Expense reporting. They have also introduced a feature to include credit card transactions for the payees of expenses. All these features are hoped to make it easier to record, classify, and alter financial transactions in Workday.

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Additional features in Projects, Revenues and Supplier Accounts: Streamlining of resource allocation to project work, improving relevance invisibility of project tasks to the project managers, scheduling of tasks to reduce manual efforts and improve revenue accounting for the end of the period, mass transfer and splitting of non-labor billable transactions are some of the issues that have been addressed by the introduction of new features in this field. Regarding supplier accounts, a feature has been added to set up configurable attributes to supplier invoices.

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Hot features to enhance the functionality of Inventory and Procurement: Abundant steps have been taken to improve inventory management and purchases. They are inclusive of changing base units of measurements, automatic features to put away inventory returns, an increase in inventory security, removal of par inventories, and the option to manage and track item recalls in Workday.

To maintain purchase items, worksheets have been introduced. Provisions have been made to return inventory items to suppliers and track the purchase of items with commodity codes.

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Features implemented in Grants management and Taxes: A system has been designed to generate FEC files and help in the compliance of audit requirements. Recertification of efforts certifications which have become obsolete, the introduction of a work area for effort certification, routing of effort certification based on the worker’s organization assignments, the configuration of report views, generation of pro forma reports, and the viewing of the status of effort certifications are some of the promising features which will completely change Workday Finance.

Apart from these there many additional features in Retirement Reminders. Some of these features are automatically available while others have to be set up manually using the instructions given. Of course, this article only comprises of the features related to Workday Finance Training. As we know, Workday is an ocean of software products and services in which changes are made every single year to make sure that it is up to date.

Plenty of new features have been introduced in Workday HCM, Payroll, Recruiting, Time Tracking, adaptive planning, student learning modules as well as cross-application services. These features have been implemented taking into consideration the needs of Workday Customers and Partners as their satisfaction is of primary importance any day.

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