Familiarizing yourself with the various modules in Workday Finance Training

Introduction to Workday Finance Training

Workday finance training is an in-depth training offered to Workday professionals to gain expertise in the implementation of Workday Financials. It equips trainees with the skill to perform major financial transactions, administrative events, and understand the core system functionality of Workday financial management. Workday finance training is mainly undertaken by functional consultants to improve their knowledge in finance or by existing finance professionals who wish to transition their skills to Workday.

After completing this training, one would learn navigation tools in Workday finance as well as acquire knowledge in object business models, landing pages, worklets and financial analytics. They would also get familiarized with configurable security framework, and learn how to modify access in security groups and business processes across the Workday application.

Organizations, work tags, & financial accounting setup for Workday Finance Training

setting-up-workday-finance-training

There are several types of organizations supported by Workday, the main one being company organizations. Throughout this training, students will acquire knowledge on creating a company and attaching it to existing hierarchies, creation of cost centers, reorganizations, company work tags, and customizing work tags. Reorganization events are created not only for new companies but also for reorganizing existing entities.

Companies are set up to record financial transactions, statutory reports and analyze financial statements. Cost centers help in tracking transactions of a financial nature and are used for the purpose of financial reporting. Employees are specifically hired and assigned to these centers. 

Worktags are automatically created by Workday to be used in transactions of various types like custom worktags, delivered worktags, custom organization worktags, delivered organizations and basic worktags. Custom worktags can be configured as financial, HR, payroll and time tracking transactions. 

Financial accounting setup helps in submission of information to various stakeholders like creditors, investors and other regulatory authorities. Workday follows an event driven approach to financial accounting with the availability of various currencies, norms and international accounting principles.

Accounting journals, posting rules and supplier invoices

Accounting journals, posting rules and supplier invoices

Accounting journals are created manually by accountants using the ‘create journal’ task. Based on the accounting policies of the company, journals can be created for operational transactions, accruals, reversals, and depreciation and Intra Company activities as defined by the control team. Students would learn about ledger postings, security groups, journal reversals, EIB, and populating templates.  

Posting rules consist of understanding the account posting condition rules, dynamically determining ledgers, and understanding the difference in posting rules between the debit and credit entries. Supplier invoices are generated as a part of the supply management process to process and communicate information between vendors of the company and the organization. Supplier-related tasks, processes, and information can be easily processed using the workday supplier management system.

Banking, settlement, and customer invoices

Banking, settlement, and customer invoices

Banking, settlement and reconciliation tools are a part of Workday cash management which helps in optimization and organization of the cash inflows and outflows of the organization. Workday can use this information for administrative and control activities. Learning objectives include security groups, company hierarchy, and settlement run for paying invoices, printing sample checks and making ad hoc payments. 

Customer invoices are generated through the workday revenue management system aiding in registration of customers, managing receivables, billing and invoicing, generating cash receipts and offering CRM solutions. Workday gives a deep insight to analyze the customer relationship processes in an opportunistic manner to generate revenue. 

Bank reconciliation, asset setup and business asset lifecycle

Bank reconciliation, asset setup and business asset lifecycle
Being part of a white collar environment

Through this section, trainees would gain insight on identifying security groups for bank reconciliation, manual bank statements and coordination of cash related activities. Workday’s bank transfer facility enables transfer of funds between affiliate companies. Business asset setup helps in tracking tangible as well as intangible items. Workday tracks assets based on its usage and accounts for their existence in compliance with the accounting policies of the organization. It also helps in tracking zero cost items such as security badges. Thus, custodianship as well as relationship can be easily assigned to assets using the business asset relationship determined by Workday.

Financial reporting and period closing

Financial reporting is an important part of any business. When you undertake Workday Finance Training from reputed institutions like ERP Cloud Training, you can learn reporting in-depth. Financial reports can be generated in various formats in Workday like graphical formats or tabular formats. Trainees would learn how to identify security groups for financial reports; identification of standard reports, running reports on trial balance and ledger accounts, summarizing and analyzing the same.

Period closing can be done at the end of a month, quarter or an year, There are various tools in Workday to be utilized for starting a period closing event, updating rules, creation of fiscal year, carrying forward the balance of the previous year, creating adjustment journals and closing the ledger year.

Conclusion

If you are young and enthusiastic about pursuing a career in Workday, do not think twice and opt for such workday training from any of the well-known institutes. The remuneration of a Workday professional ranges from $100 to $450 per hour and is a great way to work from the comfort of your home and conquer great heights.

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