Get Ready for Workday Update 32 The Finance and Payroll Overview - - PowerPoint PPT Presentation

Get Ready for Workday Update 32 The Finance and Payroll Overview

Danielle Lee Consultant - Finance

Core Financials

Core Financials

4.

Payroll Intercompany Accounting

3.

Reset Currency Conversion Rates

1.

Adaptive Insights Integration

2.

Journal Line Numbers

Adaptive Insights Integration

Workday 32 introduces the first of a multi-phase effort that will enable you to integrate Adaptive Insights headcount and financials planning and advanced modeling into Workday. NB: This is an opt-in feature and professional services setup is required.

1

Journal Line Numbers

• With Workday 32, line numbers will be provided for all

journal lines to help you meet statutory requirements around tax auditing for different countries. NB: This feature will be automatically available.

2

Reset Currency Conversion Rates

• Workday 32 will enable you to automatically

recalculate journal line amounts after a change in the currency conversion rates. This will provide more efficiency and accuracy when multicurrency journals are created, copied, or edited. NB: This feature will be automatically available.

3

Payroll Intercompany Accounting

• Workday 32 will introduce intercompany accounting to

enable you to charge payroll expenses to multiple companies. NB: This is an opt-in feature and setup is required.

4

Tax

Tax

3.

Electronic Value Added Tax Returns for UK

1.

Effective Date on Transaction and Withholding Tax Rates

2.

Self-Assess Tax at Line Level

Effective Date

• n

Transaction and Withholding Tax Rates

• With Workday 32, an effective date will be specified
• n transaction and withholding tax rates

NB: This feature will be automatically available.

1

Self-Assess Tax at Line Level

• Workday 32 will enable you to self-assess a portion of

the tax on individual transaction lines, providing additional configuration options on tax rates at the line level. NB: This feature will be automatically available.

2

Electronic Value Added Tax Returns for UK

• Workday 32 will expand the tax declaration framework

for the UK by mapping the values from the tax declaration definitions to the VAT 100 format. NB: This is an opt-in feature and setup is required.

3

Revenue & Customer Accounts

Revenue and Customer Accounts

1.

Restrict Customers by Company

2.

Print Attachments with Customer Invoices

3.

Customer Lockbox Payment Integration

Restrict Customers by Company

• In Workday 32, customers can now be restricted by

selected companies to improve transaction processing. NB: This feature will be automatically available.

1

Print Attachments with Customer Invoices

• Workday 32 allows attachments to be included from

an expense transaction and customer invoice document on 1 PDF file for easier printing and emailing. NB: This feature will be automatically available.

2

Customer Lockbox Payment Integration

• Workday 32 introduces improvements to payment

applications using the Customer Lockbox Payment

• integration. This feature enables payments to be

automatically recorded that reference invoices from multiple bill-to customers. NB: This is an opt-in feature and setup is required.

3

Projects

Projects

1.

Ad Hoc Project Transactions for Spend

2.

Exclude Non- Billable Time for Revenue Project Budgets

3.

Flexible Labor Costing

4.

Configurable Labor Cost Capitalization

5.

Standard Billing Rate Sheet for Project Budgets

Ad Hoc Project Transactions for Spend

• With Workday 32, ad hoc project spend transactions can

be created and viewed. NB: This feature will be automatically available.

1

Exclude Nonbillable Time for Revenue Project Budgets

• Workday 32 will exclude nonbillable time transactions

from the calculations of revenue project budget calculations. NB: This feature will be automatically available.

2

Flexible Labor Costing

• Workday 32 will allow multiple companies to be

included on a single rate sheet, and budgeting by worker and role. NB: This is an opt-in feature and setup is required.

3

Configurable Labor Cost Capitalization

• With Workday 32, you’ll be able to capitalize standard

cost and fully burdened cost amounts from time transactions for capital projects. NB: This is an opt-in feature and setup is required.

4

Standard Billing Rate Sheet for Project Budgets

• With Workday 32, revenue project budgets can be

created with contract lines that use the standard billing rate sheet. NB: This feature will be automatically available.

5

Jamie O’Reilly Consultant - Finance

Banking & Settlement

Banking & Settlement Discussion Points

1.

Cash Forcasting with Worksheets.

2.

Bank Account Creation.

3.

Matching Rule Sets for Multiple Bank Statement Automatic Reconciliation.

4.

Suggestion Rules for Matching Rule Sets.

Cash Forcasting with Worksheets

• With Workday 32, we'll enable you to leverage

Worksheets to model and generate cash forecast data for viewing in cash forecast reports and dashboards. You'll also be able to utilize Worksheet functionality to prepare your cash forecast data with greater efficiency.

• NB: This is an opt-in feature & setup is required

1

Bank Account Creation

• Workday 32 will enable you to use bank and branch

records to help users create worker and settlement bank accounts. This will ensure better accuracy in bank payment information and reduce manual entry. NB: This is an opt-in feature & setup is required

2

Matching Rule Sets for Multiple Bank Statement Automatic Reconciliation

• We will improve automatic bank statement

reconciliation to increase automation and decrease manual errors. We'll enable you to include matching rule sets when you run or schedule automatic multiple bank statement reconciliation. You will also be able to launch single or multiple bank statement reconciliations from a single location. NB: This is automatically available.

3

Suggestion Rules for Matching Rule Sets

• We'll update matching rules to support suggestions for

automatic 1-to-1 bank statement reconciliations, helping to reduce manual effort and streamlining bank statement reconciliations. NB: This is an opt-in feature & setup is required

4

Procurement & Supplier Accounts

Procurement and Supplier Accounts Discussion Points

1.

Configure Default Supplier Spend Categories and Worktags.

4.

Suppliers and Units of Measure for Purchase Items.

2.

Multiple Companies on Requisitions.

3.

Match Supplier invoice Adjustments.

Configure Default Supplier Spend Categories and Worktags

• Workday 32 will deliver the ability to configure default

spend categories and worktags for non-purchase

• rder invoice lines based on the supplier, reducing

manual effort and improving data accuracy. NB: This is an opt-in feature & setup is required

1

Multiple Companies on Requisitions

• With Workday 32, you will be able to create consolidated

requisitions with lines containing multiple companies.

• This will save you time during reconciliation and reduce

the number of requisitions you need to complete. NB: This is an opt-in feature & setup is required

2

Match Supplier Invoice Adjustments

• You'll be able to link transaction lines to supplier

invoice adjustment lines, enabling Workday to populate line information for you.

• Workday will also update your commitments and
• bligations when you match credit returns on supplier

invoices with the original purchase documents, eliminating the need to track adjustments outside of Workday.

• NB: Automatically available

3

Suppliers and Units of Measure for Purchase Items

• With Workday 32, you'll be able to enter the same units
• f measure (UOMs) for ordering, issuing, and stocking
• n your purchase items. You'll also be able to define

supplier information without catalog loads on your purchase items. This will save you time and effort when maintaining items for procurement and inventory. NB: This feature is automatically available

4

Expenses

Expenses Discussion Points

1.

Configurable Expense Item Attributes

2.

Receipt Scanning for Mobile

3.

Central Travel Cards

4.

Corporate Expense Credit Card Accounting and Settlement.

Configurable Expense Item Attributes

• With Workday 32, you'll be able to define and customize

expense item attributes. This will enable you to capture more detail on expense reports and spend authorizations, such as for tax compliance. NB: This is an opt-in feature & setup is required

1

Receipt Scanning for Mobile

• You'll be able to scan receipts for the Merchant attribute so

you can quickly report expenses through Workday on Android, iPad, and iPhone.

• NB: This is an opt-in feature & setup is required

2

Central Travel Cards

• With Workday 32, Workday will update the Visa and

MasterCard integrations to support central travel cards and automatically assign central travel card transactions to workers for expense inclusion. This will enable you to efficiently track and analyze travel spend so that you can improve policy decisions, negotiate better travel rates, and

• ptimize your cash flow.

NB: This is an opt-in feature & setup is required

3

Corporate Expense Credit Card Accounting and Settlement

• Workday 32 will enable you to configure your corporate

expense credit card account to record credit card transaction liability and generate its accounting based on the company. This will expand the accounting and settlement process so you can settle transactions between companies and pay credit card companies before workers include transactions on expense reports. NB: This is an opt-in feature & setup is required

4

Cathryn Boyle Lead Consultant - Payroll

Payroll

Experience and Engagement

1.

Employee Self Service for Voluntary Deductions

2.

Maternity Pay Schedule

Employee Self Service Voluntary Deductions

• With WD32, voluntary deductions via self service

will now be introduced.

• NB: This is an opt-in feature & setup is required

1

Maternity Pay Schedule

• With Workday 32, payroll users will be able to run

report on demand and extract results into predefined schedule.

• NB: Automatically available

2

Operational Excellence

2.

Company Costing for Payroll

1.

Smart Payroll Audit – Phase 1

3.

Retro – Unsupported Events

4.

Multiple On Demand Replacements

5.

Holiday Pay Enhancements

Smart Payroll Audit – Phase 1

• Workday 32 will deliver new reports for increased

visibility and control over the payroll audit process

• NB: Automatically available

1

Company Costing for Payroll

• Workday 32 will enable you to charge payroll

expenses to multiple companies.

• NB: This is an opt-in feature and setup is required

2

Unsupported Retro Events – Phase 1

• With Workday 32 retro will support Retro terminations,

suspend retro results and support retro differences from other pay groups and companies.

• NB: Automatically available

3

Multiple On Demand Replacements

• With Workday 32 you will be able to process and pay

workers several times in the same pay period through

• n demand replacement.

NB: Automatically available

4

Holiday Pay Enhancements

• Workday 32 will deliver additional configuration
• ptions to reduce manual processing as well as

deployment costs.

• NB: This is an opt-in feature and setup is required

5

Compliance and Risk

3.

RTI EYU

4.

2019/20 Compliance

1.

Puerto Rico – Year End Tax Documents in ESS

2.

IWO Issue Verses Work

Puerto Rico – Year End Tax Documents in ESS

• With Workday 32 Puerto Rican workers’ will now be

able to view/print their year end documentation.

• NB: Automatically available

1

IWO Issue verses Work

• With Workday 32 customers will be able to accept

either Workday default rule or override for certain types of withholding orders.

• NB: This is an opt-in feature and setup is required

2

RTI EYU

• Workday 32 will automate how you amend your

worker's tax details after the year ends with Earlier Year Updates (EYU) and how you submit them to HM Revenue and Customs (HMRC).

• NB: Automatically available

3

2019/20 Compliance

• Workday 32 will introduce the functionality for the new

tax year.

4

Thank You / Q&A