WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. Ask us anything!

Workday Finance - 3. Financial Account Setup

Workday Finance Training Highlights

­čĺ╝ Fiscal schedule determines accounting periods based on the fiscal year chosen for the organization

­čôů Setting up a fiscal schedule is a one-time task that involves creating a schedule to store fiscal years.

­čĺÁ Assigning a fiscal schedule is essential for accurate accounting date entries and journal reversals.

Workday Finance Training - Key Moments

  • Introduction to Financial Accounting Setup 00:00

    • Explanation of fiscal schedule and its importance in determining accounting periods based on the organization’s fiscal year.
    • Setting up the fiscal schedule during implementation and assigning it to the company for accurate date entries.
    • Creation of a new company to demonstrate the fiscal schedule setup process.


  • Company Accounting Details Setup 02:18


    • Accessing the heart of financial accounting setup through Company accounting details.
    • Assigning the chart of accounts, fiscal schedule, and posting rules to the company.
    • Importance of setting up the fiscal schedule and its impact on the accounting process.
    • Creating a fiscal schedule as an umbrella for storing and using fiscal years within the system.
    • Enabling the autopopulate fiscal period feature for efficient period management.
    • Assigning the created fiscal schedule to the company for future accounting operations.
  • ┬á

Workday Training FAQ’s

Q: What is the purpose of a fiscal schedule in financial accounting setup?

A: The fiscal schedule determines the periods in which accounting entries are recorded based on the organization’s chosen fiscal year, such as January to December or April to March.

Q: How is a fiscal schedule set up and assigned to a company in financial accounting?

A: The fiscal schedule is created as an umbrella for storing fiscal years, and it is assigned to a company through the Company accounting details section. Once assigned, it dictates the accounting periods for journal entries and operational transactions.

Q: Why is it important to specify how journal entries should be reversed in a fiscal schedule?

A: Specifying how journal entries should be reversed, such as from debit to credit, ensures consistency in accounting practices and helps maintain accurate financial records when reversing transactions.

Q: Is creating a fiscal schedule a recurring task every year for a company?

A: No, creating a fiscal schedule is a one-time task for a company. Once created, it serves as the framework for organizing and managing fiscal years, ensuring consistent accounting practices over time.


Connect with CloudCertification