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Administrator Guide
Last Updated: 2023-06-23
Steps: Create Recurring Accounting Journals

Steps: Create Recurring Accounting Journals

Security:
Process: Journals - Core
 domain in the Common Financial Management functional area.
Create recurring journal templates to generate recurring journals for transactions that you repeat every accounting period.
Example:
  • Accruals.
  • Depreciation charges.
  • Allocations.
Recurring journals have the same journal lines for the same accounts and amounts. You can apply the same custom validations you created for the accounting journal.
Workday doesn't apply account segment security to recurring journal templates or when you generate a recurring journal.
  1. Access the
    Create Recurring Journal Template
     task.
  2. As you complete the task, consider:
    Option Description
    Ledger
    Select a company that includes one of these ledgers:
    • Actuals.
    • Commitment.
    • Obligation.
    You can also use the
    Ledgers by Company Hierarchy
     prompt category to navigate a company hierarchy and then select the company ledger.
    Enable Multicurrency
    (Optional) Select to enable the
    Currency Rate Type
     and grid, consider:
    Reset Currency Rate at Journal Generation
    .
    Record Quantity
    (Optional) Select to enter quantities and units of measure on the journal lines.
    Template Start Date
    Template End Date
    You can enter a start date that is in the future. The recurring journal template becomes
    Available
     as of the
    Template Start Date
    . You can no longer select a template after the
    Template End Date
    .
    Journal Source
    Displays journal sources you designated as an
    Accounting Source
     on the
    Maintain Journal Sources
     task.
    Currency Rate Type
    Available when you select the
    Enable Multicurrency
     check box.
    By default, Workday uses the
    Currency Rate Type Override
     on the
    Edit Company Accounting Details
     task. If you haven't entered a default currency rate type for the company, Workday uses the default currency rate type for the tenant.
    Optional Balancing Worktags
    (Optional) Select 1 or more optional balancing worktag types for balancing the journal or leave blank.
    When you enable optional worktag balancing on the
    Maintain Worktag Balancing Configuration
     task, Workday fully balances journal lines by optional balancing worktags. Journal lines automatically:
    • Inherit optional balancing worktags based on the worktag types selected.
    • Generate due to and due from entries to balance transactions.
    Reset Currency Rate at Journal Generation
    (Optional) Available when you select the
    Enable Multicurrency
     option. Select to have Workday automatically reset to the default currency.
    Document Link
    Add the
    Accounting Journal Document Link
     type and a valid uniform resource identifier (URI) patterns on the
    Maintain External Link Validation
     task. This configuration enables you to link external documents to accounting journals.
    If you store supporting documents or images in an external repository, then enter the URL to that location. Once you save the transaction, Workday displays the URL as a live hyperlink to the image. Approvers can reference this document before approving the transaction.
    Workday validates the link to ensure that it has a valid Uniform Resource Identifier (URI) pattern, as defined by your security administrator. This process provides additional security to help avoid malicious content in external links.
    Create Reversal
    Select if you want to create a reversal journal when you use the template to generate recurring journals.
  3. As you complete the
    Journal Entry Lines
     section, consider:
    Option Description
    Ledger Account
    Displays only the ledger accounts that are available for use with the selected
    Company
    . Based on the restricted-to companies you entered on the
    Create Account Set
     or
    Edit Account Set
     tasks.
    Worktag
    Use worktags as keywords to more easily classify and find transactions. Configure the allowed worktag types on the
    Maintain Worktag Usage
     task. When you select a worktag type that has related worktags, Workday automatically populates transactions with the related worktag values.
    Exclude from Spend Report
    Select if you want to exclude spend accounting lines from budget checking and spend reports.
  4. Access the
    Recurring Journal Generation
     task to create journals based on recurring journal templates.
    Displays templates with an accounting date that is between the template start and end dates. If you selected
    Create Reversal
     on the recurring journal template, the default
    Reversal Date
     is the first day of the next period.
    You can create future-dated recurring reversal journals before a reversal period opens. Workday assigns a status of
    Created
     to future-dated reversal journals.
  5. When the reversal period opens, you must use the
    Mass Post Reversal Journals
     task to post the reversal journals.
Workday verifies any custom journal validations by creating a canceled journal when you submit your recurring journal template. The canceled journal doesn't affect your general ledger.