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| Section | Objectives |
|---|---|
| Topic 1: Financial Reporting | - Financial Statements - Report Configuration - Standard Financial Reports |
| Topic 2: Record-to-Report Configuration | - Security and Permissions - Accounting Rules - Business Process Configuration |
| Topic 3: Operational Maintenance | - Data Validation - Best Practices - Troubleshooting |
| Topic 4: Financial Period Close | - Reconciliation - Close Monitoring - Period-End Close Activities |
| Topic 5: Financial Accounting | - Accounting Processes - General Ledger - Accounting Configuration |
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NEW QUESTION # 45
As an auditor, you find a discrepancy in the intercompany balances between Company C and Company D.
How will you reconcile this difference?
Answer: A
Explanation:
Comprehensive and Detailed 150 to 250 words of Explanation From Workday Record-to-Report/Course Guide/topics:
The auditor should begin by reviewing Workday's intercompany transaction and reconciliation reports to identify the specific documents, journal lines, currencies, periods, or affiliate worktags causing the difference between Company C and Company D. The Intercompany Work Area, Intercompany Out of Balance, Intercompany Elimination Out of Balance, and payables-and-receivables reconciliation reports provide controlled visibility into matched, unmatched, posted, and in-progress activity.
Deleting all intercompany transactions would destroy valid audit evidence and is not an acceptable reconciliation method. Reversing the entire population in the current period could create additional timing differences and would not identify the original cause. Manually overriding consolidated financial statements treats the symptom after consolidation rather than correcting the source records. Once the reports isolate the discrepancy, the accountant can determine whether it results from an unrecorded receipt, unmatched settlement, missing affiliate worktag, currency translation difference, incorrect account, or transaction posted in different periods. The appropriate source transaction, receipt, settlement, or correcting journal can then be processed and the reconciliation rerun. Reviewing the intercompany reports is therefore the mandatory diagnostic step before any accounting correction is authorized.
Official Workday reference: Workday - Setup Considerations: Direct Intercompany Activities; topics: Intercompany Work Area and out-of-balance reporting.
NEW QUESTION # 46
What does the Taxable field indicate when you set up a customer in Workday?
Answer: B
Explanation:
Comprehensive and Detailed 150 to 250 words of Explanation From Workday Record-to-Report/Course Guide/topics:
The Taxable field identifies whether the customer is generally subject to sales or transaction tax processing. When enabled, Workday can apply the configured tax applicability, tax codes, rates, exemptions, and jurisdiction rules to eligible customer invoice lines. The field is part of customer tax setup and influences transaction-tax determination rather than serving as an informational tax identifier.
Property-tax exemption is unrelated to customer invoice transaction-tax processing. The customer's tax ID is maintained in separate tax-identification fields, and tax filing status is not the purpose of the Taxable indicator. A taxable customer can still have transaction-specific exemptions or tax rules, so the field should be interpreted together with exemption certificates, ship-to or bill-to jurisdiction, taxable items, and tax applicability configuration. Conversely, clearing the field can prevent ordinary sales-tax calculation when the customer is not subject to tax under the organization's design. Administrators must maintain the value consistently because it affects invoicing, tax reporting, and reconciliation. Therefore, the Taxable field indicates whether the customer is subject to sales tax, making option A correct.
Official Workday reference: Workday - Setup Considerations: Transaction Taxes; topics: customer taxability and transaction-tax calculation.
NEW QUESTION # 47
You are a finance administrator and your company is setting up their financials. They want to track all intercompany payables in a new ledger account.
What approach should you take?
Answer: D
Explanation:
Comprehensive and Detailed 150 to 250 words of Explanation From Workday Record-to-Report/Course Guide/topics:
The new ledger account must be assigned as the default result of the Intercompany Payables account posting rule. Account posting rules are the policy layer Workday uses to derive ledger accounts for system-generated operational and balancing lines. By setting the new account as the rule's default, all intercompany payable lines are directed there unless a more specific condition intentionally produces another account.
Merely creating the ledger account does not cause Workday to use it. End users do not normally select the intercompany payable control account manually on each transaction because that would weaken consistency and reconciliation. A custom validation condition on Accounting Journals can check transaction data, but it does not replace the account derivation rule. Similarly, creating a generic condition rule for Intercompany without attaching it to the applicable account posting rule does not determine the journal result. Administrators should confirm that the new account belongs to the company's account set, supports the required currency and worktag behavior, and is included in appropriate ledger-account summaries. The corresponding Intercompany Receivables rule must remain separately configured for due-from balances. Assigning the new account to the Intercompany Payables posting rule is therefore the controlled and scalable configuration.
Official Workday reference: Workday - Setup Considerations: Direct Intercompany Activities; topics: intercompany payables account posting rule and default ledger account.
NEW QUESTION # 48
Refer to the following scenario to answer the question below.
A company created a journal sequence generator rule, assigned the rule to the company, selected to create ID generators, opened accounting periods, and posted journals to the current ledger year. Next, the company added a condition to the journal sequence generator rule.
When is the soonest the new condition would be included on the company's journals?
Answer: B
Explanation:
Comprehensive and Detailed 150 to 250 words of Explanation From Workday Record-to-Report/Course Guide/topics:
The posted journals and opened periods establish the current ledger year's sequencing population, so the newly added condition cannot be introduced into that year's existing sequence generators. The earliest controlled implementation is the next ledger year, provided no journals have posted there and the company removes the unused future ID generators before activating the updated journal sequence rule.
Closing the remaining current-year periods does not retroactively rebuild generators that already assigned numbers. The condition cannot be inserted before year-end while current-year posted journals remain, because that could compromise sequential or gapless numbering. Option D is also incorrect because the condition can be used prospectively when the eligibility requirements are met. Before the next year begins, the administrator should keep its periods out of Open status, verify that no journals have posted, delete only the unused generated IDs, activate the revised rule, and recreate or assign the new generators. Once posting begins under the new year, the same restrictions apply. Therefore, option B accurately identifies both the earliest period and the required controls for adopting the new condition.
Official Workday reference: Workday - Configure Journal Sequence Generator Rules; topics: future-year journal sequence changes and unused ID generators.
NEW QUESTION # 49
Company D and Company E process direct intercompany transactions, and both companies would like to automatically record intercompany receipts. Company D billed Company E for services provided, and Company E settled the invoice. However, Company D's accountant noticed the receipt has not been posted.
What is the most likely cause?
Answer: C
NEW QUESTION # 50
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