1. Prepaid Expenses
2. AP Drop in Sessions
3. Cash Sale for Anticipated Cash Receipts.
4. Purchasing News
You may be starting to incur expenses that are considered “Prepaid”. A prepaid expense is an expense that needs to be paid in this fiscal year but pertains to next fiscal year. This process is very different in Workday from what it was in WFS. If the payment is being paid on a supplier invoice, there is a checkbox right before the “Memo” field on each line labeled “Prepaid”. Simply check that checkbox to indicate it is a prepaid expense. If the payment is being made on an expense report or PCard verification, there is no equivalent checkbox. However, we have created an additional worktag that will drive the accounting to a prepaid expense. Simply type the word “Prepaid” in the Additional Worktags box and add it to this field. It looks like this:
The AP Drop in sessions will be reduced to once a week on Thursdays during February and then dropping off in March. Accounts Payable staff are always available via Service now and Purchasing questions can be fielded via direct appointment with Catherine Kost here.
3. CASH SALES FOR ANTICIPATED RECEIPTS
Cash receipts are increasingly arriving via electronic funds transfer (EFT). If you are anticipating revenue to be received by EFT, we encourage you to complete the Cash Sale (formerly the WFS Deposit Transmittal) PRIOR to the notification that it is received. Instructions on completing this panel are here. Choose EFT (ACH) as the payment type. This will be routed to Nate Seng for approval. However, he will not approve it until he sees it being received in the bank.
Often times we receive payments that are difficult to identify the department owner. This cash sale in advance will help with this identification and the approval will serve as department notification that the money has been received. It will also be useful, at year end, in booking receivables (anticipated revenue not yet received).
Nate has a list of unidentified deposits so please reach out if you are expecting funds that have not yet arrived. It’s possible they have and we just cannot identify the owner.
Please see attached Purchasing News for information on Workday receiving, WB Mason, Inn at Middletown and Barker Specialty