What’s New in 2023R2 for Financials

The Workday 2023R2 feature release is coming soon. Production, Sandbox, Sandbox Preview and Implementation tenants will be updated September 8-9, 2023.

It’s best practice to perform baseline testing of your current functionality in your Preview tenant, at the bare minimum, to ensure you don’t experience any issues with your current processes in Workday with the new release. It’s also best practice to proactively review new features or updated functionality that will enhance your business, and configure (if needed) and test in your Preview tenant, before uptaking these changes in your Production tenant.

In your Workday tenant, run the “What’s New in Workday” report for the most current information on Workday releases.

There are many exciting updates coming with Workday 2023R2. Here are a few highlights.

Banking and Settlement

Two new tasks, “Create Settlement Run Report Filter” and “Edit Settlement Run Report Filter,” allow you to build settlement run filters based on your custom reports for supplier invoices and miscellaneous payments, giving you more control over which payable documents you are settling. This feature is automatically available.

Add a completion step to the Ad Hoc Bank Transaction Event business process to review the ledger cash balance before posting an ad hoc bank transaction withdrawal to the account, to ensure there is an adequate cash balance for the payment. If there is not, Workday does not post the transaction, and notifies the designated approver so that they can take appropriate action. This feature requires setup.

Business Assets

Workday now allows you to maintain your own depreciation rate schedules. New tasks include: Create Rate Schedule, Delete Rate Schedule, Delete Rate Schedules, Edit Rate Schedules, View Rate Schedules and View Rate Schedules. The following tasks and reports are updated to allow you to populate and view rate schedules on depreciation profiles: Create Depreciation Profile, Edit Depreciation Profile and View Depreciation Profile. You can also use the existing Create Depreciation Profile task to create a rate schedule by selecting the Rate Schedule. This feature requires setup.

Customer Accounts

There are several updates to the cXML Electronic Customer Invoice template, including a new task, “Maintain Electronic Invoice Integration Connections,” to configure billing company credentials, allowing automatic posting of customer invoices to the external supplier portal endpoint, and a new sub-domain, “Process: Electronic Customer Invoice – cXML Connection,” allowing access to specific groups to maintain electronic invoice integration connections, configure the cXML electronic customer invoice template, attach files to the event and to view audit files. These features require setup.

Workday now allows you to purge customer data, so that you can comply with the General Data Protection Regulation requirements in the European Union. You can purge addresses and contacts, header, overview and questionnaire results; customer name is also purged from contracts, invoices and payments. This feature requires setup.

Expenses

You can now add an email address to your Workday profile, and send expense receipts from it. Workday creates a quick expense and populates Amount, Currency, Date and Merchant. This feature requires setup.

Inventory (Supply Chain Management)

You can now test barcodes that you scan into Workday. The new “Test Barcode Scanning” task allows you to test and debug problematic barcodes. This feature requires setup.

Several tasks are now available on mobile: add Create Receipt as a custom worklet on the Inventory dashboard, Adjust Inventory, Find Inventory Balance, and you can now view, edit and create par counts on mobile. These features are automatically available.

Procurement

You can now search requisition templates if you have more than 250 templates. This feature is automatically available.

Requesting Entity is now available in the Requisitions worklet on the Requisition Details card, when you have access to a requesting entity. These fields are displayed when a requesting entity is selected: Company, Requisition Type, Deliver-To, Ship-To and Worktags. These features require setup.

Supplier Accounts

Workday enhances EDI 810 integration processing by allowing you to work with EDI 810 draft invoices on the My Work Queue tab of the Supplier Invoices Work Area, and displaying errors for EDI 810 draft invoices on the Work Queue Information tab on the View Supplier Invoice task. These features require setup.

For additional information on managing your Workday release cycle, see this post by our colleague, Sheena, “5 Tips For Your First Workday Release Cycle” - https://www.teamuphr.com/single-post/5-tips-for-your-first-workday-release-cycle.

Author: Kathy from Texas