Record-to-Report

Review 55 RECORD-TO-REPORT practice questions with answer explanations and community insights.

Question 1

If a user records an on-account payment for a customer, what additional step must be completed in Workday before a refund may be processed?

  1. Write-off bad debt
  2. Create settlement run
  3. Create a customer deposit
  4. Process a customer invoice adjustment

Question 2

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.What step can the company implement to change the journal sequence for the current ledger year?

  1. Close the remaining ledger periods to disallow more journal postings in the current ledger year.
  2. Utilize the Mass Delete Journal Sequence Generator IDs task.
  3. Journal sequence formats cannot be adjusted for the current year once journals are posted.
  4. Unpost all journals in the current ledger year.

Question 3

Company A and Company B are in the same tenant and are intercompany affiliates. Company A created a customer invoice to record the direct sale of services to Company B. The customer invoice completed successfully, but the corresponding supplier invoice for Company B is in error status.How will you fix this issue?

  1. Confirm the intercompany profiles are configured to accept only manual payment types.
  2. Confirm Company B is configured to automatically record receipts from Company A.
  3. Confirm Company A is configured to automatically record receipts from Company B.
  4. Confirm Company B's associated supplier object is approved.

Question 4

Refer to the following scenario to answer the question below.A company is a global organization that needs to comply with multiple accounting standards. The company has configured their account posting rules so that certain supplier invoices will comply with U.S. GAAP rules but will not comply with IFRS.In addition to the supplier invoices, what transaction is necessary for the IFRS book to achieve compliance?

  1. An adjusting journal entry that includes a book code specific to U.S. GAAP.
  2. Two adjusting journal entries that include book codes for IFRS and for U.S. GAAP.
  3. An adjusting journal entry assigned to the blank book code.
  4. An adjusting journal entry that includes a book code specific to IFRS.

Question 5

After an acquisition, a new legal entity needs to be set up.What should you create?

  1. A new company organization.
  2. A new cost center organization.
  3. New worktags that represent the acquisition.
  4. A new reorganization before setting up the new cost center.
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