Accounting

Statewide Accounting glossary

This is a list of terms used within the Washington Administrative and Accounting Manual (WAAM) and within Workday. To find a term, enter it in in the search box, and select 'Apply'.

Term	Category	Definition
Company-Specific Worktags		Company-Specific worktags are customizable at the company level. They include the following: Appropriation, Budget Activity, Program, Cost Center, Grant, Project, Business Unit, Location, Allocation Pool, and Agency Use Code.
Competitive solicitation		A documented and formal process providing an equal and open opportunity to bidders and culminating in a selection based on predetermined criteria
Consultant		An independent individual or entity contracting with an agency to perform a professional service or render an opinion or recommendation according to the consultant's methods and without being subject to the control of the agency except as to the result of the work. The agency monitors progress under the contract and authorizes payment.
Contract management		Entire lifecycle from conception to end life of a contract. Includes development, tracking, monitoring and updating contracts throughout their lifecycle to proactively manage supplier and user adherence to negotiated terms and conditions.
Control account		An account in the general ledger in which the aggregate of all debit and credit postings to a number of related accounts (called the subsidiary accounts) are recorded. For example, the Accounts Receivable account is a control account supported by the aggregate of the individual customer subsidiary accounts.
Corrective maintenance		Unscheduled repair or replacement of equipment, systems, or components of facilities that requires immediate action to restore service or repair problems that will interrupt building service or agency activities. This work is normally funded from the operating budget.
Cost Allocation System (CAS)		The system that ensures costs are appropriately allocated to the trusts where the work is being done, optimizing resource utilization.
Credit Memo	Financial	In Workday, a credit memo is a customer invoice adjustment that decreases the amount due. A credit memo for suppliers is a supplier invoice adjustment that decreases the amount owed.
Current Asset	Financial	An asset on the balance sheet that is expected to be sold or otherwise used up in the near future; usually within one year or one business cycle (whichever is longer). Typical current assets include cash, cash equivalents, accounts receivable, inventory, the portion of prepaid accounts that will be used within a year, and short-term investments. On the balance sheet, assets are typically classified into current assets and long-term assets.
Custom Objects	Cross Application	Ability to extend Workday business objects by creating custom object definitions based on the business object and adding custom fields. Custom objects enable you to record additional data for which there's no Workday-delivered field. - Business objects are used to store data in Workday (such as organizations or workers). A business object has fields and instances, which are analogous to rows and columns in a spreadsheet.
Customer Invoice Adjustment	Financial	A change to the amount a customer owes, and can be an increase or a decrease in the amount due.
Data Validation		The critical process of confirming that data has been loaded as intended, ensuring it is valid, consistent, functions with Workday business processes, and supports downstream systems.
Debit Memo	Financial	In Workday, a debit memo is a customer invoice adjustment that increases the amount due. A debit memo for suppliers is a supplier invoice adjustment that increases the amount owed.
Debt service fund		A fund type established to account for the accumulation of resources for, and the payment of, general long-term obligation principal and interest.
Decommission Planning		The strategic approach to retiring legacy systems that no longer serve the Workday ecosystem, mitigating risks and ensuring a smooth transition.
Defects		Issues reported in the Workday Enterprise system that impact functionality, tracked in the Agency Defect Tracker to ensure timely resolution and resolution status monitoring.
Emergency		A set of unforeseen circumstances beyond the control of the agency that either: (a) Presents a real, immediate, and extreme threat to the proper performance of essential functions; or (b) May reasonably be expected to result in material loss or damage to property, bodily injury, or loss of life, if immediate action is not taken.
Encumbrance		Commitments related to unperformed (executory) contracts for goods or services. Used in budgeting, encumbrances are not GAAP expenditures or liabilities, but represent the estimated number of expenditures ultimately to result if unperformed contracts in process are completed. An encumbrance is often recorded at the time a purchase order is processed.
End-to-End (E2E) Testing		The collaborative effort to thoroughly test functionality and integration, ensuring business processes operate as intended from start to finish.
Enterprise Integration Crosswalk (EIC)	Integration	The Enterprise Integration Crosswalk (EIC) maps legacy AFRS values to Workday values and vice versa (aka forward/reverse crosswalks). This is a temporary solution for agencies that are unable to remediate their legacy system for interacting with the new Workday financial information prior to deployment, including FDM work tags and alignment with business process workflows.
Enterprise Interface Builder (EIB)		The Enterprise Interface Builder (EIB) is a Workday tool used to import and update data in bulk within the OneWA Workday system without any programming. EIBs are available for agencies to upload mass data and transactions. These important factors need to be considered when using an EIB: Must use default Excel spreadsheet templates for uploading data, related to a given area, and customized for only columns needed; Use of EIB initiates the same business processes as if manually entering data through the user interface; Upload bulk data using spreadsheet templates populated in Workday Data Format.
Enterprise Resource Planning (ERP)		Enterprise resource planning (ERP) is the integrated management of common business practices across the enterprise and the technology that supports them. A complete ERP system combines data on an organization's main resources and provides decision makers with real time, enterprise information.
Entitlement		A service or grant that, under state or federal law, must be provided to all eligible applicants.
Equipment		Tangible property other than land, buildings, improvements other than buildings, or infrastructure which is used in operations and with a useful life of more than one year. Examples are furnishings, equipment, and software. Equipment may be attached to a structure for purposes of securing the item, but unless it is permanently attached to or an integral part of the building or structure, it is classified as equipment and not buildings.
Expenditure authority		Permission for agencies to disburse moneys or accrue liabilities during specific fiscal periods, up to specified amounts, from specific accounts. Authority is provided by the Legislature, through appropriations or inclusion of nonappropriated account moneys in the legislative budget, and by the executive through allocations, approval of unanticipated receipts, or across-the-board spending reductions.
Expenditure authority code		The three-character code assigned by OFM to identify each legislative or executive authorization to incur expenditures. Agencies are to use only those expenditure authority codes that have been authorized in writing by OFM. The assigned codes are valid only for the biennium for which they are established.
Expenditures		Decreases in net current financial resources. Expenditures include disbursements and accruals for the current period. Encumbrances are not included.
Fiduciary funds		Assets held in a trustee or agent capacity for outside parties, including individuals, private organizations and other governments. The three types of fiduciary funds are: Expendable Trust funds, Nonexpendable Trust funds, Pension Trust funds and Agency funds.
Field order		(A17) - A document used by agencies to order, encumber, liquidate, and authorize payment for local purchases. This form is used when an agency has general or specific authority to make the purchase or when the item being purchased falls within the statewide contracts
Fiscal year		A 12-month fiscal period used for budget and accounting purposes. The Washington State fiscal year extends from July 1 through the next June 30 and is named for the calendar year in which it ends (e.g., July 1, 2014 - June 30, 2015 is state Fiscal Year 2015). The federal fiscal year runs October 1 through September 30. The city/county fiscal year runs January 1 through December 31.

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