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
Communities of Practice (CoPs)		Collaborative hubs led by OneWA, where agencies come together to share best practices, seek advice, and collectively navigate Workday implementation.
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.
Control Budget		The financial plan that sets spending limits and revenue targets to monitor and regulate an organization's financial performance, ensuring efficient resource use and cost control. It is comprised of the appropriations, funds, and other authorizations that allow agencies to expend funds.
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 card		A payment card issued by a financial institution that allows cardholders to borrow money to make purchases of goods or services with the understanding that the cardholder will repay the borrowed amount within a specified timefrane, along with any applicable charges and fees.
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.
Current Financial Resources Measurement Focus		Measurement focus used by governmental funds that accounts for the near-term (current) inflows, outflows, and balances of expendable (spendable) financial resources. Refer to Measurement Focus.
Custodial Funds		Used to account for resources held by the state in a purely custodial capacity for other governments, private organizations or individuals that are not required to be reported in pension (and other employee benefit) trust funds, investment trust funds, or private-purpose trust funds.
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		A Customer is an individual, business, or another governmental entity (federal, state, county, city, etc.) that owes the State for any goods, services, fees, taxes, licenses, or citations/infractions billed by the State.
Customer Billing Specialist		Perform accounts receivable billing functions for assigned companies. This includes creating and adjusting invoices, creating billing schedules, generating intercompany billings, and processing interest/late fees. No approval authority.
Customer Collections Specialist		Perform accounts receivable and collections functions for assigned companies. This includes creating customer invoice adjustments and bad debt write-offs, performing customer invoice maintenance, as well as processing interest and late fees. No approval authority.
Customer Contract Specialist		Perform customer contract management functions for assigned companies. This includes creating and amending customer contracts. Approval authority for customer contract amendments.
Customer Deposit Specialist		Performs accounts receivable functions of creating customer bank deposits and recording cash sales for assigned companies. No approval authority.
Customer Invoice Adjustment	Financial	A change to the amount a customer owes, and can be an increase or a decrease in the amount due.
Customer Payment Specialist		Performs accounts receivable functions for assigned companies. This includes recording customer payments, applying customer payments, and recording cash sales. No approval authority.
Customer Refund Specialist		Performs accounts receivable function of initiating customer refunds for assigned companies. No approval authority.
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 card		A card issued by a financial institution allowing the cardholder to purchases goods or services, or withdraw money from their account. When the cardholder makes a purchase or a withdrawal the funds are immediately deducted from their available bank account balance. Debit card issuers partner with major credit card companies, such as Visa and Mastercard, to allow cardholders to use their debit cards at all locations where credit cards of that brand are accepted.
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.
Debt Service Funds		Used to account for the accumulation of resources that are restricted, committed, or assigned for, and the payment of, general long-term debt 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.

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