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'.

NOTE: Terms from the OFM DEIB glossary are currently also showing up here - please disregard until this is fixed.

Term	Glossary	Sub-Category	Definition
Construction document phase	WAAM		The phase of the A/E's services in which the architect prepares the construction documents from the approved design development documents and assists the agency/institution in preparation of the bidding documents.
Construction management (CM)	WAAM		A contractual arrangement in which an owner employs an agent-consultant called a construction manager to coordinate and manage all of the construction trades. This additional management expertise is usually used on larger, more complex construction projects. However, an owner on a smaller project may retain a construction manager for that person's construction expertise to act as the representative for the owner on the project.
Consultant	WAAM		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.
Contextual Custom Report	Workday	Cross Application	A contextual custom report is a custom report created by selecting Reporting > Create Custom Report from Here from the related actions menu of a Workday object . It simplifies the selection of data and fields by limiting choices to those related to the context of the object.
Contingency	WAAM		The need for cost contingency is generated by a lack of information, at a particular point in time, for the task being estimated. Appropriate contingency amounts are dependent on the degree of risk present and the extent of the technical challenge surrounding the task. The design contingency legitimately covers uncertainties in a project and should be reduced through each phase of the design. Construction contingencies should be limited to 5 percent on new construction and 10 percent on remodeling work. Contingencies should not be considered as opportunities for extra work or to change original budget decisions
Contingent Worker	Workday	Human Capital Management (HCM)	A worker who is not an employee. You can use contingent worker types, such as contractor or consultant, to categorize and track contingent workers in your organization.
Contract (procurement)	WAAM		A contract is a promise that is a legally enforceable agreement between two or more parties.
Contract documents	WAAM		The drawings, specifications, conditions, agreement, and other documents prepared by the designer that illustrate and describe the work of the construction contract and the terms and conditions under which it shall be done and paid.
Contract management	WAAM		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.
Contractor	WAAM		The firm, its employees and affiliated agents. Contractor also includes any firm, provider, organization, individual, or other entity performing the business activities of the agency. It will also include any subcontractor retained by Contractor as permitted under the terms of the Contract. (OCIO) Contractor" means an individual or entity awarded a contract with an agency to perform a service or provide goods. "
Control account	WAAM		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.
Convenience contracts	WAAM		A contract for specific goods or services that is solicited and established by the agency in accordance with procurement laws and rules on behalf of and for use by a specific agency or group of agencies as needed from time to time, not available for general use and may only be used as specified by the agency.
Conversion Mappings	WAAM		The technical field-to-field mapping for both centrally owned and Agency-specific systems that require conversions for data to be migrated into the Workday system. The data conversion team is working on updated Master Extract Specification to support these conversion mappings.
Coordinated Time Off	Workday	Human Capital Management (HCM)	See Intermittent Leave.
Correct (business process)	Workday	Cross Application	Correcting a business process changes a specification or data in the workflow while in progress. It is also a securable action in a business process security policy
Corrective maintenance	WAAM		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 Allocations Mappings	WAAM		To import files into staging database, which will be mapped to Workday values and perform calculations in support cost allocations.
Cost benefit analysis	WAAM		An analysis in which consequences of the investment are measured in or converted to economic terms and qualitative benefits.
Cost center	WAAM		Identifies financial responsibility & management for business units. It typically includes a multiple level hierarchy to an agency wide view.
Cost estimate	WAAM		The sum established by the agency/institution as available for the entire project, including the construction budget, acquisition costs, furnishings and equipment, compensation for professional services and all contingencies. The cost estimate is used to develop capital project budgets.
Cost estimating	WAAM		An element of basic services in an architect/engineer (A/E) agreement that includes an estimate of construction cost from quantity surveys and unit costs of building elements for the project. Cost estimates shall include the elements of work to complete the project, all costs and fees and taxes necessary to complete the work, plus appropriate construction estimating contingencies to cover unidentified costs necessary to complete the project. Interactive cost estimating is additional work beyond basic services in which additional design alternatives are estimated. Independent cost estimating, if needed, covers cost estimates by an independent third party contracted with the owner and used to validate cost estimates prepared by the A/E.
Country Region	Workday	Human Capital Management (HCM)	Political entities (such as states, provinces, cities, or other legislative entities) where specific laws and regulations require companies to track and report on unique kinds of worker and job information.
Coverage Target	Workday	Human Capital Management (HCM)	Defines whether a specific health care plan or insurance plan can be used by only the employee or also by the employee's dependents, entire family, spouse, and so on.
Credit Memo	Workday	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.
Cross Plan Dependency	Workday	Human Capital Management (HCM)	Limits the coverage options available to workers during an enrollment event based on their choice of other benefit plans and coverage amounts. For example, you can limit coverage in a specific plan to a percentage of the total coverage in one or more other benefit plans.
Crosswalk	WAAM		The actual usage of the mappings in support of technical requirements. The mappings provide the information to build a ‘crosswalk' that can be used to systematically convert COA data to FDM data and FDM data back to COA data, where possible. Reverse crosswalks can be problematic if multiple COA data elements are being used to derive a single FDM data element, or multiple values for a single COA element are mapping to a single FDM data element value. The ability to recreate that reverse mapping is not possible if multiple Legacy COA element values are mapped to a single FMD value.
Currency Rate Type	Workday	Financial	Allows you to establish more than one conversion rate for the same currency pair during the same time frame. For example, one rate type can apply to the daily rate used in operational transactions, and then average and historical rate types can be used for financial reporting. The default rate type is used in all operational activity. You can define names for currency rate types; typical names are Period Average, Daily, End of Day Daily, and Historical.
Current Asset	Workday	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	Workday	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.
Custom Organization Worktag	Workday	Cross Application	Definable worktags that you can associate with people or financial transactions. You can: (1) Automatically populate a custom organization as a worktag into transactions that involve a worker by making the worker a member of the custom organization. (2) Use custom organizations as worktags to route transactions to specific people based on role.

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