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
Performance bond	WAAM		A bond issued by a surety company on behalf of a contractor to guarantee an owner proper performance of the construction contract.
Performance budgeting	WAAM		The act of considering and making funding choices based on desired outcomes. Performance budgeting focuses on the results to be gained through investment decisions.
Performance measure	WAAM		A quantitative indicator that can be used to determine whether an agency's programs or services are directly contributing to the achievement or progress toward some objective. Activity performance measures reported in the budget should tell the story of whether the activity is achieving its purpose and contributes to statewide goals. These measures are most likely to be intermediate or immediate outcomes or output measures.
Performance Review Process	Workday	Human Capital Management (HCM)	A process by which an employee receives formal feedback on their performance in a given period of time. This includes a performance evaluation.
Period Schedule	Workday	Time Tracking	See Time Period Schedule.
Period Schedule	Workday	Human Capital Management (HCM)	Defines the accrual frequency for a time off plan, such as annual or monthly (unless the plan has a custom frequency), and the start and end date of each reporting period. The period controls reporting of both accruals and time off requests.
Period Schedule	Workday	Payroll	Defines when and how often to process payroll. Defines payment dates and forward accruals, using a Period Start Date, Period End Date and Payroll Payment Date. You can associate period schedules with any run category or pay group with the same payment frequency.
Phased construction	WAAM		Construction in which design and production more or less overlap, thus shortening project time; usually practiced in construction management projects. See: Fast Track.
Point of Contact (POC)	WAAM		RETIRED TERM - Previously POCs were the primary liaisons between One Washington and agencies helping to manage agency requests and promote vertical communication within the agency. POCs have now been replaced by Agency Support Team (AST) Leads.
Policy level	WAAM		Incremental expenditures that may represent revised strategies or substantial differences in program direction and can include proposed program reductions. Examples can include discretionary workload expenditures necessary to address workload not defined as mandatory, new programs or changes in the level or scope of existing programs, or program reductions and other changes.
Political subdivision	WAAM		Local governments, including counties, cities, special districts, and public benefit non-profit 501(c)3 organizations.
Position Budget	Workday	Financial	An annual budget for planned compensation for a position. Spend and projected spend for the position can be tracked against the budget.
Position Management Staffing Model	Workday	Human Capital Management (HCM)	One of the three staffing models available to use in your organization. It provides the tightest control over hiring, as you can specify different staffing rules and restrictions for each position.
Position Requirements	Workday	Human Capital Management (HCM)	Used in job requisitions to define rules and conditions for holding positions in a supervisory organization using position management as its staffing model. Position requirements enable you to: • Limit staffing to specific job families and job profiles. • Restrict the business sites where a position can be filled. • Define the required qualifications, experience, and skill levels of workers hired into a position. • Limit staffing for a position to a specific worker type (employees or contingent workers). • Limit staffing for a position to a specific time type (full or part-time workers).
Positive pay	WAAM		An automated fraud detection tool offered by most banks. In its simplest form, it is a service that matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by the agency. All three components of the check must match exactly, or it will not pay.
Post-award	WAAM		This is a phase within the contract life cycle. Typically, the Agency is administering, monitoring and managing the parties to obtain business objectives in the delivery of the goods and/or services. Activities include; implementation, documentation, contract changes and payment.
Pre-award	WAAM		This is a phase within the contract life cycle. Typically, the Agency is working with stakeholders to develop the requirements and initiate a solicitation. Activities include; defining the scope, product, or service, vendor, market review, budget, procurement documents and drafting the contract.
Pre-encumbrance	WAAM		A commitment of budgeted funds that is typically recorded when processing a purchase requisition for goods and services. A preencumbrance can be converted into an encumbrance once a purchase order has been generated from the requisition.
Predefined security Group	Workday	Cross Application	Workers are assigned to the predefined security groups through a business process. These groups cannot be changed except by reversing the business process or executing a new business process, such as applying for a position, or being hired. Examples include: Employee, Contingent Worker, and Applicant.
Predesign study	WAAM		A report and process completed at the beginning of a project that clearly and accurately defines the need/problem to be addressed. The predesign study provides an analysis of alternatives and describes the selected alternative in detail with cost estimates. This study is the basis for large stand-alone capital projects.
Predictive maintenance	WAAM		A refinement to preventive maintenance that integrates scheduled maintenance with system monitoring and analysis (e.g., vibration analysis, thermal/energy analysis) to identify inefficient operation or imminent breakdown. Predictive maintenance ideally reduces the cost of maintaining components that are working adequately.
Prenotifications (Prenotes)	Workday	Financial	Optional live or zero-dollar entries that are sent through the Automated Clearing House (ACH) to a financial institution to verify account and related information before sending or receiving actual direct deposits. If the prenote amount is not zero, cash is transferred to the account.
Preservation project	WAAM		Projects that maintain and preserve existing state facilities and assets, and do not significantly change the program use of a facility. Examples would include roof replacement and exterior renovation, utility system upgrade, and repairing streets and parking lots.
Preventive maintenance	WAAM		A maintenance strategy where inspections are made or actions are taken on a scheduled basis to reduce service interruptions, reduce the premature failure of facilities, systems, and equipment, and continue efficient operations. Actual inspection and maintenance is performed on pre-specified schedules established by manufacturer or facility manager.
Price lists	WAAM		Supplier pricing hosted on DES website—master contract portal pages for ordering, in absence of a full catalog.
Primary Business Object	Workday	Cross Application	When defining a report, the primary business object is the business object returned by the data source.
Primary purpose	WAAM		As used in defining a project type, the identification of the dominant driver behind the project; the area where the impact of not correcting the deficiency is most acute.
Priorities of Government	WAAM		Washington's adaptation of the Price of Government" budget approach first developed by Peter Hutchinson and David Osborne. This form of budgeting focuses on statewide results and strategies as the criteria for purchasing decisions. "
Process areas (or business area, functional area)	WAAM		One Washington's core operations that will be modernized in the transformation (Budget, HR, Payroll, Procurement, Finance).
Process maturity	WAAM		A process is more mature if it is standardized, automated, and rarely experiences problems. Mature processes are typically easier to migrate than immature ones.

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