What is the primary function of worktags in Workday?

The primary function of worktags in Workday is to organize financial transactions for reporting. Worktags serve as labels that help categorize and differentiate various types of transactions, allowing for clearer and more detailed financial reporting. By attaching worktags to transactions, organizations can easily filter, track, and analyze spending across different dimensions such as projects, departments, or specific initiatives. This hierarchical structuring of financial data enhances overall visibility and provides insights that are crucial for decision-making and financial management.

While assigning security permissions, creating bank reconciliation statements, and automating business processes are important functions within Workday, they do not relate directly to the specific role of worktags in categorizing and organizing financial information.