ACCOUNTING AND FINANCE

Workday Accounting and Finance delivers all the capabilities of a traditional General Ledger through an innovative approach. By capturing and storing richly described business events, Workday Accounting and Finance can produce the same high-quality financial accounting and reporting of a traditional General Ledger, but without the limitations inherent in a rigid code-block structure. With Worktags, you can get more relevant and timely data right when you need it for maximum business agility.

Budgets and Plans

• Automate the loading of plans, forecasts, and budgets or enter them in manually
• Support multi-dimensional budgets, including unlimited business plan types
• Track multiple budgets, forecasts, and business plans to compare them to actuals

Allocations

• Automatically allocate overhead, costs, revenues, and more
• Define allocations, organize them by how often and in what order they should run
• Run pro-forma allocations at any time to provide visibility into fully loaded numbers on demand
• Create necessary accounting to record allocation results

Journal Processing

• Significantly streamline your chart of accounts and eliminate the need to work around a rigid code-block
• Automatically generate journals for operational transactions based on accounting policies and rules defined by your accounting and control team
• Commercial transactions, intercompany transactions, allocations, depreciation, accruals, and reversals can all be captured and entered immediately
• Accurately model multiple legal entities, companies, or organizations, and manage intercompany transactions easily
• Leverage Workday's unified security and business process controls to ensure transactions are recorded correctly

Consolidation

• View real-time consolidation results, provide timely management insight into financial reports, and proactively make adjustments before close
• Automate elimination calculations to see complete consolidations at any time during the period
• Easily view currency translations and adjustments for reporting purposes and global financial insight

Audit and Controls

• Role-based security ensures that only specifically identified people can see certain financial information in the system
• Built-in workflow through the business process framework allows you to define and track approvals, providing a complete audit trail for every transaction handled by the system
• Business event tracking provides the ability to capture the who, what, where, when, and why of every business event for a more complete picture of how the business got to where it is today
• Easily adapt as regulations change without having to buy more software or consulting services
• Monitor, audit, and track the period close business process for continuous optimization

Financial Reporting

• Run "workpaper" reports, such as trial balances, ledger details, and reconciliations for analysis and control
• Create consolidated P&L reports, balance sheets, cash flow statements, etc., in functional and reporting currencies
• User-defined reports can be created and run at any time to provide insight whenever and wherever it's needed
• View all information in tabular or graphical format for display or download to Excel