FINANCIAL ACCOUNTING

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A Comprehensive Perspective

Workday Financial Accounting provides the capabilities necessary to satisfy the information requirements of investors, creditors, and regulatory authorities in the post-Sarbanes-Oxley business environment. By combining a unique, event-driven accounting approach with a built-in, internal control framework and a robust multi-company, multi-currency model, Workday delivers financial records and reports with speed, accuracy, and complete "auditability." The architecture also allows the system to adapt to changes in your business as well as new rules and regulations.

General Ledger

Workday Financial Accounting delivers all the features of a traditional General Ledger through an innovative approach. By capturing and storing richly described business events, Workday Financial Accounting can produce the same high-quality financial accounting of a traditional General Ledger. Read more about Financial Accounting's General Ledger features.

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Financial Overview

Budgets and Plans

"Budget vs actual" is the foundation of financial analysis and Workday makes it easy to  load your plans, forecasts, and budgets. Workday's agile financial architecture supports multi-dimensional budgets and allows for an unlimited number of business plan types and versions to be used for comparative reporting and analysis

Journal Processing

Workday Financial Management automates the accounting resulting from business operations.  Accounting is generated automatically for commercial transactions, intercompany, allocation, depreciation, accruals and reversals based on accounting policies and rules defined by your accounting and control team. The system also accepts accounting generated in third-party systems—or spreadsheet uploads—and through an intuitive journal entry facility.

Allocations

Workday Financial Accounting includes the capability to automatically allocate overhead, costs, revenues, etc. With the Allocations facility you can define allocations, then organize them for processing according to how often and in what order they should be run. Pro-forma allocations can be run at any time to provide visibility into fully loaded numbers on demand. Once finalized, Workday creates the necessary accounting to record allocation results.

Consolidation

For the multi-entity organization, Workday provides strong multi-currency intercompany accounting and financial consolidation capabilities. When combined with Workday's security and workflow, all participating entities have control to ensure that only appropriate transactions are recorded and that they are recorded correctly. And, because consolidations are unified with the transactions and can be created in real time, up-to-the minute consolidated results are available for management information or closing control.

Audit and Controls

The most effective controls are built into the very fabric of the system. As the only enterprise accounting solution built since the advent of Sarbanes-Oxley requirements, Workday took the opportunity to do just that. Role-based security; built-in workflow to define and track approvals; self-documenting business process; total auditability; and the ability to capture the who, what, where, when, and why of every business event all combine to provide a strong governance/control foundation for the entire solution.

Financial Reporting

Workday delivers the gamut of financial reporting. Accounting "workpaper" reports such as trial balance, ledger detail, and reconciliations provide analysis and control.  Consolidated P&L, balance sheet, and cash flow statements meet financial statement needs in base and reporting currencies. User-defined real time query provides insight whenever and wherever it's needed. And, as with all information in Workday, reports can be rendered in tabular or graphical format for display or download.