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Workday® Financials - Year End Close Process

It’s December.  A good time to double check your plans before next year.  Here are some Workday® Financials Year End Close Process tasks and items to take into account as you are wrapping up 2019.

 

Roll Forward Year-End Balances

  • Roll forward balances from previous year to beginning balances of new year for balance sheet. For Income statement, roll forward process will move current year retained earnings to next year in appropriate ledger account.

 

To Do Items prior to roll forward year end balances task

  • Security group Process: Close Year End

  • Ledger year needs to exist

  • Close the periods prior to running final roll forward

  • Retained earnings account posting rule

  • Define Worktags to be included in retained earnings in tenant setup in financials

 

If you have multi-currency and would like to Roll Forward Translated Balances…

 

The Roll Forward Translated Beginning Balances task will include all translated balances regardless of ledger balances.  This will allow you to. View translated beginning balances for all journal lines, this includes those journal lines that net to zero in ledger currency.  Providing additional transparency and control over the process.

 

If you would like to Summarize Worktag Types by Ledger Account for Journal Lines…

 

The Maintain Worktag types for Beginning Balance task will allow customers to summarize journals with unique combinations of companies, ledger accounts, and worktag types.

                       

Additional notes

  • If you define more than one rule for the same company and ledger account, Workday applies the first rule and disregards the rest.

  • To specify ledger accounts with year-end closing rules, use the target ledger accounts.

  • For ledger account summaries, Workday uses the versions that are active when you run the roll forward.

  • Leave the Inactive check box cleared to activate your configuration rule. If you select the Inactive check box, Workday disregards the rule.

 

Leave the Inactive check box cleared to activate your configuration rule. If you select the Inactive check box, Workday disregards the rule.

 

That’s a quick summary of some important tasks and items for Workday® Financials Year End Close Process.  For more details contact us at info@teamUpHR.com.

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