Concept: Accounting Center
Accounting Center is a fully integrated solution that incorporates Prism Analytics functionality enabling you to:
- Import high-volume non-Workday external business events into Workday.
- Reduce time and complexity in integrating external transactions into Workday.
- Maintain and configure mapping rules to transform imported business events from various industries into accounting journals.
- Generate period end accounting journals automatically.
- Report on both detailed and summarized journals for financial, managerial, operational, and external reporting.
- Create accounting with confidence using Finance-owned data transformation.
- Analyze and act on insights to understand profitability and drive strategy.
- Maintain data integrity and quality while importing non-Workday external business events into Workday.
- Ensure data security by auditing changes and managing user access.
- Efficiently scale as volume of processing transactions increase.
You can use Accounting Center to bring transactions from disparate systems into 1 solution and automate accounting to:
- Recognize revenue - Transform operational data, such as policy, media production, or technology order data into accounting to recognize revenue, including premium revenue spread and deferred revenue.
- Recognize expenses - Recognize expenses from business events, including deferred and prepaid expenses, to match the revenue being recognized in the same period.
- Record cash sales - Recognize cash sales, credit card sales, billings, and payments from cash transactions and transform them into accounting.
- Summarize journals - Transform summarized journals into more granular detail, providing richer financial and operational reporting.
- Record period end accruals, including stock-based compensation.
Examples of business events that you can automatically create period end accounting journals for, include:
- Insurance companies - Policy and claims data, including premium revenue spread over the life of the policy.
- Healthcare companies - Healthcare provider insurance plan data and external billing systems.
- Media companies - Events for production shows, including casting, payroll, set designs, visual effects, and campaign costs through award seasons.
- Retail companies - Physical and digital product sales.
- Banking companies - Loans and deposits information.
Together with Prism Analytics, Accounting Center offers advanced reporting with a richer reporting dataset enabling you to access enriched and detailed accounting in Prism datasets.
Accounting Center reporting provides full data lineage to the source transactions giving you full audit capability. You can gain more visibility by reporting by line of business, product, sales region, and salesperson. You can then produce detailed reports with data visualizations and distribute these reports through dashboards and scorecards to key decision makers.
With Accounting Center, you can:
- Create an ingestion table as an ingestion source to load data from Prism Analytics into an accounting source. See Create Prism Analytics Table.
- Create an accounting source. See Create Accounting Source.
- Enrich and refine data by mapping the source data to the corresponding Workday field types. See Concept: Enrichment.
- Configure journal header and journal line rules to drive accounting. See Edit Accounting Source.
- Define how you want to process each batch. See Edit Accounting Center Process Configuration.
- Create and process source transactions in batches to create detailed and summarized accounting. See Create Accounting Center Batches from Source Systems.
- View and resolve data errors in batch processing. See View and Resolve Errors in Error Manager.
- Report on and analyze the journal entries with full drill-down visibility into the source transactions.
- Improve data quality and reporting, as well as streamline your consolidation and close process.