Steps: Set Up Close Process

Before closing, you should define rules and activity groups that pertain to the close process. You can also create an optional close checklist to manage period, quarter, and year-end closes directly in Workday through the business process workflow. A close checklist enables you to:

Monitor close progress.

Analyze key metrics.

Send notifications to workers about the close.

Define Rules for Processing Year-End Close.

Set Up Period Close Activity Groups.

Create and Maintain a To Do.

Create To Do
items that reflect the steps you perform during period-end and year-end close processes, in Workday and external resources.

Create and Maintain Checklist.

Create a close Checklist
to add groups of To Do
items to your period close process. Each checklist is a single ordered step within the business process, but you can complete the To Do
items within that checklist in any order.

Create Custom Business Processes.

Add the To Do
items and checklists as steps to the Period Close Event
business process for your organizations. Assign security groups to workers who are responsible for the completion of each step.

Configure the Period Close Notification Event
business process.

The business process enables you to send notifications about a close to any worker.

Your close checklist is built into the Period Close Event
business process. Place the close checklist tasks in a logical order and designate the responsibility for each step. Workday notifies the responsible person when they need to complete a task.

You can create your checklist with these typical tasks to do within Workday:

Reconcile cash to operational transactions.

Run reconciliation reports for accounts payable.

Approve pending transactions, such as expense reports.

Match transactions on journal lines.

Update ledger period statuses.

Review year-end closing rules.

Certify accounts.

Run the year-end close process.

You can also create your checklist with these tasks to do outside of Workday:

Collect on customer accounts.

Coordinate with people responsible for completion of each step.