Concept: Accounting Center
Accounting Center is a fully integrated solution built on a Prism Analytics engine that enables you:
- Import high-volume non-Workday external business events into Workday.
- Create rules to transform the imported business events from various industries into accounting journals.
Examples of business events that you can create accounting for:
- For insurance companies - Policy and claims data, including premium revenue spread over the life of the policy.
- For healthcare companies - Healthcare provider insurance plan data and external billing systems.
- For media companies - Events for production shows, including casting, payroll, set designs,visual effects, and campaign costs through award seasons.
- For retail companies - Physical and digital product sales, including point of sales and subscription billing services.
- For banking companies - Loan and deposit information.
Together with Prism Analytics, Accounting Center offers advanced reporting with a richer reporting dataset that provides improved statutory, operational, and regulatory reporting. You can therefore gain more visibility into detailed subledger data.
With Accounting Center, you can:
- Create an ingestion table as an ingestion source to load data from Prism Analytics into an accounting source. See Prism-analysetabel maken.
- 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: verrijking.
- Configure journal header and journal line rules to drive accounting. See Boekingsbron bewerken.
- Define how you want to process each batch. See Procesconfiguratie Accounting Center bewerken.
- 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.
You can use Accounting Center to bring transactions from previously 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 deferred revenue.
- Recognize expenses - Recognize expenses from business events, including deferred and prepaid expenses, to match the revenue being recognized.
- 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.