Connie is the group financial controller for a large multinational Corporation. with over 100 legal entities.
Connie dreads the year end Consolidation in Workday because of all the manual workarounds and adjustments it takes to properly eliminate her cross balance sheet / Income Statement transactions.
Why can't Workday automatically eliminate my intercompany Income statement activity at year end...
I/C Dividend Income ✓ I/C Foreign Exchange Gains and Losses ✓ I/C Profit/(Loss) from Transfer Pricing ✓ Other I/C Income and Expense ✓ Loan Origination Revenue and Expense ✓ Capitalized Interest ✓
With Workdays enhanced Consolidations, the process of eliminating cross balance sheet / income statement activity is fully automated on roll forward so no more complex work arounds and manual adjustments to retained earnings.
Connie feels frustrated because no sooner has she finished her period end consolidation when Peter - the local controller of a German Subsidiary, posts a transaction in a closed period which changes Connie's top of house consolidated results
Connie doesn’t want to stop Peter from making amendments in his local company, however she would trust Workday better if she where to be alerted when it happens.
With Workday Enhanced Consolidations Connie now gets an alert to tell her that something has changed since she produced her Consolidated reports for the period. Connie can check whats changed and by whom, and she can easily produce revised results. She finally knows who’s making the changes too and can keep a better eye on adherence to internal controls. .