First Month Close: One down, many to go!

July 2022 saw a successful first month close in Workday Financials!  Way to go, everyone!

The Workday period close generally occurs on the last business day of the month.  Workday offers the ability to close certain activity groups at different times, allowing greater flexibility.  The period close business process sends system notifications to the responsible person to complete a task and allows for monitoring of completed steps through the period close work area. There's no need to update tables and perform other lengthy update processes as we did in Oracle.

Something to keep in mind:  the biggest change from Oracle to Workday Financials is that Accounting Journals and Accounting Adjustments must be posted before the period can be closed.  The deadline to approve pending Accounting journals and Adjustments is 4pm on the last business day of the month.  Otherwise, they will be canceled centrally and can be resubmitted in the next accounting period.