By Dan P. Haigh, Workday Financials Consultant
As an integral part of the monthly and year-end closing processes, accountants run a Trial Balance report, which is a listing of the account balances from the General Ledger. The Trial Balance is used to show whether the debits and credits posted are equal and helps to reveal any errors in the journalizing and posting process. It also helps with the preparation of the financial statements (Balance Sheet, Income Statement, etc.). Typically, the accounting users create a Trial Balance as a report and download it into a spreadsheet application like Microsoft Excel. The Trial Balance lists the totals for each of the ledger account balances, so there is no detail to show the transactions that represent each ledger account total. To get the details for each of the totals from the Trial Balance the user often has to run additional reports and download them into Excel for further examination. Depending on the application, this effort may even require IT resources to help in the development of reports to extract the ledger details. The user often goes through a repetitive process of examining the details of each ledger account (i.e., the transactions that make up the totals) to create yet another report to export into Excel. Once everything is in Excel, the user further manipulates the data through the use of macros, pivot tables, filtering and sorting features to present the data for further review. This repeated process of examining the transactions that make up the ledger account totals in the Trial Balance can be very time consuming and may require report writing resources and business analysts, along with the accounting users to get the details.
Workday Financials eliminates this time consuming iterative process through its incredible drill down features and Worktags. Worktags allow one to mark transactions, making them easier to find and summarize data on reports. One can mark the transactions manually or automatically by setting up conditions and transactional defaults.
Below is a quick video demo showing how users can drill down into a Trial Balance and view the transactions the make up the ledger account totals.
I hope that this post on drilling down from the Trial Balance was helpful. Stay tuned for my next blog next month.