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Administrator Guide
Last Updated: 2023-06-23
Roll Year-End Balances Forward

Roll Year-End Balances Forward

  • Create the next ledger year.
  • Security:
    Process: Close Year End
     in the Common Financial Management functional area.
Roll year-end balances forward on accounts to the beginning balance for the next ledger year. You can report on the new year based on beginning balances rolled over from the last year.
When you consolidate multiple fiscal schedules, you must roll forward year-end balances and translated beginning balances for both the primary and alternate fiscal years.
Workday recommends that you must always first run or rerun roll forward year-end balances for the primary schedule and then for the alternate fiscal schedule.
You can roll forward balances as often as necessary before you close the current year. Workday considers the beginning balance for the year plus activity for the year when you report on the data. You can also configure Workday to roll translated beginning balances forward after rolling year-end balances forward.
  1. Access the
    Roll Forward Year-End Balance
     task.
  2. As you complete the
    Criteria
     tab, consider:
    Option Description
    Company
    When a company hierarchy has companies with different fiscal schedules, you must run the process for each fiscal schedule.
    Fiscal Year
    For multiple fiscal schedules, select:
    • Standard fiscal year to roll forward year-end balances for the primary schedule.
    • Alternate fiscal year to roll forward year-end balances for the alternate fiscal schedule.
    Example: If Company A is on a January to December fiscal schedule, run the roll-forward after close of the December period. If Company B is on an alternate fiscal schedule (July to June), run the roll-forward after close of the June period.
    When you roll forward year-end balances for an alternate fiscal year for the first time, you must include all balances since inception. Example: If you have tenanted data since 2006, you must roll forward balances from 2006 to the current year.
    When the year for which you want to roll forward balances isn't available, you must close all of its ledger periods.
    Journal Source
    Select the accounting source to assign the beginning balance journals you created.
    Example: You can use a year-end journal source that identifies journals created during year-end processing.
    Roll Forward Translated Beginning Balances
    For multiple fiscal schedules, roll forward translated beginning balances for both the primary and alternate fiscal schedules.
    Select to:
    • Enable the fields on the
      Roll Forward Translated Beginning Balances
       tab.
    • Run the
      Roll Forward Translated Beginning Balances
       task for the primary and alternate fiscal schedules after rolling forward year-end balances.
    Roll Forward Noncontrolling Interest Beginning Balances
    Select to roll forward NCI journal lines.
    Journal Source for Noncontrolling Interest Beginning Balance Journal
    Define a journal source for NCI beginning balances. Select this journal source when you have checked
    Roll Forward Noncontrolling Interest Beginning Balances
    .
    Roll Forward up to Current Year
    Select to roll multiple years forward for the same company all at once.
    All Book Codes
    Blank Book Code
    Select Book Code
    Workday uses the book code to filter transactions, the ledger status, and pending transactions.
    Updates to the ledger period status apply only to accounting journals and operational transactions for the book codes that you select.
  3. (Optional) As you complete the
    Roll Forward Translated Beginning Balances
     tab, consider:
    Option Description
    Ledger
    Lists ledger accounts with a translated beginning balance as of the first day of January for the fiscal year that you selected.
    Translation Currencies
    Displays your configured default translation currencies. You can add or remove translation currencies.
When you complete the task, Workday:
  • Creates a separate event for each company.
  • Sends you inbox notifications when the process completes.
  • Creates a beginning balance journal for the next fiscal year or replaces the beginning balances for existing journals.
  • Creates retained earnings in both the transaction and ledger currencies.
Workday automatically rolls account balances forward to the same account during processing. When you configure year-end closing rules, Workday applies them instead of the default setting. You can move prior-year balances to a separate account and start with a blank account for the current year.
When you add additional worktags on the
Edit Tenant Setup-Financials
 task, Workday includes the additional worktags (up to 10) in addition to the primary and optional balancing worktags when grouping the income statement (current year retained earnings) lines during the year-end roll forward process.
Close the ledger year.