The powerful functionality of OfficeConnect, previously only available in Workday Adaptive Planning, has been extended to Workday's Financial Management product starting 2022 R1. OfficeConnect enables Accounting, Finance, and report writers to create key financial reports such as Income Statement, Balance Sheet, and other Financial reports with live Workday data in Excel more efficiently than other reporting tools.
The data is sourced from journal lines using a preconfigured reporting and analytics data model defined in Workday. This new feature leverages application security, dimensionality, and business rules such as consolidations and currency translations. With a simple install of an OfficeConnect Excel add-in, you can directly log into Workday from any Excel sheet using your Workday credentials and start incorporating Workday data in your Excel workbooks. Financial reporting packages will now require a simple click of a button! Some noticeable benefits of using OfficeConnect:
Use of Excel features to create fast formatting as per your organization requirements. For example: dollar amounts, grid lines on totals, font colors and background colors and many more.
Use of Excel functions and formulae to create dynamic fields. For example: Report header, sub-totals, totals, and financial ratio calculations.
Quick refresh of data sets using the OfficeConnect menu.
Create one workbook (reporting package) with many reports bringing in live data across numerous worksheets.
There are some important points to remember:
- Active Financial Management subscription is required.
- Your tenant must have less than 100 million journal lines per year.
- The tenant is not hosted on Amazon Web Services (AWS).
- You must ensure the data model is set up correctly to include appropriate accounting worktag types and other dimensions: For example: Cost Centers,
- Location, Spend Categories, Revenue Categories, Projects, Suppliers, Customer, Bank Accounts and any custom worktags configured for your organization.
- Ensure the correct security groups are configured to the security domain: Set Up Financial Reporting and Analytics Data Model
Below is an example of a quarterly income statement generated for a company using a combination of OfficeConnect and built-in Excel features/functions.
Summary of the features used:
- The report header is populated using Excel functions (Formulae) and OfficeConnect features (Labels).
- The rows data (Example: Sales) and the column data (periods) are populated using OfficeConnect features (drag and drop report elements).
- The totals (Total Revenue, Total Expenses and NET INCOME) are created using simple Excel functions.
- All formatting bold, grid lines etc. are created using built-in Excel features.
Note: All OfficeConnect functions are available within a dedicated Excel ribbon menu once the add-in is installed.
ERPA is Here to Help
We encourage all financial customers to take advantage of this high anticipated feature. OfficeConnect empowers financial analysts to easily utilize Excel to create and update financial reports with up-to-date Workday data. Not sure how to utilize OfficeConnect? Contact us today and we're happy to help.