A Step-by-Step for Banking
Alright, let’s dive into this. Imagine you’re a banker, about to hit ”run” on a series of transactions involving intercompany loans, interest accruals, and the world of bank fees. To make it all work seamlessly, you need to pull off a perfect integration between Kyriba, your Treasury Management System, and Workday, your ERP hero.
It’s too bad that it’s not as simple as plugging in one connection and calling it a day. Nope, you will need to play the role of an integration matchmaker. So, roll up your sleeves and see how many integrations it takes to turn these transactions into magic.
Integration #1: The Intercompany Loan Tango
First, you’ve got intercompany loans and payments – the heartbeat of your internal bank transfers. These are the transactions that keep cash moving smoothly between the different entities within your bank. But it’s a dance where Kyriba and Workday need to stay perfectly in sync.
You will need an integration that facilitates data transfer between Kyriba and Workday for intercompany loan creation, repayments, and payments. The type of integration that works best as an API or custom connector (for automatic data flow). But if a daily batch update is more your speed, a flat-file approach could be your move (if a batch process is acceptable).
Integration #2: The Accrual Accolades
Now that the loans are flowing, you need to capture periodic interest accruals on intercompany loans, allowing for proper recognition in the general ledger. Because, as every banker knows, it’s not just about lending money – it’s about the sweet interest accruals, and they aren’t a one-time thing. You’ll need an integration that can calculate and capture accruals on a periodic basis, likely monthly.
An API is preferable for real-time or high-frequency updates, or a custom connector for frequent data synchronizations. But for month-end magic, you might consider setting up a dedicated flat file import/export as this is suitable if batch updates (e.g., daily or weekly) are sufficient.
Integration #3: The World of Bank & Interest Fees
And finally, we arrive at the bank fees and interest fees – those pesky charges that tend to sneak in at the end of every month. Bank fees might sound like a headache, but in a well-integrated system, they can be a breeze. All you need is an integration that grabs these fees from Kyriba and seamlessly posts them into Workday, so configure APIs or connectors in both Kyriba and Workday, using Workday's Integration Cloud if necessary.
You will need an integration that captures periodic bank charges, interest expenses, and any other miscellaneous fees for full visibility in your GL. Develop custom reports in Kyriba to produce required data for flat-file integrations. These fees can vary, so your integration needs a solid validation system to make sure all amounts reconcile correctly.
If using a file-based approach, create templates for CSV, XML, or JSON files based on Workday's accepted formats. For this one, file-based integrations are popular since fees don’t tend to need immediate real-time updates. But if you want to go the extra mile, you could set up the live integration to capture fees as they hit.
Bringing It All Together, The Step-by-step For Each Integration:
Define Integration Requirements
Outline specific data fields for each transaction type (e.g., loan amount, interest rate, payment dates).
Identify mapping requirements for data transfer between Kyriba and Workday (e.g., currency types, account codes).
Establish update frequencies, such as daily for payment updates or monthly for interest accruals and fees.
Choose Integration Method
API: Preferable for real-time or high-frequency updates
Custom Connectors: May be used for frequent data synchronizations.
Flat-File Import/Export: Suitable if batch updates (e.g., daily or weekly) are sufficient.
Develop Integrations
Configure APIs or connectors in both Kyriba and Workday, using Workday's Integration Cloud if necessary.
Develop custom reports in Kyriba to produce required data for flat-file integrations.
If using a file-based approach, create templates for CSV, XML, or JSON files based on Workday's accepted formats.
Set Up Validation Rules and Mapping
Validate mapping for fields such as GL accounts, currency codes, and loan IDs to ensure accurate data transfer.
Define validation rules for error-checking before data import, like reconciling loan payment amounts.
Conduct Testing
Unit Testing: Test each individual integration separately.
End-to-End Testing: Run full test cycles with sample intercompany loans, interest accruals, and bank fees to ensure data flows smoothly from Kyriba to Workday and posts correctly in Workday's general ledger.
Enable and Schedule Integrations
Set up the schedule for periodic integration runs. This could include daily updates for payment data or month-end processing for interest accruals and bank fees.
Enable integrations in production once validated.
Monitor and Troubleshoot
Implement monitoring tools to track integration health.
Set up alerts for errors to promptly resolve any data transmission or mapping issues.
Let’s Get This Show on the Road!
With these steps, you’ll have all the tools you need to turn a complex integration into a straightforward, streamlined process. The best part? Once they’re live, it’s smooth sailing for your intercompany loans, interest accruals, and fee management, especially when you have the support your business needs.
How Bowstring IT Helps
At Bowstring IT, we specialize in taking Workday integrations to the next level. Whether it’s building custom solutions or optimizing existing systems, we help companies like Experian overcome challenges and achieve their goals
Want to Empower Your Workday?
Unlock the full potential of Workday for your business. Connect with Bowstring IT today and let’s create a solution that drives results.