What is required to set up an intercompany relationship in Workday?

To establish an intercompany relationship in Workday, it is essential to have well-defined intercompany worktags and posting rules. Worktags act as identifiers that categorize transactions and allow for appropriate allocation of costs and revenues between different entities within an organization. By having defined posting rules, the system can manage and accurately record transactions that occur between these entities, ensuring proper accounting and compliance with internal policies and regulatory requirements.

Shared fiscal calendars, while important for overall financial synchronization, are not specifically required for setting up intercompany relationships. An external payment processor is unrelated to the configuration of intercompany relationships as it pertains to payment methods rather than the foundational structure of intercompany transactions. Manual ledger certification also does not play a role in the setup; rather, it is more focused on ensuring the accuracy and integrity of financial data within ledgers after transactions have occurred. Hence, having the appropriate intercompany worktags and posting rules is crucial for managing and documenting these intercompany transactions effectively.