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Core Financials

The Foundation Data Model (FDM) team is determining how we can translate our current chart of accounts (COA) into the FDM in Workday Financials. They collaborate with stakeholders to determine which worktags UVA will use and how to define them. Team members contribute in a working group charged with developing a plan for data governance: how to prepare for it now and manage it after Workday Financials goes live.

The Budgets team collaborates with partners across Grounds to determine how we can use Adaptive Planning (AP, formerly Adaptive Insights) to plan, track, and report on budgets. AP offers benefits such as automatic calculations and data controls. Efforts are underway to get schools and units’ budgets into AP to enable people to verify the validity of their data and add their people details and comments. This will help empower schools/units to do their yearly budgeting process in AI and provide feedback and ideas for future enhancements.

The Endowments team will ensure the University will be positioned well to continue managing our endowment effectively after go-live. After evaluating whether to keep using Fundriver or switch to Workday financials, the team determined it is in the University’s best interest to continue to use Fundriver at this time. Primarily, this is due to Workday’s endowment management module being unable to calculate the University of Virginia’s Investment Management Company (UVIMCO) fees given UVIMCO’s current processes. The team is now working on integrating Workday and Fundriver to eliminate the need to create journal entry uploads. Also, this way Workday will automatically feed monthly gift activity into Fundriver.

The Financial Accounting team works on aspects of the transition to Workday Financials related to creating/posting journals, processing allocations, reporting, and providing managers statements/metrics.

The Business Assets/Projects team will determine how business asset accounting and tracking will be handled in Workday Financials.

The Banking & Settlement team will work on Workday system configurations to set up financial institutions and bank accounts. They will help get the system ready to print checks, manage bank account transfers and other transactions, review bank statements, and manage reconciliations. This team will also be working on cash management and miscellaneous payments.

Payroll Costing