Workday words

Accounting adjustment is a type of operational journal to reclassify costs on expense reports, P-card transactions, and most supplier invoices if there was an error in the operational transaction.

Accounting journals are manual journals that may be used to move funds from one account to another in order to correct transactions posted to the wrong account, or for other reasons such as correcting a spend category, revenue category or to record a transaction. Journal Statuses: Create - An initiated but unsubmitted journal that may be saved for later Progress - Journals that have been created and submitted for, but yet to receive approval Posted - A journal that has been completed, approved and posted to a ledger Unposted - Journal status used for a previously posted/approved journal to recall the journal for editing or cancellation due to an error or change Canceled - A terminated journal that will not be reflected on the financial statements *Journals may only be unposted and corrected or canceled if the period has not closed*

A business process to record after the fact cash deposits or withdrawals, including wire transfers, that appear on the Daily Bank Report sent by the Office of the Treasury.

Draft - An initiated but un-submitted Ad Hoc Bank Transaction
In Progress - A created Ad Hoc Bank Transaction that has been submitted for but not yet received approval
Approved - An Ad Hoc Bank Transaction that has been approved
Cancelled - An Ad Hoc Bank Transaction that has been terminated

Used to make repetitive Ad Hoc payments. This will be utilized in place of webwire and journal entries.

When creating a gift, users can select certain worktags to be available options when processing transactions. Options other than the default or allowable worktags will not be available or will fail validation.

Allows tracking by individual – for identifying and reporting on financial activity and balances for which the individual is responsible (i.e. faculty, grad students); field open to anyone that has been entered in WD HCM (via WD employee ID)

Field identifying the purpose of each award amendment, a way to track those actions necessary to show the history of the award.

Workday Period of Performance.

Identifies status of award and award lines (e.g. active, closed). Can be used in business process definitions and workflow routing.

WD uses this to determine award version active for this EID, then it reviews the To and from dates on the award line to use for this data range, and launches Award Cost Process (ACP), which calculates F&A and Revenue recognition. NOTE: Introduces a new concept of project close date.

Used to explain the purpose or focus of the award. For example: Applied Research, Basic Research, Instruction, Organized Research, and Other Sponsored Activities NOTE: This is an example of when terminology can be confusing. We have the same field in Oracle today which means something totally different

Used as a reporting field to identify when awards are signed.

Tracks administrative tasks and deadlines for financial reports, or post-award closeout activities. Tasks have individual statuses called “Award Task Status” Examples: Financial Report – Annual; 90 Day Notice: FSR Memo: Financial Report -- Final.

Used to make and receive payments, perform bank reconciliation, etc. They also function as worktags on cash journal entries.

This is a Workday functional area that includes functions related to treasury, bank accounts and bank reconciliations, ad hoc bank transactions and bank payment files. 

The date of the transaction, we refer to this as “date incurred”.

In Workday, an asset is anything you want to track, from tangible capital items like company cars, to intangibles like software licenses, to low-cost high value items like mobile phones. Workday separates asset tracking and accounting activities, this flexibility enables you to track your assets according to business use, and account for them according to your accounting practices. Workday Business Assets combines traditionally separate domains of fixed assets with the emerging importance of managing high-value, low cost items.

Most accounting transactions follow a specific business process to support better internal controls and leading practices. A business process in Workday is a set of tasks that people initiate, act upon, and complete in order to accomplish a desired business objective. Think of it as a workflow.

When a requisition is routed to a central department for approval and/or sourcing.

Accounting related to funds for future known or expected spending.  In context of Payroll, this is pay information pertaining to vacant positions.

Select this requisition type when, regardless of dollar amount, Spend Category Buyer review is needed.

A task that allows you to credit an original invoice and then create a new rebill invoice all in a single step.

Type of business entity which may be referenced on journals and operational transactions, such as customer invoices. In Workday, Customers are separate objects from Sponsors.

A required categorization for any customer. UVA will be utilizing this field to drive AR state reporting requirements (Individual, Business, Government/Education, Interagency, Other).

An optional categorization to enhance a customer’s attributes. UVA will be utilizing this field to break down the Customer Categories into lower-level groups.

When creating a gift, users can select certain worktags as default options when processing transactions.

When a requisition is sourced by the department – does not route to Central Procurement for sourcing.

Represents funding other than gifts and grants such as discretionary, startup, state appropriations, ETF, including earned revenue such as tuition and Facilities & Administrative (F&A).

Field to store the government document number for federal LOC awards.

Expense item groups help workers search for and select expense items. You can also use groups for reporting.

Reviewer for policy exceptions within PSDS.

Org Research, All Programs, Training, Industry Clinical Trial, Instruction, OSA.

This is a Workday functional area that includes functions related to Journal Entries, Accounting Adjustments, Allocations, and Period End Close.

The Foundation Data Model (FDM) is the basis for accounting and financial reporting in Workday. The FDM replaces UVA's Oracle EBS Chart of Accounts (CoA) in the implementation of Workday. Contains elements known as worktags

High-level source of funds used to support GASB net position categories and State reporting requirements; a balancing worktag (all journal entries to balance within Fund worktag)

With each gift record in Workday, you can select attributes to help define the gift for reporting purposes. These attributes generally do not define the accounting for a gift and should be static over the life of a gift.

One of the gift attributes. Allows users the ability to separate gifts into various sources that are useful in donor or other management reporting. Examples include donor gifts, foundation transfers, and internal transfers.

One of the gift attributes. Separates gifts into categories that can be used for reporting purposes, such as true endowments, quasi endowments, and unrestricted gifts.

HCM stands for “Human Capital Management.” The Ufirst project
implemented Workday HCM, and FST will implement Workday Financials.
Because we replaced our human resource system before our financial system,
some configurations in Workday HCM had to be established to integrate with
Oracle Financials. Now we will need to re-evaluate these configurations and
integrations in order to take advantage of having a single Workday platform
for human resources and finance.

Where we will store the legacy award number information for reference.

Endowment accounting in Workday provides a unitized investment pool, in which an endowment’s share of the pool is accounted for in units. UVIMCO cannot change the way it reduces the number of shares for management fees; therefore the Investment Pool functionality will not be available. Fundriver will continue to support this purpose.

An auto-generated unique identifier for supplier invoices.

A ledger is used to store accounting results from journal entries. Workday has an Actuals Ledger, a Commitment Ledger, and an Obligation Ledger based on the type of activity.

Represents physical locations to track assets and workers. The location may be owned, rented or leased by the institution. All locations are sourced from the institution’s space management system

A type of compensation that can be setup to pay employees for a single payment, such as a bonus. Costing Overrides can be entered at the time of entry and do not require setup of a separate Costing Allocation schedule at the pay component-level.

The Workday term for earnings and deductions that are used in calculating an employee's gross-to-net pay.

The process that allows you to correct payroll journal entries after payroll has been completed by making a net-zero adjustment by adjusting costing worktags or other FDM values. PAAs post in the next open ledger period. If fringe was originally calculated on the entry, Workday creates reversal fringe benefit journals to reverse the original fringe, recalculates and creates new fringe benefit journals.

Playback refers to the visual review of the tenant by our stakeholders. In
effect, the playbacks are validation sessions.

Originating source of award funding.

Activity that has a defined start and end date, e.g., capital or IT project, multiple funding sources and hierarchy; Project – Capital: Accumulates costs for activities that will be capitalized and amortized. Project – Operating: Activities identified by a cost center or small selection of cost centers that is valuable for internal
reporting and analysis.

Requisitions have individual line items that capture the item (with quantities and amounts) being requested, we call these Requisition Lines. A Requisition Line can be ‘split’ so that its costs are distributed across various Worktags (such as Cost Center), these are called Requisition Line Splits.

A more granular view of revenue or expenses incurred at the University; end-user entry point on operational transactions

A security group is a collection of system users used to grant access to Workday.

The business process by which Workday runs and settles payments. You can create, edit, preview, and process settlement runs to settle unpaid open items and pending payments

A buyer in Procurement & Supplier Diversity Services that sources requisitions from departments.

Organization from which UVA directly receives an award.

Grant, Contract, Cooperative Agreement, Program Income.

Select this requisition type when you do not need review from a Spend Category Buyer.

A unique identifier for suppliers.

A Workday tenant is an instance of the Workday software, including data that exists independently of other tenants. There are many types of deployment and production tenants, each intended for a specific use.

Spend category functionality that allows for use of Asset Book rules and Business Assets module in WD.

Workday's functionality to manage expenses and expense reports

Type of Costing Allocation for a specific worker based on a given Pay Component (e.g., salary pay, hourly wages, allowances, period activity pays, etc.) that can determine percentage based costing across a set of FDM values and worktags.

A compact report displayed as a "tile" on the My Workday page, providing easy access to tasks and information staff will use on a regular basis.