Workday Finance: Financial Accounting

Will Workday Finance replace Tidemark?

  • WD Finance will not replace Tidemark. 

How will the chart of account structure(i.e. 3, 7, 8 accounts) be streamlined or changed?

  • All FRS/DMAS accounts will be transitioned into the new Chart of Accounts structure.  A preliminary chart of accounts structure and value sets will be completed and additional communication regarding departmental review will be provided.

What will happen to sub-object codes?

  • Sub-object codes will be known as this will be known as Spend Categories and Ledger Accounts in Workday. A detailed crosswalk that provides the mapping of sub-object code to spend category will be provided for use to support go-live and assist users in transitioning to Workday Finance.

Will there be a translation table of account and sub-object codes from FRS/DMAS to Workday?

  • Yes, a crosswalk that defines changes between Workday and FRS/DMAS will be created and distributed to end users to support the transition from current state to future state.

Will journals also be initiated though Workday, or will they still be submitted on paper?

  • All journals will be initiated through Workday and will go through an approval process. Workday journal functionality provides the ability to perform a variety of transactions, including the ability to move balances between accounts. 

How will uploads of journal charge outs be handled?

  • Most charge outs will be handled via Workday’s Internal Service Provider (ISP) functionality.

How will Interdepartmental Requisites (IDRs) be processed in Workday?

  • There will be new functionality for the Interdepartmental Requisition (IDR) process.  Design of this functionality will occur in Fall 2016.