Workday Finance: Financial Accounting

Last Updated: 09/26/2017

Will Workday Finance replace Tidemark?

  • Workday Finance will not replace Tidemark. However, Tidemark budgets will be loaded into Workday in October 2017 to facilitate departmental reporting.

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

  • All Financial Records System(FRS)/ Departmental Management Accounting System (DMAS) accounts have been transitioned into the new Chart of Accounts structure in Workday called the Financial Data Model (FDM). To learn more about the FDM, please take the computer-based learning (CBL) module “Workday FDM 101” available in ULearn. You can also reference a tip sheet available on the Workday Finance website.

What happened to sub-object codes?

  • Sub-object codes translate to a Ledger Account AND a Spend Category OR Revenue Category in Workday. The Workday Finance Team has developed a crosswalk, called the FRS/FDM Conversion Tool, to provide departments with an easily accessible tool to map sub-object codes to Ledger Account AND Spend Category OR Revenue Category. The FRS/FDM Conversion Tool is available on the Workday Finance website.

Is there a translation table of account and sub-object codes from Financial Records System (FRS)/ Departmental Management Accounting System (DMAS) to Workday?

  • Yes, the Workday Finance Team has developed a crosswalk, called the FRS/FDM Conversion Tool, to provide departments with an easily accessible tool to map account numbers and sub-object codes to their Workday equivalents.

Are journals initiated though Workday, or can they still be submitted on paper?

  • All journals are 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, complete payroll accounting adjustments for pay periods closed prior to September 1, 2017, and replenish petty cash funds. 

How are Interdepartmental Requisites (IDRs) processed in Workday?

  • IDRs will be handled two ways in Workday: through Internal Service Providers (ISP) and through accounting journals. To find out which business process a specific department will now use, contact that department directly.
  • A list of approximately 70 ISP’s were identified for September 1 and those areas are being trained on the new functionality. For areas that are not an initial ISP, but who charge other areas for goods or services, please be sure you discuss with your Cost Center Manager to assign the role of Accountant to the people who perform this task.
  • Research CORE labs, and certain other high volume areas, are being trained on the use of Internal Service Provider (ISP) functionality.  To learn more about ISPs, please attend the Workday for Internal Service Providers (ISPs) instructor led training available in ULearn. If you have been assigned the role of Accountant and need to learn how to complete accounting journals, please attend the Workday: Accounting Journals instructor led training available in ULearn. You can also reference tip sheets available on the Workday Finance website.