Workday Finance: Financial Accounting

Last Updated: 02/08/2018

Will Workday Finance replace Tidemark?

  • Workday Finance will not replace Tidemark. However, Tidemark budgets have been loaded into Workday 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 now translate to a Ledger Account AND a Spend Category, OR a 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.

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

  • Paper journals are no longer utilized. All journals are initiated through Workday and will go through a digital approval process in Workday.
  • 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 go-live, and to 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.
  • Interdepartmental requests are now called Internal Service Delivery (ISD) in Workday and can only be initiated by Internal Service Providers (ISPs), formerly known as Service Centers. The requesting department should contact the appropriate ISP and provide the details of the request, and appropriate driver worktags. The ISP will then create the required ISD in Workday and it will be routed for processing and approval.