Workday Financials Will Include New and Better Ways to Analyze Financial Data
SLU will launch the second phase of the Workday project, Workday Financials in July. This new enterprise system will support financial accounting, banking and settlement, grants, endowments, procurement, and many other areas.
Like the transition of human resources functions to Workday in January, this shift comes with new concepts, terminology and functionality which we hope to educate you on over the next few months.
At the core of Workday Financials is the Foundation Data Model (FDM). The FDM will replace our existing chart of accounts – the list of the accounts our finance team uses to record transactions – and supports all financial, management and operational financial reporting across the University.
Another key Workday term to learn is Worktag. Worktags are keywords or descriptors that are assigned to all financial transactions and supporting data.
For example, if you were purchasing paper for the Department of Biology, you would use the worktags below. The worktags classify the transaction to accurately record, process and report on the transaction.
| Worktag | Example |
|---|---|
| Company | Â鶹´«Ã½ |
| Cost Center | Biology |
| Spend/Revenue Category | Office Supplies |
| Ledger Account | 5112: Supplies |
| Fund | Operating Fund |
| Function | Instruction |
| Location | Macelwane Hall |
Tagging transactions with worktags is necessary to give us the ability to drill down to transaction-level details from high-level financial reporting. With worktags, business managers and other finance users can analyze data using various details, which will enhance our ability to make decisions.
Throughout the coming months, look for more articles on key Workday Financials concepts as we prepare to go live in July.
To learn more about SLU’s journey to Workday, visit Workday@SLU.