What is Workday Financials?

 

What is Workday Financials?

  1. Workday Financials is the system used to manage financial accounting and processes at the university.  It replaces legacy financial systems and centralizes financial activities.

  2. Workday Financials is the foundation for accounting, budgeting, and financial reporting processes.  It uses worktags, which are descriptive attributes used to classify and track financial transactions.  They help you search, identify, and manage financial data more efficiently.

  3. Review the Foundation Data Model (FDM) as the core structure used to organize financial data.  It is a multi-dimensional structure rather than a traditional chart of accounts.

  4. Workday Financials uses the FDM to classify transactions using combinations of worktags.

  5. Workday Financial modules include:

  • Core financials
  • Budget management
  • Grant management
  • Procurement
  • Expenses
  • Supplier management
  • Adaptive planning

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