What is Workday Financials?

This guide explains what Workday Finance is and how it supports financial processes at the University of Louisville. It is intended for faculty and staff who work with financial transactions, reporting, or budgeting. Understanding these concepts helps you navigate Workday and use its financial tools effectively.

 

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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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Need Additional Help?

• Please submit a request to the Workday Financials team.
• Training information