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Frequently Asked Questions (FAQ)

Q: What does the Financial Accounting and Reporting team do?

A: We manage the University’s general ledger and other financial reports. Our team aims to provide prompt and accurate financial reports for management’s use and for the benefit of the whole university community.

Q: Where is the Financial Accounting and Reporting team located?

A: Our team is located on the first floor of 60 Turner Street.

Q: How do I deposit a check?

A: Please refer to the job aid under the Cashiering section of Forms & Resources

Q: How do I request petty cash?

A:  Please refer to the job aid under the Cashiering section of Forms & Resources.

Q: How do I know if a bank wire has come in on the University bank account?

A: If you are expecting an incoming wire please contact Alyssa Dedic.

Q: What do the debits and credits mean on the journal entry?

A: The debits represent increases to expenses or reduction in revenue. The credits represent increases to revenue or reduction in expenses.

Q: Why is it important to have the supporting documentation with journal entries?

A: Supporting documentation allows the team to better understand the purpose and proper accounting of the financial transaction.

Q: What is the Foundation Data Model (FDM)?

A: The Foundation Data Model (FDM) is the Workday chart of account structure that is used for accounting and financial reporting.  The FDM combines the ledger accounts with other financial worktags to be able to report on various dimensions of the organization.

Q: What is a worktag?

A: Worktags are keywords that you can assign to transactions and supporting data to make the business purpose clear and establish a multidimensional view to report on.

Q: When a new worktag is created, how soon will it be available in Workday?

A: As soon as the new worktag is set up in Workday and the person has the correct access to view, it can be viewed immediately.

Q: What are "anchoring" or “balancing fund” worktags?

A: Anchoring worktags is another name for balancing fund.  When the journal entry hits two different funds, the fund used on the debit side needs to be added as a balancing fund.

Q: When would you use the supplier invoice adjustment versus a journal entry? 

A: When the purpose is to reclassify the accounting worktags of an expense that came through accounts payable, such as an invoice or pcard.

Q: If a journal entry has a grant worktag, does it go to Sponsored Accounting and/or the PI for approval?

A: All grant entries will route to the Sponsored Programs Accounting team to review.  If the journal entry is reclassing expenses that are over 90 days of the budget date or over $10K, it will require additional approvals from the PI and grant financial analyst.

Q: If someone enters a cost center in a journal entry that belongs to a different cost center manager, does that cost center manager get an approval work item?

A: Only if the initiator designates the other cost center manager as an approver.  It’s not an automatic routing.

Q: Do all of the people that are listed on the approval chain for a transaction actually need to approve it?  For example, if a journal entry is routed to an accountant do all of the accountants have to approve the transaction or just one?

A: No. Only one approval in each role is required. This list of individuals identifies those individuals with the approval role, and thus can approve the journal entry.

Q: What is a program in Workday?

A: The program identifies the functional classification of the expense. Current functional classifications (programs) in Workday are: Instruction (PG01), Sponsored Programs (PG02), Academic Support (PG03), Student Services (PG04), Institutional Support (PG05), Auxiliary Services (PG06), and Plant (PG07). There is a relation between cost centers and programs, meaning each cost center is assigned to one and only one program. This allows the program to be a related worktag of the cost center.

Q: How does a journal entry get approved?

A: When a journal entry is submitted, it will go through the defined business process workflow, requiring approvals from set individuals – depending on the worktags included in the transaction. Once all approvals have occurred, the journal entry will post.

Q: What happens if a journal entry isn’t approved?

A: If the entry is still in the approval workflow (pending approvals), it will be approved and posted once the final approval has occurred. If the entry requires additional information or modification, it can be sent back to the originator. Once the required additions are made it can be re-submitted. If the entry should never post, it can be denied by an approver and the entry status will change to canceled. 

Q: What is the name of the worktag for endowment gifts?

A: Gift. There are multiple types of Gifts such as Spendable Gifts, Endowment Gifts, and Gifts for Capital Purposes.

Q: Where do you get a reference number when submitting a reclass entry?

A: If the reclass entry is a journal entry, the journal entry number is generated when the entry is submitted. The number is in the format of JE-100000XXX. If the reclass entry is a Supplier Invoice Accounting Adjustment or a Payroll Accounting Adjustment, no reference number is created. These entries are considered operational transactions. 

Q: What is a spend and revenue category?

A: A spend or revenue category is a worktag that identifies a level of detail for the expense or revenue more descriptive than that of the account. For example, use of the account “Supplies” can be combined with the use of spend category “Lab Supplies”. A spend category is required for all transactions posting to an expense account and a revenue category is required for all transactions posting to a revenue account.

Q: Do I need to approve the transaction if I am listed in a step of the business process?

A: If you’ve been added to the approval chain or you’re the only individual in a role that is in the approval chain then you need to take action. If you’re in a role that includes other individuals, only one person in the role needs to take action.