{"id":208026,"date":"2020-01-02T11:01:56","date_gmt":"2020-01-02T16:01:56","guid":{"rendered":"http:\/\/www.montclair.edu\/finance-and-treasury\/?page_id=208026"},"modified":"2022-02-17T10:35:58","modified_gmt":"2022-02-17T15:35:58","slug":"workday-terminology","status":"publish","type":"page","link":"https:\/\/www.montclair.edu\/finance-and-treasury\/workday-terminology\/","title":{"rendered":"New Finance Terminology"},"content":{"rendered":"

Register for Training<\/a><\/span>Log in to Workday<\/a><\/span>Job Aids<\/a><\/span><\/p>\n

New Finance Terminology<\/h2>\n

Use any one of the hyperlinks to jump to a particular section:<\/p>\n

FDM<\/a><\/div>
Financial Accounting<\/a><\/div>
Expenses<\/a><\/div><\/div>\n
Procurement<\/a><\/div>
Internal Service Delivery<\/a><\/div>
Budgets<\/a><\/div><\/div>\n

Download pdf of Workday Terminology<\/a><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
PeopleSoft Term<\/strong><\/td>\nDefinition<\/strong><\/td>\nWorkday Term<\/strong><\/td>\n<\/tr>\n
<\/a>FDM<\/strong><\/td>\n<\/tr>\n
Account<\/strong><\/td>\nNatural accounts are where debits and credits are recorded in the general ledger. Ledger accounts are summarized into hierarchies for financial reporting and are managed by the Controller\u2019s Office for financial reporting. A ledger account is associated with each revenue and spend category selected\u00a0<\/strong>in a transaction.<\/strong><\/td>\nLedger Account (Related)<\/strong><\/td>\n<\/tr>\n
Account 47209<\/strong><\/td>\nExternal source of funds whose usage may be restricted or designated for a specific purpose or time period but does not require the donor to receive anything in exchange for\u00a0<\/strong>the funds.<\/strong><\/td>\nGift (Driver)<\/strong><\/td>\n<\/tr>\n
Capital Projects<\/strong><\/td>\nProject is used to accumulate funding for an identifiable deliverable over a specific period of time. Projects will be sub-divided into phases. As with grants, they have their own multi-year budgets. Projects are the detailed worktag for Plant Funds and are usually associated with capital budgets.<\/strong><\/td>\nProject (Driver)<\/strong><\/td>\n<\/tr>\n
Chart of Accounts<\/strong><\/td>\nData structure used for accounting and financial reporting; contains elements known as worktags.<\/strong><\/td>\nFoundation Data Model (FDM)<\/strong><\/td>\n<\/tr>\n
Chart field values<\/strong><\/td>\nAn FDM dimension that is used to facilitate Workday transactions and create financial reports.<\/strong><\/td>\nWorktags<\/strong><\/td>\n<\/tr>\n
Department<\/strong><\/td>\nAn identifier for financial responsibility and oversight of a managed and budgeted entity (e.g. CC00167 English)<\/strong><\/td>\nCost Center (Driver)<\/strong><\/td>\n<\/tr>\n
Detail Codes<\/strong><\/td>\nProvides a granular view of revenues earned at the University. Grouped into hierarchies and mapped to ledger accounts for financial reporting. Required on all revenue transactions. These codes are used on customer contracts, billing, and accounts receivable that drives accounting<\/strong>behavior. Budget check step happens here.<\/strong><\/td>\nRevenue Category (Driver)<\/strong><\/td>\n<\/tr>\n
Division<\/strong><\/td>\nIdentifies the Division of the University. Examples, include CSAM, CEHS, CHSS, School of Business, Office of the President, and Provost Office. These hierarchies are maintained by the Controller\u2019s Office and will default based\u00a0<\/strong>on the cost center, grant or project.<\/strong><\/td>\nDivision (Related)<\/strong><\/td>\n<\/tr>\n
Fund<\/strong><\/td>\nRepresents a method of accounting based on the University\u2019s designation of funding categorization. Funding categories include: Unrestricted (Operating), Restricted and Plant. A fund is required on all financial transactions and will default based on the cost center, grant or project.<\/strong><\/td>\nFund (Related)<\/strong><\/td>\n<\/tr>\n
Grant Projects<\/strong><\/td>\nTracks a specific funding source provided by an outside sponsor (e.g. federal, state, foundation, local) with detailed reporting requirements and requires the sponsor to receive something of value in return for the funds.<\/strong><\/td>\nGrant (Driver)<\/strong><\/td>\n<\/tr>\n
No Legacy Term<\/strong><\/td>\nUsed for external financial reporting for the classification of expenses in categories prescribed by NACUBO. This code is required on all financial transactions and will default based\u00a0<\/strong>on the cost center, grant or project.<\/strong><\/td>\nProgram (Related)<\/strong><\/td>\n<\/tr>\n
No Legacy Term<\/strong><\/td>\nRelated Worktags will help complete a business transaction. These are the worktags associated with the driver worktag within the Workday System (Division, Fund, and Program). These worktags do not need to be provided, they will populate automatically (default) upon input of the Driver\u00a0<\/strong>Worktag.<\/strong><\/td>\nInherited\/ Related Worktags<\/strong><\/td>\n<\/tr>\n
No Legacy Term<\/strong><\/td>\nOne of six FDM worktags (Grant, Gift, Project, Cost Center, Revenue and Spend Category) that are mutually exclusive and derive certain related worktag values (i.e. Division,<\/strong>Fund, Account) within Workday.<\/strong><\/td>\nDriver Worktag<\/strong><\/td>\n<\/tr>\n
Optional Chartfields<\/strong><\/td>\nTo capture additional data for reporting, control or\u00a0<\/strong>reconciliation.<\/strong><\/td>\nCustom\u00a0<\/strong>Worktags<\/strong><\/td>\n<\/tr>\n
Procurement Spend Categories<\/strong><\/td>\nProvides a granular view of expenses incurred at the University. Grouped into hierarchies and mapped to ledger accounts for financial reporting. Required on all expense transactions. These codes drive accounting behavior.<\/strong><\/td>\nSpend Category (Driver)<\/strong><\/td>\n<\/tr>\n
Product<\/strong><\/td>\nUsed with revenue to identify the academic term.<\/strong><\/td>\nTerm (Custom\u00a0<\/strong>Worktag)<\/strong><\/td>\n<\/tr>\n
No Legacy Term<\/strong><\/td>\nUsed with grants to drive accounting for certain transactions (participant costs & equipment on grants). Also used in General Accounting to indicate specific Bond Issue.<\/strong><\/td>\nTransaction Detail (Custom Worktags)<\/strong><\/td>\n<\/tr>\n
<\/a>Financial Accounting<\/strong><\/td>\n<\/tr>\n
Account Transfer Journals<\/strong><\/td>\nA Workday business process used to perform accounting adjustments for paid expenses. Accounting adjustment may be used to move funds from one cost center to another in order to correct transactions posted to the wrong cost center, or for other reasons such as correcting a spend\u00a0<\/strong>category, revenue category, grant, gift or project.<\/strong><\/td>\nAccounting Adjustment<\/strong><\/td>\n<\/tr>\n
AR Direct Journals<\/strong><\/td>\nA business process to record after the fact cash deposits or withdrawals, including wire transfers, that appear on the Daily Bank Report sent by the Office of the Treasury.<\/strong><\/td>\nAd Hoc Bank Transactions<\/strong><\/td>\n<\/tr>\n
Journal Entry Form<\/strong><\/td>\nA Workday business process used to perform accounting journals. Accounting journals are manual journals that may be used to move funds from one account to another in order to correct transactions posted to the wrong account, or for other reasons such as correcting a spend category, revenue category or to record a transaction<\/strong>.<\/strong><\/p>\n

Note: The Journal Entry Form will not exist in the Workday system. The Create Journals business process will be used for non-cash journal entries that were previously FRS transaction code 060 and do not involve any exchange of goods or services.<\/em><\/strong><\/td>\n

Create Manual Journal<\/strong><\/td>\n<\/tr>\n
Manual Accounting Journals<\/strong><\/td>\nAccounting journals are manual journals that may be used to move funds from one account to another in order to correct transactions posted to the wrong account, or for other reasons such as correcting a spend category, revenue category or to record a transaction.<\/strong><\/p>\n

Note<\/strong>:\u00a0Accounting journals are not to be confused with Manual Cash Journals which are covered under a separate business process known as Ad Hoc Bank Transaction.Today’s CRMs are also considered “Manual Accounting Journals”, however if goods and\/or services are exchanged, it will be recorded with the help of the Create Internal\u00a0Service Delivery business process.<\/strong><\/em><\/td>\n

Accounting Journals<\/strong><\/td>\n<\/tr>\n
<\/a>Expenses<\/strong><\/td>\n<\/tr>\n
Employee Non-Travel Reimbursement\/Travel Reimbursement\/Non- Employee Travel\u00a0<\/strong>Reimbursement<\/strong><\/td>\nA business process used to facilitate expense reimbursements. Can be used to create new expense reports, copy previous expense reports or create expense reports from Spend Authorizations.<\/strong><\/td>\nExpense Report<\/strong><\/td>\n<\/tr>\n
Quick Invoice<\/strong><\/td>\nRequest for payment for goods and services that do not require a purchase order (e.g., subscriptions, honorariums,\u00a0<\/strong>memberships, etc.).<\/strong><\/td>\nCreate Supplier Invoice Request<\/strong><\/td>\n<\/tr>\n
No Legacy Term<\/strong><\/td>\nProvides operational detail of travel and expense activity that maps (usually in summary) to spend category. Expense items are used in spend authorizations and expense reports.<\/strong><\/td>\nExpense Items<\/strong><\/td>\n<\/tr>\n
No Legacy Term<\/strong><\/td>\nA role that allows the University to Reimburse non- employees such as guest speakers for travel or student club expenses. Department submits an expense report.<\/strong><\/p>\n

Disbursements processes payment in Workday.<\/strong><\/td>\n

External Committee Member<\/strong><\/td>\n<\/tr>\n
TR-1<\/strong><\/td>\nWorkday allows an employee (faculty\/staff) or his\/her delegate to pre-authorize a specific expense by creating a commitment of funds for a specific departmental expense or\u00a0<\/strong>activity.<\/strong><\/td>\nSpend Authorization<\/strong><\/td>\n<\/tr>\n
Voucher<\/strong><\/td>\nCreated in Workday as the result of a purchase order or supplier invoice request, and generates approvals through\u00a0<\/strong>workflow.<\/strong><\/td>\nSupplier Invoice<\/strong><\/td>\n<\/tr>\n
<\/a>Procurement<\/strong><\/td>\n<\/tr>\n
Category Account\u00a0<\/strong>Cross Map<\/strong><\/td>\nCodes identifying the commodities being requested for\u00a0<\/strong>purchase.<\/strong><\/td>\nSpend Category<\/strong><\/td>\n<\/tr>\n
Department Manager<\/strong><\/td>\nManager responsible for approving financial transactions within a cost center.<\/strong><\/td>\nCost Center Manager<\/strong><\/td>\n<\/tr>\n
Issued<\/strong><\/td>\nPurchase orders which have been approved by Procurement Services are Issued to the Supplier.<\/strong><\/td>\nDispatch<\/strong><\/td>\n<\/tr>\n
No Legacy Term<\/strong><\/td>\nA person who manages a gift from a Donor.<\/strong><\/td>\nGift Manager<\/strong><\/td>\n<\/tr>\n
PI<\/strong><\/td>\nPrincipal investigator who typically serves as the lead on a\u00a0<\/strong>Grant.<\/strong><\/td>\nGrant Manager<\/strong><\/td>\n<\/tr>\n
Quick Invoice<\/strong><\/td>\nRequest for payment for goods and services that do not require a purchase order (e.g., subscriptions, honorariums,\u00a0<\/strong>memberships, etc.).<\/strong><\/td>\nSupplier Invoice Request<\/strong><\/td>\n<\/tr>\n
Receiving<\/strong><\/td>\nConfirmation of receipt of goods and services in the system.<\/strong><\/td>\nCreate Receipt<\/strong><\/td>\n<\/tr>\n
Special Request Requisition<\/strong><\/td>\nRequest for goods and services not in a current MSU catalog.<\/strong><\/td>\nRequest Non-<\/strong>Catalog Items<\/strong><\/td>\n<\/tr>\n
Requisition<\/strong><\/td>\nRequest for a purchase of goods and services.<\/strong><\/td>\nCreate Requisition<\/strong><\/td>\n<\/tr>\n
Web: Browser Supplier\u00a0<\/strong>websites (punch-out catalogs)<\/strong><\/td>\nRequest for goods from a directly-linked supplier\u2019s website (e.g. W.B. Mason, Grainger, etc.).<\/strong><\/td>\nConnect to Supplier Website<\/strong><\/td>\n<\/tr>\n
<\/a>Internal Service Delivery<\/strong><\/td>\n<\/tr>\n
Actual Expense Transfer<\/strong><\/td>\nA Workday transaction that records critical information related to the item(s) that an ISP provides to a requester. When approved and passed budget checking, it generates revenue for the ISP and expense for the requester.<\/strong><\/td>\nInternal Service Delivery (ISD)<\/strong><\/td>\n<\/tr>\n
No Legacy Term<\/strong><\/td>\nAn ISP\u2019s list of goods and services, their description and associated prices.<\/strong><\/td>\nInternal Catalog<\/strong><\/td>\n<\/tr>\n
Parking Dept., Red Hawk$, Recreation\u00a0<\/strong>Center, CREEHS<\/strong><\/td>\nDelivers internal goods and\/or services to an internal or external entity. ISPs are set up at the department (Cost\u00a0Center) level.<\/strong><\/td>\nInternal Service Provider (ISP)<\/strong><\/td>\n<\/tr>\n
<\/a>Budgets<\/strong><\/td>\n<\/tr>\n
Ad Hoc Approver<\/strong><\/td>\nThis security role has multiple functions including the ability to approve budget amendments or enter them themselves for any cost center in their division. The amendment will then route to the Budget Office for final approval. Division Managers are also \u201cad hoc\u201d approvers on amendments that\u00a0<\/strong>need division-level approval.<\/strong><\/td>\nDivision Budget Manager<\/strong><\/td>\n<\/tr>\n
Available Budget<\/strong><\/td>\nSometimes referred to as \u201cavailable balance\u201d this is the amount of budget remaining available to spend, after subtracting actual expenditures, requisitions and POs that\u00a0<\/strong>have occurred to-date.<\/strong><\/td>\nAvailable Budget<\/strong><\/td>\n<\/tr>\n
Budget<\/strong><\/td>\nA budget is a forecast of revenues and expenses for a specified time period such as a fiscal year, or the duration of a grant or project. Budgets also represent the approved dollar amount for spending, or an approved revenue target.<\/strong><\/td>\nBudget<\/strong><\/td>\n<\/tr>\n
Budget vs. Actual (Variance) Report<\/strong><\/td>\nReport that displays the budget (plan), actuals, encumbrances and available budget remaining when actuals and encumbrances are subtracted.<\/strong><\/td>\nBudget vs. Actuals (Variance) Report<\/strong><\/td>\n<\/tr>\n
Budget Approver<\/strong><\/td>\nThis security role has multiple functions including the ability to approve budget amendments or enter them themselves, for their own cost center(s). The amendment will then route to the Budget Office for final approval.<\/strong><\/td>\nCost Center Manager<\/strong><\/td>\n<\/tr>\n
Budget Check<\/strong><\/td>\nBudget check is a business process embedded within other business processes, such as requisitioning, for the purpose of checking whether there is sufficient budget for the\u00a0<\/strong>purchase.<\/strong><\/td>\nBudget Check<\/strong><\/td>\n<\/tr>\n
Budget Entry<\/strong><\/td>\nThis security role is for cost center employees who will initiate budget amendments and submit them for approval.<\/strong><\/td>\nCost Center Budget Specialist<\/strong><\/td>\n<\/tr>\n
Budget Entry Type<\/strong><\/td>\nEvery budget amendment will be assigned a Budget Amendment Type which indicates with the amendment is the\u00a0<\/strong>Original Budget<\/strong>, a\u00a0<\/strong>Temporary Amendment,<\/strong>\u00a0or a\u00a0<\/strong>Permanent Amendment<\/strong>.<\/strong><\/td>\nBudget Amendment Type<\/strong><\/td>\n<\/tr>\n
Budget Exceptions\/ Budget Errors<\/strong><\/td>\nBudget exceptions are warnings or errors issued by Budget Check when a transaction amount exceeds the available budget or when there is no budget.<\/strong><\/td>\nBudget Exceptions<\/strong><\/td>\n<\/tr>\n
Budget Journal or Budget Transfer<\/strong><\/td>\n\u201cCreate budget amendment\u201d is a business process to transfer budget. MSU has configured to allow users to submit requests for balanced budget amendments (increase equal decrease). Approval will be required of the Cost Center Manager and the Office of Budget and Planning\u00a0<\/strong>(Budget Office).<\/strong><\/td>\nBudget Amendment<\/strong><\/td>\n<\/tr>\n
Commitment Control<\/strong><\/td>\nFor Operating funds and Gifts, the Financial Budget will house non-personnel and temporary employee budgets. For Grants, the Financial Budget will include both personnel and\u00a0<\/strong>non-personnel budgets.<\/strong><\/td>\nFinancial Budgets<\/strong><\/td>\n<\/tr>\n
Commitment Control Ledger<\/strong><\/td>\nThe budget structure organizes the budget control rules. There are separate structures for operating budgets, grants,\u00a0<\/strong>and projects.<\/strong><\/td>\nBudget Structure<\/strong><\/td>\n<\/tr>\n
Commitment Control Tree<\/strong><\/td>\nA budget ledger summary is associated with a budget structure. It is a hierarchy of child ledger accounts that roll up to a Parent ledger summary, such as General Operating, Travel, Advertising and Marketing. Parent amounts are the sum of the child amounts.\u00a0<\/strong>MSU will control budgets against\u00a0<\/strong>the total available balance in each\u00a0<\/strong>Parent<\/strong>.<\/strong><\/td>\nBudget Ledger Summary\/Budget Control<\/strong><\/td>\n<\/tr>\n
Position Budgets<\/strong><\/td>\nA position budget will be managed for each \u201cpermanent\u201d position within the Position Budgeting function in Workday HCM. Reports will bring Financial Budgets and Position budgets together to display the full budget. Temporary\u00a0<\/strong>positions are budgeted in Financial Budgets.<\/strong><\/td>\nPosition Budgets<\/strong><\/td>\n<\/tr>\n
Pre-Encumbrances and Encumbrances<\/strong><\/td>\nThese amounts represent requisitions and purchases orders, which encumber the budget and reduce the available budget for future purchases.<\/strong><\/td>\nCommitments and Obligations<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

New Finance Terminology Use any one of the hyperlinks to jump to a particular section: Download pdf of Workday Terminology PeopleSoft Term Definition Workday Term FDM Account Natural accounts are where debits and credits are recorded in the general ledger. Ledger accounts are summarized into hierarchies for financial reporting and are managed by the Controller\u2019s […]<\/p>\n","protected":false},"author":113,"featured_media":383,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-208026","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.montclair.edu\/finance-and-treasury\/wp-json\/wp\/v2\/pages\/208026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.montclair.edu\/finance-and-treasury\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.montclair.edu\/finance-and-treasury\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/finance-and-treasury\/wp-json\/wp\/v2\/users\/113"}],"replies":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/finance-and-treasury\/wp-json\/wp\/v2\/comments?post=208026"}],"version-history":[{"count":14,"href":"https:\/\/www.montclair.edu\/finance-and-treasury\/wp-json\/wp\/v2\/pages\/208026\/revisions"}],"predecessor-version":[{"id":209503,"href":"https:\/\/www.montclair.edu\/finance-and-treasury\/wp-json\/wp\/v2\/pages\/208026\/revisions\/209503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/finance-and-treasury\/wp-json\/wp\/v2\/media\/383"}],"wp:attachment":[{"href":"https:\/\/www.montclair.edu\/finance-and-treasury\/wp-json\/wp\/v2\/media?parent=208026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}