Finance Strategic Transformation - Resources

Your Feedback and Input is Encouraged!

Project leadership and the project team definitely want to hear from you! Here are a few ways to reach out: 

  • Check in with representatives from your school or unit (we have Steering Committee members, Advisory Group members, and Checkpoint Team members in a searchable database).
  • Get in touch with anyone on the project team. Our contact info is available here. We’re ready and listening! Not sure who to email? Just contact us at [email protected] and we’ll make sure you get a well-informed response quickly
  • If you have a great idea or a question you think others might share, we encourage you to share it in the online community. Not only are we very responsive in that channel, but also, your colleagues can interact with your thoughts, too. It’s a great way to connect with others and keep all of our concerns, inspiration, and feedback in the open. NEW:  Check out this quick intro to using CommunityHub.
  • Want your feedback to remain anonymous? You’re welcome to drop us a line via the FST webpage feedback feature in the top right corner of every page on this site.


There’s no wrong way to give feedback and no such thing as a dumb question. We are striving for this to be an inclusive process. When questions and concerns surface, we’ll do our best to get those answered both privately and in forums where others can benefit from them. Often this takes the form of us posting frequently asked questions in the community or on our website, without names of the original askers.

More about the Finance Online Community

UVAFinance has launched an online community space for all finance professionals at the University.  Hosted on the Jive platform used for the UBI Community, the Finance Community is a place where you can get all the latest on Finance Strategic Transformation, ask questions about the project, suggest ideas, and much more.  Log on at https://communityhub.virginia.edu/community/uva-finance-transformation  If you have any trouble logging in, please contact the UVAFinance Communications Manager at [email protected] or 434-924-8239.

Every single presentation about Finance Strategic Transformation, even those made to the steering committee or working groups, are housed in the community and open for your questions and comments.  Plus, you're welcome at any time to share your general questions and ideas!

Log in and take a look -- and remember, your comments, questions, and concerns are welcomed!

 

Professional Development Resources

One of the main reasons we’re undertaking Finance Strategic Transformation is so that team members can do their jobs more accurately and more easily, and a companion priority is our focus on investing in the professional development of our team, and providing them with the opportunity to do the right job in the right area with the right resources.  That involves a lot of thinking and input on your part, and you can begin that process now.

Resources available now to help you learn new professional skills and develop your career strengths:

Contact Us

Questions or suggestions?  Please email us at [email protected]!

Five Things to Know about FST

Five Things You Need to Know About FST

It's hard to keep track of everything you need to know, so every other week we bring you "Five Things to Know about FST."  It's a highly curated list of only the five most important things to know about FST.  Another option for those pressed for time is to listen in to the WFST Radio Broadcast, where we bring you the updates in 10 minutes or less every other week.  

5 Things November 18, 2021

5 Things October 28, 2021

5 Things October 14, 2021

5 Things September 23, 2021

5 Things September 10, 2021

5 Things August 26, 2021

5 Things August 13, 2021

5 Things July 29, 2021

5 Things July 15, 2021

5 Things June 28, 2021

5 Things June 10, 2021

5 Things May 13, 2021

5 Things April 29, 2021

5 Things April 15, 2021

5 Things March 25, 2021

5 Things March 11, 2021

5 Things February 25, 2021

5 Things February 11, 2021

5 Things January 14, 2021

5 Things January 28, 2021

For Fiscal Administrators

Finance Strategic Transformation should enable our Fiscal Administrators to do their jobs with an additional level of ease and insight.  We appreciate the partnership of this group and value your feedback. We definitely need your direction in order to succeed!

You’ll be hearing regularly from the project team and finance leadership throughout the project. We want you fully engaged and aware of the decision processes. The FST team will be present at monthly Fiscal Administrators meeting, and we will collect resources from those meetings on this page.  Our plan is to collect the questions asked in the meetings on this page and post answers as quickly as possible (check back frequently!)  

If there's something that would be helpful to you that you don't see, please let us know!  Contact us at [email protected] or use the GIVE FEEDBACK feature in the upper right-hand corner of this page. 

With this close partnership, we won't have any surprises when we reach go-live!

 

Previous Meeting Notes

December 1, 2021

Slides

November 3, 2021

Slides

Oct-Nov one-pager

October 6, 2021

Slides

Comms Channels Updated

Grants Focused One-pager

September 1, 2021

Access Zoom Recording

Slides

Quick Reference One-pager

August 4, 2021 Meeting

Slides for August 4 Meeting

Access Zoom Recording

Monthly One-Page Update 

July 7, 2021 Meeting

Access Zoom Recording

Slides for July 7 Meeting

Five Things to Know about FST

Monthly One-Page Update 

FST Glossary

May 5, 2021 Meeting

Slides for May 5 Meeting

Five Things to Know about FST

Access Zoom Recording

April 7, 2021 Meeting

Slides for April 7 Meeting

Five Things to Know about FST

Access Zoom Recording

March 3, 2021 Meeting

Pre-Read Materials 

Slides for March 3 Meeting

Five Things to Know about FST

Access Zoom Recording (due to a technological error, the meeting content begins at the 50-minute mark)

January 27, 2021 Meeting

Pre-Read Materials

Slides for January 27 Meeting

Access Zoom Recording and Meeting minutes (due to a technological error, only the last portion of the meeting was recorded)

Recap of feedback on RAPID decisions from January governance meetings

Link to Community post where you can see all CCS slides

Direct link to the FDM pre-read video

"Five Things to Know about FST"

December 16, 2020 Meeting

Access Zoom Recording

Slides for December 16 Meeting

FST Communication for December 16 FA Meeting

November 18, 2020 Meeting

Access Zoom Recording

Slides for November 18  Meeting

FST Communication for November 18 FA Meeting

October 14, 2020 Meeting

Access Zoom Recording

Slides for October 14 Meeting

FST Communication for October 14 FA Meeting

September 16, 2020 Meeting

Access Zoom Recording

Slides for September 16 Meeting

FST Communication for September 16 FA meeting

August 5, 2020 Meeting

Access Zoom Recording

FST Communication for August 5 FA meeting

Slides for August 5 Meeting

July 29, 2020:  Communication Channel Resource

There are several communication channels we use to share FST information.  Check out this resource for a breakdown of which channels might be most helpful for you, depending on what information you're looking for and how much time you have.  

View it here!

June 17, 2020 Meeting

FST Communication for June 17 FA meeting

Access Zoom Recording

Slides for June 17 Meeting

May 20, 2020 Meeting

Access Zoom Recording

Slides for May 20 Meeting

FST Communications for Fiscal Administrators May 20 Edition

 

 

WFST Radio

Each day, the average professional receives 121 emails.  Depending on your role, statistics say you'll spend between 35 and 50% of your workweek in meetings.  

It's hard to keep up with everything, even when you really want to.

That's why the FST team is launching WFST Radio, a short, bi-weekly podcast that gives you a quick rundown of what's happening with Finance Strategic Transformation, what you might want to check out in our other communications channels, and what's coming next.  Each episode will clock in at under ten minutes.

Subscribe now to WFST Radio so you won't miss any updates!

WFST Radio
FST Decision Log

All FST decisions are made using the RAPID framework, but formal RAPID documentation is only required with Tier 1 and Tier 2 decisions.  In the spirit of transparency, we’ll share decisions in our normal communications channels when they are made, as well as in the FST Decision Log.  Watch for continual updates!

Who makes the decisions? Read more about how FST decisions are made.

How is FST informed and guided by the UVA community?  Learn more about FST's governance structure.

View the full FST Decision Log

Upcoming decisions Workday/AI Division of Responsibility for Execution; System Admin Responsibility Approach; Workflow Control and Approval Requirements; Customer Portal and payment acceptance; Administrative Supplements (Position Budgeting); Availability of HCM details for use in budgeting; Budget Roll-forward Functionality in WD; Spend Category Mapping for Non-PO Invoices; Non-PO Invoices; Security Roles; ETF usage threshold policy change $500 -> $5,000; Expenditure Credit Process/Policy; [email protected] in Future State; Multicurrency; FY23 Budget Conversion to FDM; Salary Certification, and more.  

LAST UPDATED AUGUST 10, 2021. 

If you have a question about any decisions or upcoming decisions, please contact the project team at [email protected] or reach out to the Advisory Group member for your school or unit (find them here!).

UVA FST Glossary

The terms in the FST Glossary were compiled and defined in order to improve communication across UVAFST functional areas. The need for this was identified through the Transformation Opportunities Initiative (TOI) in the fall of 2020. The UVAFST Glossary is distinct from Workday Words in that it focuses on terms outside of Workday. Ultimately, this glossary will strengthen UVA's shared understanding of the terms and concepts that are central to UVAFinance, which will catalyze strategically informed decision-making.

 

Accruals: Revenues/expenses are recorded when earned/incurred rather than when cash changes hands. In future state, accruals will be recorded in the financial reporting book.

Actuals: Actuals refers to transactions that are posted against the Actuals Ledger in Workday. They contain the information required toprepare the financial statements.

Book Code/Books: Book Codes are subsections of the ledger where accounting results from original journal entries are stored. Book codes can be combined to form a book that is used for reporting. In WD, most transactions are recorded in the blank book code or the Common Book. Year-end adjustments are recorded in the Year-End Adjustments book code and combined with the blank book code to form the Reporting Book. Additional books include the financial reporting book, which includes the blank book, fixed assets, year-end adjustments, and financial reporting adjustment book codes.

Budget: The financial condition and strategic and administrative plans of an organization that include information on sources, uses,activities, and purposes or goals. An estimation of sources and uses over a specified future time period and is usually compiled and re-evaluated on a periodic basis. Note: within a fiscal year, adjustments to the Budget are facilitated via the Forecast process.

Budget Model: A Budget Model is a quantitative system or approach used to support resource management within an institution. Budget models are not financial accounting systems and neither create nor diminish capacity. The budget model is a management tool and the university community must understand the model, be willing to operate within its parameters, and have planful discussions with academic and administrative leadership to realize the benefits it is designed to provide. Note: the budget model at UVA is called UFM (see definition below).

Carryforward: Carry-forward balances are in-year fund surpluses or deficits (shortfalls) which can be carried over from one fiscal year to the next or subsequent fiscal years and then used to cover expenses.

  • If the unit owns the fund source, a surplus (deficit) carries forward into the unit's expendable fund balance.
  • If the unit does not own the fund source, there are two options:
    • if the fund balance is not transferred, the unit is granted spending authority to spend against the fund source.
    • if the fund balance is transferred, the surplus (deficit) could be swept back to the owner's expendable fund balance per r agreement or at the owner's discretion.

In the future, a commitment tracking process will enable budget requests/commitments once approved to become part of the operating budget through an end date.

Cash and Cash Equivalents: Cash and cash equivalents include bank accounts, petty cash, and marketable securities with maturities of less than 90 days. At UVA, cash and cash equivalents are tracked and managed by Treasury at the enterprise level; balances in bank accounts should tie to the General Ledger. Said another way, no unit but Treasury and Accounting works with cash. Operating units do not hold cash. Instead, they hold expendable fund balances (refer to the definition).

Equipment Trust Fund (ETF): Funds that are provided and managed by the Commonwealth of Virginia for purchasing new or upgrading obsolete equipment used for instruction and research. Refer to the fixed asset guide for more details.

Expendable Fund Balance: The expendable fund balance represents a unit’s available cumulative net position / retained earnings, inclusive of operating surplus (deficit), or carryforward. In order to appear as an expendable fund balance, the amount must appear in the General Ledger. Note: On June 30, expendable fund balance only includes actuals; any other time, it includes all WD obligations and WD commitments, therefore what is truly expendable.

FDM: The Foundation Data Model (FDM) is the basis for accounting and financial reporting in Workday. The FDM replaces UVA's Oracle EBS Chart of Accounts (CoA) in the implementation of Workday and supports the multi-dimensionality of Workday. Contains elements known as worktags (i.e., ledger accounts, spend categories, program, etc)

Fund: Also often referred to as the color of money, funds are pools of money differentiated by sources and constraints placed on the use of the resources. E.g., state vs local fund, restricted, restricted expendable (earnings on endowment or gifts), unrestricted, etc.

Ledger: Ledgers store university transactions from journal entries used for managerial and external reporting. The ledger includes accounts for assets, liabilities, net position, revenues, and expenses also known as the FDM (this is the UVA chart of accoun t). In WD, there is an Actuals, Commitments, and Obligations ledger.

Spending Authority: Budget authority that authorizes expenses for a particular use and/or time period that are financed by another unit's expendable fund balance. Permission to spend when the expendable fund balance is not transferred. Synonymous with authorized spending in deficit (for non-interest bearing scenarios).

UFM: The University Financial Model (UFM) is UVA’s budget model, based on Responsibility Center Management (RCM) budget models. It incorporates incentives and activity drivers to support responsive and transparent revenue and cost allocation methodologies intended to align resources with strategic priorities. Budget models like RCM are used to strengthen an institution’s long-term planning and fiscal stability.

Workday Commitments: Accounting related to funds for future known or expected spending. In the context of purchasing, commitments represent issued requisitions. Commitments are stored in the commitments ledger in WD. UVA is not turning on the payroll functionality for commitments. Payroll commitments refers to vacant positions only; see "Workday Obligations" for filled positions.

Workday Obligations: Accounting related to funds that represent obligations to pay. In the context of purchasing, obligations represent encumbrances due to issued Purchase Orders. In context of Payroll, this is pay information pertaining to filled positions.​ Obligations are stored in the Obligations ledger in WD.

Workday Words

As we move through Phase 3 of Finance Strategic Transformation, you'll hear Workday Financials terminology with more frequency.  Some terms are self-explanatory, but some are unfamiliar, and many will refer to names we have used in current processes and functions.  It's important to get used to the "Workday Words" earlier rather than later, so that you understand what's being discussed and even more importantly, so you can easily recognize when the topic is something that affects your work.

We have been gathering up common Workday Financials terms and have collected them in the searchable list below.  

You'll find that all of the Workday Words in the list are defined, but not all of them have a "legacy term" that correlates with them, meaning that either there isn't a current term we use for that Workday Word, or we just don't know about it as yet.  That's where we'd love your help!  

Please let us know:

  • Are there current names for processes or functions that don't seem to have a Workday Word?
  • If you would suggest any edits/changes to what you see in the document we've put together.
  • What other Workday Words besides the ones listed have you heard that you think we need to include?

As always, we want (and need) to hear from you, so please reach out if you have questions or concerns. 

Workday Words

Account posting rules tell the system how to determine what ledger account to post the operational journal to that results from an operational transaction.

Legacy Term: A similar process runs in Oracle when GA transactions move to GL overnight.

  • Up
    47%
  • Down
    53%

Accounting adjustment is a type of operational journal to reclassify costs on expense reports, P-card transactions, and most supplier invoices if there was an error in the operational transaction.

Legacy Term Most equivalent to GA cost transfers.

  • Up
    45%
  • Down
    55%

The GL period when the transaction was recorded in the ledger. When the item posts at the "object“ (subaward, expense etc.) level.

Legacy Term GL Transfer Date

  • Up
    51%
  • Down
    49%

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. Journal Statuses: Create - An initiated but unsubmitted journal that may be saved for later Progress - Journals that have been created and submitted for, but yet to receive approval Posted - A journal that has been completed, approved and posted to a ledger Unposted - Journal status used for a previously posted/approved journal to

Chart elements that describe the nature of the transaction to support all financial and management reporting across the enterprise.

Legacy Term Object Code/Expenditure Type

  • Up
    61%
  • Down
    39%

Envisioned as managerial reporting tool only, defined at school level; used to assign further granularity to programs and/or projects

Legacy Term Similar to how Task was used by many orgs

A 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.

Draft - An initiated but un-submitted Ad Hoc Bank Transaction
In Progress - A created Ad Hoc Bank Transaction that has been submitted for but not yet received approval
Approved - An Ad Hoc Bank Transaction that has been approved
Cancelled - An Ad Hoc Bank Transaction that has been terminated

Legacy Term

Used to make a one-time payment.

Legacy Term One-time Payment

  • Up
    41%
  • Down
    59%

Used to make repetitive Ad Hoc payments. This will be utilized in place of webwire and journal entries.

Legacy Term

  • Up
    65%
  • Down
    35%

Budgeting solution that integrates with Workday Financials. UVA is currently doing a pilot with several schools and academic and central units

Legacy Term BudgetUVA

A workorder management system used to create work orders for preventive maintenance, reactive service, project costs, utility billing charges, etc.

Legacy Term AiM

  • Up
    56%
  • Down
    44%

When creating a gift, users can select certain worktags to be available options when processing transactions. Options other than the default or allowable worktags will not be available or will fail validation.

Legacy Term

  • Up
    58%
  • Down
    42%

An approver does not have edit capabilities prior to approving an expense report. This differs from a reviewer who does have edit capabilities prior to approving an expense report.

Legacy Term

Asset books are used to assign accounting treatment and depreciation profiles when registering capital assets. There are two types of asset books: accounting books for journals / reporting and nonaccounting books for reporting purposes only. Asset book rules can be used to populate the accounting treatment and depreciation profile based on combinations of identifiers (worktags, thresholds, etc.).

Legacy Term

The person who is responsible for a given asset and serves as the custodian of that asset. The asset coordinator is not the same as the equipment coordinator, who is a central contact in a school, an academic or central unit serving as a liaison between their organization and the Fixed Assets Accounting Group within UVAFinance.

Legacy Term

  • Up
    56%
  • Down
    44%
  • Up
    49%
  • Down
    51%

Allows tracking by individual – for identifying and reporting on financial activity and balances for which the individual is responsible (i.e. faculty, grad students); field open to anyone that has been entered in WD HCM (via WD employee ID)

Legacy Term

Award in Workday is similar to Award in Oracle (G=Sponsored Award), but Award numbers in WD will look different than what we see in Oracle.  Oracle sponsored awards start with "G" and are followed by another alpha character based on the sponsor (e.g., GA=NSF, GB=NIH, etc.).  In WD, Awards will start with "AWD," followed by numbers.  

 

Legacy Term Award