To review a list of known issues we are working on please visit our Workday Finance status page. Have something additional to report? Contact askfinance@virginia.edu
Resources
Agency Risk Management and Internal Control Standards (ARMICS) is an initiative of the Department of Accounts (DOA) for all state agencies within the Commonwealth of Virginia. The primary purpose of ARMICS is to ensure fiscal accountability and safeguard the Commonwealth's assets.
The Commonwealth of Virginia has designed ARMICS to achieve the following objectives:
Workday reports that have a summarized Obligations column often have a lot of “noise”. Workday shows all journals (full transparency) related to the account. For obligations, that includes the journal that moves it into the obligation ledger as well as any journal that liquates that obligation (or zeros out that obligation) when it moves from an obligation to an actual in the actuals ledger.
Here is an example of what that can look like:
In Workday there are 3 ledgers – Commitments, Obligations, and Actuals.
Commitments - Accounting related to funds for future known or expected spending (pre-encumbered). The commitments ledger is utilized to track journal entries for requisitions and payroll for unfilled positions.
Obligations – Accounting related to funds that represent obligations to pay (encumbered). The obligations ledger is utilized for purchase orders and payroll for filled positions.
The approver for some transactions (i.e., Account Certifications, Accounting Journals, etc.) with a Gift worktag will depend on whether the Gift is in the Allocated Gifts hierarchy.
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Gift in the Allocated Gifts hierarchy, the approver will be the Cost Center Manager.
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Gift NOT in the Allocated Gifts hierarchy, the approver will be the Unit Gift Manager.
This white paper answers questions about expendable fund balance and explains the basis of accounting and report parameters for expendable fund balance.
The final fund balance realignment submission deadline has come and gone for entries booked to ledger 3999:Fund Balance Prior Year.
A new journal source (FY22 Fund Balance Adjustments) is now active in Workday's Create Journal business process that will allow units to separately track additional entries related to their beginning fund balances within the 8904:Non-Mandatory Transfer ledger account. A few things to keep in mind when using the FY22 Fund Balance Adjustments Journal Source:
It is our policy to review and update uncashed checks annually. State law requires us to report and remit the funds to the state if the check is uncashed for a specific period of time. To prevent us from reporting and remitting your check to the state unclaimed property office, please respond to us no later than October 1, 2023.
This procedure covers the preparation of a Bank Deposit by persons designated as having the authority to make deposits directly to a local branch of the University's bank.
This procedure does not cover preparation of a deposit for processing by the University Cashier’s Office.
Prep_BankDeposits.pdf239.85 KB
The attached pdf provides information on Fund Balance Ownership through the transition to Workday Financials.
Information and policies surrounding uncashed checks and unclaimed property.
The FDM Validator provides the ability to validate FDM worktags, and print barcode and QR code representations of the FDM set.
Stay tuned for more information. FDM Validator will replace the current Oracle PTAO Card Generator