Workday Chart of Accounts Training

Worktags Workday classifies each transaction by worktags Each worktag tells us different information There are both driver worktags and related worktags in Workday Driver worktags are the primary funding sources for transactions Initiative, Grant, Project, Gift, Spend/Revenue Categories Related worktags are associated with the driver worktags. These worktags do not need to be provided for transactions Talk through the job aid

Company Company represents a legal entity with its own tax ID that requires standalone external financial and tax reporting. For all users outside of Finance, the Company will be Bucknell. Bucknell Affiliate Companies: BVI BRE

Project Projects are used to identify a specific event or project that has a defined start and an end date. Capital building projects and equipment Internal development and research funds Grant shared overhead

Mechanical Engineering Cost center Cost Centers generally identifies a University department. Typically has employees and on-going expenses assigned to it. Cost Center hierarchies are used to group cost centers by Division or College. When used as a driver worktag, cost center is how an operating budget is charged. Finance Office History Mechanical Engineering

Other Contractual Agreements Grant Grants track activities funded by an external party. Grants have specific start and end dates. Federal Awards State Awards Other Contractual Agreements

Gift Gifts are used to track donor contributions. Gifts can be both endowment gifts and spendable gifts. Endowment Gifts Spendable Gifts

Social Justice College initiative Initiatives are used further disaggregate cost centers. Initiatives identify ongoing functional activities at the level of detail required to regularly answer questions and provide reports to Deans, Chairs, and Directors. Music - Choral Social Justice College Bison Bikes

Revenue category Revenue Category provides a more granular view of the revenue earned for transaction analysis and is required on all revenue transactions. Ticket sales Interest income Advertising revenue

Spend category Postage and shipping Spend Category provides a more granular view of the expenses incurred for transaction analysis and is required on all expense transactions. Postage and shipping Consulting services General supplies

Travel and entertainment Ledger accounts Ledger Account provides budget and actual accounting information for the general ledger. These are the natural accounts that make up the financial statements in Workday. The system will populate Ledger Account based on the Revenue or Spend Category provided. For journal entries, Ledger Account will need to be entered. Travel and entertainment Other expenses Utilities

FUND Used to group related activities for financial statement and budget management purposes. Will always default based on related worktags. Operating Operations gifts designated Federal research and grants

program Used to classify operating expenses for external financial statement reporting. Will always default based on related worktags. Instructional Sponsored research Academic support

REgion Used to classify the physical location of where travel costs and other expenses are incurred. On-campus Other domestic Europe South Asia

Entering costing Enter one of these & one of these Cost Center Grant On-campus Europe South Asia Instructional Sponsored research Academic Support Operating Operations gifts designated Federal Research and Grants Travel & enter. Other expenses Utilities SC: Postage and shipping SC: Consulting services RC: Tickets and sales RC: Interest income Music - Choral Social Justice College Bison bikes Endowment Gifts Spendable Gifts Federal Awards State Awards Other Contractual Agreements Finance Office History Mechanical Engineering Capital building projects and equipment Dev. & Research Funds Grant Overhead Student Orgns Yale Berkeley Divinity Bucknell BRE BVI Cost Center Grant Spend / Revenue Category Fund Ledger Account Region Company Project Initiative Gift Program Enter one of these & one of these

Exceptions (of course there are exceptions!!! Travel off-campus? Regions should be reviewed! If region should change… Enter DRIVER worktag Region will default Delete defaulted region and choose the correct region from the drop down choices Projects funded from a Gift, Grant, or Cost Center… PROJECT must be entered FIRST, then delete all related worktags THEN DRIVER worktag should be entered (gift, grant, cost center) The related worktags that go along with this DRIVER tag should all be kept