Financial Management

The Financial Management team is coordinating and supporting the University-wide effort to replace the existing financial system with Workday, a modern, cloud-based system. Workday uses a multi-dimensional structure called the Financial Data Model (FDM) as its framework to support financial and management reporting. The FDM is comprised of Ledger Accounts, Organizations and Worktags and will replace the University’s traditional chart of accounts.

About Financial Management:

The vision for Financial Management includes:

  • Streamlined and simplified financial business processes
  • A flexible Financial Data Model (FDM) to support the entire University Seamless integration to other systems
  • Better analytics and quicker access to financial data for decision-making
  • Robust real-time financial reporting
  • Reduced need for custom reports
  • A flexible system that supports dynamic functional and technical requirements
  • An intuitive modern user experience with enhanced mobile capabilities

The Financial Management team is currently in the Configuration and Prototype phase of the project, which includes:

  • Configuration of Financial Management modules and business processes
  • Load data into prototype tenant
  • Integration discovery and design
  • Unit Testing
  • Playbacks

Financial Management modules that are in scope for go-live are:

  • Financial Accounting
  • Budgets
  • Banking and Settlement (Cash Management)
  • Supplier Accounts (Accounts Payable)
  • Customer Accounts (Accounts Receivable)
  • Business Assets (Asset Management)
  • Expenses
  • Procurement
  • Grants Management (Post-Award Only)
  • Projects