Tagged: Financial Accounting

Customer deposit transactions created and submitted on or after Friday, December 1 will have a transaction ID generated called "Customer Deposit ID." The Customer Deposit ID will be like other transaction IDs within Workday and will uniquely identify the deposit. The Customer Deposit ID will be preceded by "CD" and it will be followed by 8 numeric digits. The new Customer Deposit ID will be displayed on various deposit-related reports. Multiple cash sales can continue to be tied to a single customer deposit transaction.

Cost Center - FDM Values Report:

In preparation for Position Control enhancements, a new "Central Review Required" field has been added to the output of the "Cost Center - FDM Values" report. This field will be used to identify whether a cost center will require central review within the job requisition business process.  

Find Purchase Order Summary - OSU:

As of Friday, November 3, the "Calculate Current Year Retained Earnings" checkbox will be retired by Workday. 

Using this checkbox tells the report to calculate ending equity balances by taking beginning equity balance – net margin. Those who still need comparable behavior may utilize the "General Ledger Balance – Balance Sheet Details" report which will calculate ending equity in this manner. Please review the October Finance Office hours for a demo of this change. 

The "Delegation History - OSU" report date filters have been updated for a better reporting experience. When the user opens the report, on the "Delegation by Month" tab, the "User Input Month" field is updated with the current month. On the "Delegation by Date Range" tab, the "Date Range" field is updated with first day of the current month and current date. The user can select the dates based on their requirements from the filter icon as needed.

Report Enhancements: Credit Card Transactions - OSU and Find Credit Cards - OSU:

The "Credit Card Transactions - OSU" and "Find Credit Cards - OSU" have been enhanced with two additional fields. 

This is a friendly reminder to units to clean up financial worktags that are no longer being used and submit inactivation requests through Workday. Prior to submitting worktag inactivation requests, ensure that the Inactivation Checklist has been completed and worktags show a zero balance. For more information, see the FDM Request Process for New Worktag Values job aid available in the Administrative Resource Center (ARC).

Earnings units subject to sales tax must ensure a cost center journal is recorded monthly for sales tax payable to Debit 42000 Revenue and Credit 20500 accrued sales tax. This has been added to the Monthly Unit Reconciliation Checklist.

Please enter the journal ID on the sales tax form and submit your sales tax information monthly to salestax@osu.edu.

Cost Center Managers and Service Centers have a responsibility to ensure the appropriate spend category is used on all transactions.

Pay special care to non-catalog requests with items with a useful life of one or more years that are over the greater than $5,000 threshold and ensure an appropriate trackable spend category is used; otherwise, the transaction will not route for registration. The "Spend Categories – FDM Values" report can be run with a filter on "Spend Category is Trackable" to identify trackable spend categories.

New tips and tricks information on the Miscellaneous Payment process has been added to the Business and Finance website to provide users with an overview of the business process and links to additional resources.

The downloadable FDM worktag reference guide has been updated to include information on “Driver” and “Related” worktags and how they function. It is highly recommended for related worktags to only be used if that is going to be the associated worktag value 100% of the time.