FST Streamlines Expenditure Credits

As part of the Finance transformation (FST), the project team has determined a way to streamline the expenditure credit process for end users. Through the new approach, those in the schools/units will be empowered to have more control and ensure that credits make it back to exactly where they want them. The decision has been made (off to receive formal signoff next) to use ad hoc bank transactions in Workday Financials in order to record expenditure credit deposits against their original spend categories. This new process will be in place when Workday Financials goes live on July 1, 2022. 

The current process for expenditure credits involves people scanning checks with their remote deposit scanners then filling out an expenditure credit form that goes to the Cashier's Office. Once they receive the form, they complete the transaction against and expenditure credit-related expenditure type. The new process will start the same way: scanning checks with the remote deposit scanner. The locator code associated with the remote deposit scanner will attach to an ad hoc banking transaction in Workday Financials. That ad hoc banking transaction will be tied the to appropriate cost center. Automatically a Workday inbox task will be pushed to the deposit specialist associated with the cost center. From there additional approvals if the credit if it is related to a grant, fixed asset, or capital project will happen through Workday. See below for a business process map that illustrates this flow (click image to enlarge). 

This new process will reduce errors that need to be corrected after the transaction is completed as well as eliminating clearing strings that need to be reconciled because the credit will be applied directly to the FDM worktags that are supposed to receive it. 

To get more detail about the decision, go to the Fiscal Administrators Meetings page and click on the August 4 meeting recording. Use the passcode shown there to access the video. Discussion of the expenditure credit decision starts at 34:25 mark.