At this month's Advisory Group, the FST team provided an update on several upcoming decisions. Below, we've provided a short explanation of each decision discussed in this month's governance meetings.
- WFCA Workflow Changes: UVA's financial leadership has expressed a desire to shift away from the University's current heavy reliance on detailed post-transaction reconciliation and move towards front-end, real-time transaction approvals. These efforts will reduce time and increase accuracy on the back-end, which may translate to more effort upfront. You can read more about this topic here.
- Intercompany Transactions: In the future state, University-affiliated Organizations (UAOs) will be set up as companies in Workday for consolidated reporting purposes only. Any operational activity must be handled as an external customer or vendor. No intercompany settlement will be done at month-end.
- GL Balance Conversion Approach: Possible conversion approach options include converting Oracle GL balance to Workday "as is," converting UBI cash balances to Workday fund balances based on UBI Cash Balance Report, or converting GL balances "as is" at a high level and realigning balances across units' FDM worktags in Workday. The recommendation is to go with the third of these three options.
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