Fund Balance Realignment after Go-Live: What to expect

Conversion to Workday Financials from Oracle means that we’re going from a 2-ledger system (GA and GL) to a flat ledger system (GL).  While this is a welcome change that makes things easier for us in the long run, we still have to clean up the data after the transition and change the way we think about things going forward.

In practice, the most notable effect of this change is that fund balances won’t be in the right places when we go live with Workday Financials on July 1, 2022, and will definitely require attention to get them re-aligned.

The FST Team is working closely with stakeholders and fiscal professionals across UVA to make this part of the transition as smooth as possible.  

Here's how things will look at go-live: 

• Fund balances will be available in Workday at a Cost Center, Fund, Gift, and Designated level. Optional worktags will not be on balances.  Cost center and designated values  may not be where the unit wants to keep the balances.
• Schools/Units will work over the course of the summer to plan the attachment of optional worktags (Project, Program, Activity, Assignee) and corrections needed for cost center and designated worktags.  
• These entries will be made in the prior year and rolled forward so FY23 transactional reporting will not be impacted by this work. 
• FY23 Budgets from Adaptive will not be available in Workday until mid-August

The FST team has been working with our partners across UVA to mitigate the difficulties resulting from this change. Units are preparing for fund balance realignment in the first two months of the fiscal year.  Fund balances in Workday will be changing over the first couple of months after go-live as realignment is taking place. During this time, we won't have access to detailed balances or budgets.  Oracle balances as of June 30, 2022, will be available through UBI, and the structure of the current "BBA" report will change to reflect both the Fund Balance Available and Budget Variance. 

Specific direction on this realignment activity and process will come from each school's Dean's Office. 

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Read more about budget vs. actuals and fund ownership visibility on the blog