Presenting the Foundation Data Model
With the implementation of Workday starting in July 2020, Washington State University’s previous Chart of Accounts will become the Foundation Data Model, or FDM.
The FDM is the structure for transaction processing and reporting for Workday. The new model makes it easier to view financial and human resources data, all in real-time.
The FDM will use worktags University-wide so users can attach a word to a function, rather than entering in a code number like we do in current systems.
Worktags are split into two categories: Driver Worktags and Related Worktags. You will select a Driver Worktag for a transaction, and Related Worktags will automatically populate depending on the Driver Worktag chosen. Related Worktags provide additional information about a transaction, which can be helpful for analysis and reporting.
Here are a few examples of worktags you might use in Workday:
Driver Worktags:
- Cost center: Similar to departments or units in legacy systems, the Cost Center worktag will identify which University entity is financially responsible for a transaction.
- Program: Follows expenses, revenues, and funding within a cost center, not including gifts, grants, or projects.
- Grant: Tracks budget, revenue, and expenditures for sponsored projects.
- Gift: Identifies funds, such as current-use gifts and endowments. Usually gifts have usage restrictions and require stewardship reporting.
Related Worktags:
- Fund: Can be funds, such as general, designated, capital, or loan.
- Region: Identifies with which campus a transaction is affiliated.
- Function: Allows you to decide which NACUBO functional classification you should choose.
The FDM will allow WSU administrative staff to enter, track, and analyze financial data thoroughly, which will make for more informed decision-making resulting in a better future for WSU.
Learn more and download a printable handout about worktags on our FDM webpage.
Still have questions? Email us at modern.initiative@wsu.edu.
Written by Madysen McLain