We want to give you a heads-up about a few changes you’ll see to some accounting transactions in Workday. We have two ledger corrections for gifts requiring updates:
Quarterly Distribution was converted to Ledger 4600: Investment Income and should have been converted to Ledger 4650: Reclassify Endowment Spending Distribution.
Units should expect to see a reclassification of quarterly distributions to ledger 4650.
Contributions to endowments and other gifts
Contributions recorded to gifts (revenues) are recorded differently in Workday than in legacy systems. Specifically, contributions to endowments record to ledger account 4510, whereas all other contributions record to ledger account 4500. This separation helps units tell the difference between gift revenues that are to be endowed and those that are available to spend right away.
We have reclassified contributions to endowments to ledger account 4510 in Workday. All revenues entering Workday from January 1 to present are recorded in this manner.
Because of these changes, we also need to restate our accounting transactions for the period of July 1-December 31, 2020 (converted data). We have started processing these updates in Workday.
We thank you for your patience as we make these corrections and updates.