Banking &Settlement

Workday@Yale

March 27, 2017

• Cash Sales

• Non-Sponsored Accounts

Receivable

• Endowments & Spendable

Gifts

2

Agenda

•Overview

•Key Changes & Demo

•Cash Sales

•Non-Sponsored Accounts Receivables

•Endowment and Spendable Gifts

•Q&A

•Next Steps

Test the System

Learn their assigned

areas of the systemProvide User Support

Participate in this

Community of Practice

Serve as a Liaison

Before Go-Live

“Focus on Readiness”

After Go-Live

“Support Users”

Local Workday Gurus:Community of users who can provide

business process support as a part of

their current role.

Early Adapter Coach

Change Partners:Feedback and communications channel

between their business unit and the

Change Management team.

Ambassador of Change

Learn about the Changes

Serve as a Liaison

Direct Users to Help

Resources

Supporter Listener

Lead User Training

Change Network Roles Before Go-Live

“Focus on Readiness”After Go-Live

“Support Users”

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• Collectively study a specific Workday topic

• Understand the topic through interactive questioning and dialogue

• Experience the Workday system via demos, when possible

• Become fluent in the concepts and information covered in the session

Note: Concepts and information presented today may change as Yale continues to improve the configuration of Workday

Knowledge Sessions Objectives

Success depends on participation!

If you have a question, please ask.

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Online VideosFinancials Overview

Chart of Accounts (COA) Overview

Introduction to Worktags

Reporting

Overview of Workday

Core ConceptsSoftware as a Service

Configuration vs. Customization

Tenant

Supervisory Organizations

Roles

Business Process

Employee Self Service

Delegation

Inbox

Prerequisite Foundational Core Concepts

Additional resources are available at workday.yale.edu

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Simplify and standardize processes

Make it easier to get work

doneand harder

to make mistakes

Minimize administrative

work for faculty,

studentsand staff

Lower operating costs and improve

effectiveness

Provide accurate, trusted,

and timely reporting

Workday@Yale Objectives

Cash Sales

(RIF)

Workday@Yale

Cash Sales (RIF) RolesWorkday@Yale8

Cost Center Cash Sale Specialist

YUGL-RIF User

Current State Future State

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Cash Sales (RIF): Future State Detailed Process Flow

Cash or Check

Received

Cost Center Cash Sale Specialist Cash

Deposit

Specialist

(Central)

Approve Cash Sale

Process Gift Funds Received

Record Cash Sale / Print

Deposit Report

Prepare Department

Deposit

Contribution

Processing

Analyst

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Transaction Completed

Does deposit include a gift?

No

Yes

• Depositing checks in Oracle via RIF will be done in Workday as Cash Sales.

• Currently, cash and checks can be submitted on the same RIF.In the future, cash and checks must be done in separate deposits in Workday; they cannot be combined.

• Yale does not accept checks in foreign currency.

• Yale does not accept checks drawn on foreign banks in US currency.

• Departments cannot deposit money for grants.

• Contact Office of Sponsored Projects (OSP) for more information.

Key Changes

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• All deposits will use Revenue Categories. There will be Revenue Categories for certain types of expenses (e.g. refunds/rebates) enabling them to roll up to the corresponding expense line.

• If an employee is repaying Yale for a personal expense charged to a P-Card, the employees name must be included in a Memo field and the Assignee Worktag on the transaction line.

• Gift documentation for Contribution Processing must be directly attached to the Cash Sale. Copies outside the system are not necessary.

Key Changes

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• Do not make a copy of a check unless you cover the banking and routing information.

• You will still be required to complete IRS Form 8300 and send to the Tax Office as per policy.

• Deposit Slip for checks will no longer auto-generate. Staff will need to run the Cash Sale Tracking Slip report.

Key Changes

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• Notification of cash sales transactions that you entered can be found in your Workday Inbox on the Achieve tab.

• If the deposit amount is changed by Treasury, there will not be an automated notification sent to the Department submitting the deposit at Go-live. (Notification functionality will be released at a later date.)

Key Changes

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Cash Sales (Risk)

DEMO

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Workday@Yale

Non-Sponsored

Accounts

Receivable

(YSM A/R)

Currently Yale School of Medicine (YSM), departments use BMS2000 to manage their Accounts Receivable. Central units do not have access to an accounts receivable system.

YSM departments can:

• Enter their own invoices

• Run aging reports on their Accounts Receivable (A/R)

• Email YSM Finance with setup information for new customers

• Realize revenue when payment is made

Current State

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In Workday, the Accounts Receivable functionality will be centralized in YSM Finance. Departments will:

• Submit invoice information (via a form or spreadsheet) to YSM Finance for invoice(s) to be created centrally—format to be determined

• Run A/R Aging reports at the Detail and Summary level in Workday

• Cost Center Managers will have access to a Customer List in Workday. For new customers, the Customer Registration form must be completed and submitted.

• Have access to view the invoice, the associated payment and any assessments or fees that are applied.

Revenue will continue to be realized after the payment is received.

By January 2018, we will do a slow rollout of Workday Accounts Receivable to non-YSM departments.

Key Changes

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Customer Registration Form for Workday A/R

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•

•

Endowments &

Spendable Gifts

Workday@Yale

• Workday refers to the distribution of endowment income as the Investment Pool Payout.

• Distribution of endowment income from the Yale Endowment will be done on a quarterly basis: August, November, February, and May.

• The Budget Office has already reflected this change in the FY18 Budget Template.

• This change to quarterly distribution (rather than annually) aligns with changes we are making to the forecasting and financial management model.

• Does not impact the total amount of the distribution that will be made in any given year.

• Distribution rate per unit will be the same for each quarter and will be calculated using the same method as in the past.

Key Changes—Endowment DistributionWorkday@Yale20

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Key Changes – Gifts and EndowmentsWorkday@Yale21

New Gift Setup• Departments request designation number

(Form Required)• If New Project is required, submit COA Request• If spendable gift >25K a Gift Agreement must

be provided• Complete New Gift Setup On-Line form

(Qualtrics form routes to Gift Awards Unit)

Cash Sale• All deposits through Workday Cash Sales• Deposits must always use Gift Clearing Account• Donor number, Name, and preferred COA need

to be included in the memo field (still discussing final process with Contribution Processing unit).

• All supporting documentation can be attached to the Cash Sale directly in Workday

• There are approximately 250 New Gifts each year that require setup. The majority of these come from Development Offices in Professional Schools as well as from Central Development.

• The current process is not changing.

• ALICE is being decommissioned. The Cost Center Financial Analyst Reporting Role provides access to gift information in Workday.

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•

•

What’s Next

Workday@Yale

Training Guide

Auditorium Session

Instructor-Led Training (ILT)

Web Simulation

Quick Guide (QG)

Coaching/Clinic Session

Web-Based Training

Training

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Support

You will have support!

• Local Workday Guru’s are embedded in your department

• Workday.yale.edu provides easy access to quick guides, web-based training, and additional supporting documentation

• Yale Shared Services (YSS) will provide finance support through the Finance Support Center (FSC)

• Heightened support will be provided from July through October

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Tell us what you think!

Please complete the short anonymous survey

that will be emailed within the next 24 hours.

Session Feedback

To download a copy of today’s presentation,please visit workday.yale.edu.

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What’s Next

• Become an ambassador of change

• Grow your network and take some time to meet other Local Workday Gurus

• Topics for next Knowledge Building Session

• User Acceptance Testing April 17 – May 19

• Testers who are selected will be notified soon

• End User Training begins May 22 (tentative)

• Local Workday Gurus are encouraged to attend training that is specific to their business area

• This will help you to continue to become comfortable with the content

• Local Workday Guru Preparation for Go-Live begin June 5 (tentative)

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Questions

& Answers

Workday@Yale