Purpose
This document explains the terminology differences between Oracle and Workday as it relates to Chart of Accounts (COA) and Project Portfolio Management (POETAF).
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- The Chart of Accounts (COA) is the basic structure used to record all financial transactions in the General Ledger (GL) in Oracle Cloud ERP. COA is made up of several segments, as noted below. Segments are referred to as worktags in Workday. Each worktag in the COA has a distinct definition and purpose but when combined, it provides a full view of the financial transaction.
- Entity – Used to identify a major institutional unit or a major separate legal Unit.
- Examples: Booth School of Business, UChicago Charter School Corp
- Organization – Referred to as Cost Center in Workday. Used to identify units/departments that incur costs and/or generate revenue. Generally, Organizations have an ongoing objective (e.g., a distinct function), a permanent assembly of individuals, an established Budget, Fiscal oversight by a responsible individual, and may occupy physical space.
- Examples: Office of Registrar, Art History
- Account – Auto-generated by Workday (does not require data entry). Used to record the nature of the transaction (“Natural Account”) and are categorized as Assets, Liabilities, Equity, Revenues, and Expenses.
- Examples: Cash, Accounts Receivable, Accounts Payable, Tuition Revenue, Office & Admin Supplies
- Fund – Used to track pots of money that the institution chooses to account for separately. More specifically, it is used to track spending restrictions and designations to categorize net assets (or fund balance); detailed values track individual funds.
- Examples: General Operating, a named Endowment, a named Gift, Institutionally Designated Funds
- Purpose – Used to designate the high-level purpose, mission or NACUBO classification.
- Examples: Instruction - General, Research – Sponsored Organizationed, Operations & Maintenance, Institutional Support
- Program – Formal, ongoing, sets of activities conducted by academic and administrative units.
- Examples: Study Abroad, Joint JD/MBA Degree, Becker Friedman Institute, and Equity, Diversity, & Inclusion
- Activity – Events, occurrences, initiatives, etc., that generate revenues and/or incur expenses. Activity worktag values are used to “tag” revenues and expenses that are generated or incurred in connection with a specific undertaking or event.
- Examples: COVID-19, Staff Development, Commencement, Seminar A, Recruiting - Faculty
- Site – Used to track financial activity (primarily revenues and expenses) to a specific operating location.
- Examples: Burton-Judson Courts, Bartlett Dining Commons, Stagg Field
- Project Portfolio Management (PPM/POETAF) is a module available in Oracle Cloud ERP that supports project cost accounting, such as the management of sponsored and non-sponsored projects at the University. PPM is a subledger of the University’s General Ledger. POETAF are the segment values used for PPM, as noted below. Segments are referred to as worktags in Workday.
- Project – Referred to as PPM Projects in Workday. Body of work that is being performed.
- Expenditure Organization – Referred to as Cost Center in Workday. Organization that is transacting against the project specified; corresponds to the Organization in the COA.
- Expenditure Type – Auto-generated by Workday (does not require data entry). Description of expense being recorded against the project specified; corresponds to the Account in the COA.
- Task – Component (s) of the body of work being performed; multiple tasks can be under one project. However, a task is unique to a project. Task is the most granular level of detail within a project.
- Award – Referred to as Grant in Workday. A funding agreement supporting projects and tasks. Umbrella record containing overall financial and demographic information. Only applicable to the Grants and IADF workstream.
- Funding Source – The funding source providing support for the award, options generally include sponsors or internal sources.