The focus on the Finance workstream is to improve financial data and reporting by adopting streamlined, consistent processes to reduce administrative burdens and enhance decision-making.
The Finance scope is listed in the table below. You can read more about each topic below the table. Workday terminology differs slightly from current UBC terminology; the table below maps current to future terminology:
|Current UBC Terminology||Future Terminology in Workday|
|Capital and Asset Accounting||Business Assets|
|Chart of Accounts||Foundation Data Model|
|Institutional Accounting||Financial Accounting|
|Accounts Payable||Supplier Accounts|
|Research/Post Award Grants Administration||Grants Management|
|Revenue Accounting||Customer Accounts|
|Treasury and Cash Management||Banking and Settlements|
|Travel and Expense||Expenses|
Budget Development & Forecasting includes the development of financial budgets, forecasts, and models for all kinds of plans, including head count, salary, revenue, and more. Processes include managing the consolidated review and approval of plans from distributed budget users in a variety of timelines, such as annual, quarterly or monthly.
Capital and Asset Accounting includes the account treatment of UBC Capital expenses including clarifying distinction between operating expenditures and capital expenditures, fair allocation of the cost of capital assets against revenues over the useful life of the asset, and managing the full accounting life cycle of large and small-scale capital assets.
Institutional Accounting includes integration to all financial sub-ledgers, budget development, supply chain, HR and payroll. Areas of focus include general ledger, chart of accounts, fund accounting, journal entries and the management of period and year-end close.
Procure to Pay includes the management of supplier master data, the maintenance of supplier catalogues, the creation of requisitions and purchase orders, the receipting of goods and services and the payment of supplier invoices.
Post-award activities are the processes and activities that take place after the grant, contract, or cooperative agreement has been awarded to the university. This includes the operational administration of the grant, including monitoring the research budget and cash received, maintaining compliance to sponsor restrictions, sponsor billing and reporting activities.
Revenue Accounting focuses on external billing and customer records, including collections, cash and electronic receipts and deposits, customer management and analytical information.
Travel & Expense Management includes process, pay, and audit employee-initiated expenses. These costs include, but are not limited to, expenses incurred for travel and entertainment.
Treasury & Cash Management includes processes such as closing individual active risk management transactions, the preparation and execution of financing and capital measures in consultation with the banks and maintaining relations with those banks, and administration of internal loans. Closing transactions involves settlement and account booking processes
Read more about Workday Financial Management for Higher Education
For information about Procurement Modernization, part of the Integrated Renewal Program, please visit UBC Finance.