Banking & Settlement. Cash Sales Non-Sponsored Accounts Receivable Endowments & Spendable Gifts. March 27, 2017

Transcription

1 Banking & Settlement Cash Sales Non-Sponsored Accounts Receivable Endowments & Spendable Gifts March 27, 2017

2 Agenda Overview Key Changes & Demo Cash Sales Non-Sponsored Accounts Receivables Endowment and Spendable Gifts Q&A Next Steps 2

3 Change Network Roles Change Partners: Feedback and communications channel between their business unit and the Change Management team. Before Go-Live Focus on Readiness Before Go-Live Focus on Readiness Supporter Ambassador of Change Learn about the Changes After Go-Live Support Users Listener After Go-Live Support Users Serve as a Liaison Direct Users to Help Resources Local Workday Gurus: Community of users who can provide business process support as a part of their current role. Early Adapter Learn their assigned areas of the system Test the System Lead User Training Coach Provide User Support Participate in this Community of Practice Serve as a Liaison 3

4 Knowledge Sessions Objectives 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 Success depends on participation! If you have a question, please ask. 4

5 Prerequisite Foundational Core Concepts Online Videos Financials Overview Chart of Accounts (COA) Overview Introduction to Worktags Reporting Overview of Workday Core Concepts Software as a Service Configuration vs. Customization Tenant Supervisory Organizations Roles Business Process Employee Self Service Delegation Inbox Additional resources are available at workday.yale.edu 5

6 Objectives Simplify and standardize processes Make it easier to get work done and harder to make mistakes Minimize administrative work for faculty, students and staff Lower operating costs and improve effectiveness Provide accurate, trusted, and timely reporting

7 Cash Sales (RIF)

8 8 Cash Sales (RIF) Roles Current State Future State YUGL-RIF User Cost Center Cash Sale Specialist 8

9 Cash Sales (RIF): Future State Detailed Process Flow Cash or Check Received Record Cash Sale / Print Deposit Report Prepare Department Deposit Approve Cash Sale Does deposit include a gift? No Transaction Completed Cost Center Cash Sale Specialist Cash Deposit Specialist (Central) Yes Process Gift Funds Received Contribution Processing Analyst 9

10 Key Changes 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. 10

11 Key Changes 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. 11

12 Key Changes 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. 12

13 Key Changes 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.) 13

14 Cash Sales (Risk) DEMO 14

15 Non-Sponsored Accounts Receivable (YSM A/R)

16 Current State 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) YSM Finance with setup information for new customers Realize revenue when payment is made 16

17 Key Changes 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. 17

18 Customer Registration Form for Workday A/R 18

19 Endowments & Spendable Gifts

20 20 Key Changes Endowment Distribution 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. 20

21 21 Key Changes Gifts and Endowments 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. 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 21

22 What s Next Workday@Yale

23 Training Training Guide Instructor-Led Training (ILT) Coaching/Clinic Session Quick Guide (QG) Auditorium Session Web Simulation Web-Based Training 23

24 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 24

25 Session Feedback Tell us what you think! Please complete the short anonymous survey that will be ed within the next 24 hours. To download a copy of today s presentation, please visit workday.yale.edu. 25

26 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) 26

27 Questions & Answers