Workday training begins in March 2025, but that doesn’t mean you have to wait till then to start learning. In fact, you can start today by learning these terms related to financial business processes in Workday.
Cost Center – Generally identifies a university department. Typically, a cost center has a budget, employees and on-going expenses assigned to it.
Cost Center Hierarchy – A group of cost centers in a tree structure that represent specific areas of cost incurrence from a controlling perspective.
Driver Worktags – A Driver Worktag is the primary funding source for the transaction. Driver Worktags can be created for a: Gift, Grant, Project, or Program.
Gift – Used to track donor contributions and amounts available to be spent within donor restrictions. Gifts can either be endowments or spendable gifts.
Grant – Used to capture expenses and revenue for sponsored programs. The Grant Worktag will be entered directly on transactions when/if they relate to sponsored programs.
Project – Projects can be used for faculty projects, building & building improvements, fabricated equipment, and internally funded grants.
Program – Funding tracked at the cost center level that is not a gift, grant, or project is a program. This Driver Worktag is used for revenue and expenses covering a range of specific situations, such as academic, student or public service programs that do not have a designated start or end date.
Want to learn more? Search by Workday module to learn more of the new terms that’ll be part of your daily work.