Week of 6/12 Workday Finance Stabilization Update

Post Award Grant Administration Stabilization Update

• The Central Cash Application Team (CCATS) has recently started following up with sponsors on unpaid invoices. This should reduce the amount of outstanding aged receivables, which totaled $12.0M as of June 3, 2024.
• GCA has started preparing for the State of Washington’s annual invoicing estimates for State of Washington sponsored programs. GCA will send Award Portal tickets for all impacted awards the week of June 17th requesting information for June. Timely responses will help us submit accurate estimates and invoices to the State. Please visit GCA’s FY24 Washington State Estimate Process webpage for more information.

Fiscal Year End 2024 Close Reminders

• As June 30, 2024 approaches, we appreciate your partnership in completing necessary work to close out the FY24 fiscal year in Workday.  Consider prioritizing action in the following areas over the next few weeks:
  • Action to ensure transactions and journals are complete in Workday for situations where revenues and expenditures are time bound, have hard “use by” deadlines, or require certain treatment within Workday Financials.  Examples include State Proviso spend and Grant spend.
  • Action to ensure transactions and journals are not missing FDM worktags. Examples include missing resource worktags and/or balancing unit worktags.
  • Action to ensure transactions and financial activity do not have incorrect FDM worktags.  Prioritize adjustments to correct ledger, resource, fund, cost center, gift and sponsored-grant worktags.  Then, as time allows, focus on Program, stand-alone Grant, Assignee, and others.
  • Action to address necessary and material year end accruals.
  • Action to address deficits in worktags and worktag combinations that carry net position.

• Fiscal Year End is June 30, 2024. Finance, Planning and Budgeting have provided two helpful resources to guide you through the end of the fiscal year: Procurement Services' webpage Procurement Fiscal Year End Deadlines and Financial Reporting’s Year-end Close & Reporting webpage.