Body
Table of Contents:
RECENT UPDATES
October 23, 2024: ACTION REQUIRED
Budget reports must be run using the new Budget Structure of Annual Operating - Parent - NEW. (Up until now, we have been using Annual Operating - Parent.)
This 3 minute video, Update Filters for new Budget Structure shows how to update your filters for the new budget structure, using Manage Filters.
September 24, 2024: Awareness of Workday Stabilization items that affect Budget vs Actual reports
Before running reports, please be aware of Workday stabilization activities still in progress. Workday Finance Refinement in Progress article has details in table and diagram form.
Main concern is that payroll interface is significantly delayed and will be until end of March. Nonpersonnel expenses should be accurate (barring any isolated Workday quirks that are being worked through)
Getting started with Budget vs. Actual Reports sessions are offered to help answer questions about using your Budget vs Actual reports, Workday Finance stabilization and Workday financial structure.
Getting started with Budget vs Actual Reports
Videos
About the Reports
- The currently recommended reports to for cost center and/or program* budget vs actual activity are:
- RPT00290 – Budget vs Actuals by Program
- This report will show financial detail by Workday program* (former ISRS cost center)
- RPT000097 – Budget vs Actuals by Cost Center with Encumbrances
- This report has financial detail organized by Workday Cost Center, then Fund, then Program*
- ATTENTION regarding GRANTS:
- The report Award Budget to Actuals is currently the best source for grant (informal video)
- Budget vs Actual reports were not designed for grants. The Budget column only shows the carryforward that was entered in ISRS FY25 prior to Workday conversion. Grant awards are not loaded in Workday by fiscal year.
- ATTENTION regarding PROJECTS (facilities)
- Workday reporting is a challenge similar to grants. Neither Budget vs Actual Reports nor the View Project > Financials seem to provide the entire picture. We have a ticket open with System Office for guidance/to express the need for better report capabilities
Access to Workday financial reports
- These Workday security roles allow users to view budget vs actual reports.
- COST CENTER MANAGER - approx. 25 Metro State employees have this role
- Workday allows only ONE Cost Center Manager per Cost Center; Typically it will be a VP or Director
- FINANCE ANALYST - approx. 160 Metro State employees have this view only role.
- There is significant flexibility within the Budget vs Actual report filters. Each Cost Center Manager or Finance Analyst will need to set filters related to their area of financial or job responsibility.
Create Shortcuts to reports
Shortcuts can be set so you do not have to remember and search on frequently used report numbers/names. Workday has a limit of 10 shortcuts.
If you run out of shortcuts and wish to save other reports or objects, consider trying 'Favorites' (found in your profile;click on the person icon in upper right corner)
To save Budget vs Actual report shortcuts:
- 1) Log into Workday
- 2) Select Menu, then select Shortcuts and + Add Shortcuts
- 3) In the Add Shortcuts search bar, type the desired report number and select the + next to the desired report name. You may want to do this for both RPT00097 and RPT00290 (or if you are working with grants, shortcut 'Award Budget to Actuals'
- 4) You now should have the two reports saved in your Shortcuts Menu for future use.
Set Saved Filters for commonly used Reports
- Saved Filters can be set within each report to save time in running reports.
- You may save multiple filters for each report depending on your needs; example you could have:
- one filter at the Workday Cost Center level (i.e. college) that shows financials for all programs/grants within
- one filter for a specific program/old ISRS cost center (i.e. run a report just for the Workday program that has IFO 19B activity)
- The below is a basic example to get you started. **There is significant flexibility within these filters.**
- To set a saved filter(s) within a report:
- Open the desired report (i.e. Shortcuts > RPT00290)
- Populate the filters:
- Company: Type "Metro" and enter to populate it with: CU0076 Metropolitan State University
- Organization: Based on your needs, search on your Workday Cost Center or program, grant or project.
- If you do not know those numbers you may search by text that is in the descriptions, i.e.
- For cost center, type METS CC" and words from your cc description -- i.e. METS CC College
- For program or grant, type your ISRS cost center number (it's in the description as an aid for transition)
- If expected program, cost center of fund values are not available in your filters, it is likely due to your role permissions; contact FM for assistance
- Cost Center Hierarchy numbers start with CCH. These level 3 hierarchies can be used to see all activity within a division.
- CCH2000038 METS Finance and Operations
- CCH2000039 METS President
- CCH2000040 METS Provost and Executive Vice President for Academic Affairs
- CCH2000042 METS Vice President for University Advancement
- CCH2000043 METS Vice President Equity, Inclusion and Affirmative Action
- CCH2000182 METS Vice President of Human Resources and Employee Experience
- CCH2000183 METS Vice President of Institutional Effectiveness and Technology
- CCH2000184 METS Vice President of Strategic Enrollment and Marketing
- CCH2000185 METS Vice President of Student Success
- TIP: When using cost center hierarchies, think about if you also need to filter by fund.
- Budget Structure: type "parent new" and enter; select Annual Operating - Parent - NEW
- Budget Name: leave blank
- Period: Select Fiscal Period > FY25 > FY-25 June; this will show year to date results
- keep in mind, you will need to update this next year
- Worktags: leave blank (this can be used if desired to zero in on one or more program, grant, project, cost center or any hierarchy)
- Name and save your filter: within the gray box, type a name for your filter and save it.
- If you wish to save other filters for this report, repeat steps 2 & 3 ( use x to clear previous selections in each field)
- Repeat as needed to for other reports you plan to use (follow steps 1-4 but for example now start with Shortcuts > RPT00097)
Running a Report using Shortcut and Saved Filter
Once you have completed the steps above...to run a Budget vs Actual report:
1-) Log into Workday
2-) From top left menu, select Shortcuts and the desired report
3-) Select desired saved filter from Saved Filters drop down and OK
Report format
- These reports will show
- Revenue section at the top followed by an Expense section.
- Columns include:
- Budget YTD - it is actually full year budget since we did not budget FY25 by month
- YTD Actuals - what has been paid
- Pre-encumbrances/commitments - i.e. requisitions
- Encumbrances/Obligations - i.e. Purchase order amount left, payroll yet to be paid this year
- Total Activity - Actual + Commitments + Obligations
- Variance + % remaining - Total Activity compare to Budget
- NOTE: **Last year-related columns should be disregraded for now, since we are not certain what FY24 data has been loaded to Workday (ISRS is system of record for Fy24 results)
Expand, Collapse and Drill down capability
When reviewing reports...be aware of Workday stabilization activities still in progress; reports cannot yet be taken at 'face falue. Workday Finance Refinement in Progress article has more details.
To navigate within a report, click on the gray circles to expand/collapse to the next level
- Blue text indicates that an item is clickable for drill down into detail.
- Usually best to click on numbers for transaction detail. It is less useful to click on words (cost center names, etc.)
- Once you've clicked into an Actual YTD number, you will see the transaction detail within.
- Worktags column seems to be most useful (contains supplier name, etc.)
- We have a ticket open with System Office asking if/how Finance Analysts can view employee name on payroll transactions.
- Use the filter icon on top to narrow down results if desired, or export to Excel (2nd icon).
- The Worktag column is currently hard to work with We have not found a way to separate the data into separate columns, however this Excel formula article may help if you are tryign to pull out a specific worktag.
Changing Report filters
- Once you've run a report, you may change the filter using the Change Selection icon found next to the report name (three vertical bars with squares on it)
- Select the x to clear a filter and then search for the desired filter (if if you wish to save it, for future use, give it a name and Save Filter)
- Note that the Worktags column can be used as a quick way to isolate a specific program(s) within your filters; multiple may be added to that field.
Related System Office Resources
