Question
What is Workday's Foundation Data Model?
Answer
While ISRS uses a “Chart of Accounts,” Workday uses a system known as the Foundation Data Model (FDM). Workday’s FDM functions similarly; however, the terms (Worktags) and language used are slightly different. Additionally, Workday’s FDM will potentially have more dimensions than ISRS; one value could become multiple Worktag values in FDM. This enhances reporting capabilities and the ability to see financial data through multiple lenses. The graphic available on the Workday FDM Quick Reference Guide acts as a crosswalk between ISRS terms and the corresponding Workday FDM terms and can be read from left to right. Values can be viewed for each FDM using reports which are included in the note section as well as whether the Worktag is owned centrally or by the institutions.
- Worktags are labels assigned to transactions in Workday that indicate their business. Worktags are meant to be combined to help users easily categorize transactions in Workday and establish common relationships through classification. Worktags help you find information more easily, filter searches down to focused results, and analyze information in aggregated and summarized reporting by business dimension
- Company is the primary balancing Worktag; Fund is the secondary balancing Worktag
- Driver Worktags are identified by Program, Grant, and Project
- Selection of a Driver Worktag will auto-populate Worktags like Cost Center, Fund, Appropriation, Function, Allocation CIP, Activity
- Revenue Category, Spend Category, Bank Code are Worktags to provide more granularity.