New Company MSOM and Multi-Driver Worktags


Quick Links:  Overview  -  Changes to Experience  -  Important Dates  -  FAQs  -  Support

Overview

Effective June 1, 2022, the University of Miami is implementing several changes to increase the transparency and availability of data across Workday, improve our business processes, and align with best practices. Please bookmark this page, which will be updated when new information is available. 

Company 500 MSOM

Currently, Miller School of Medicine (MSOM) is a Cost Center Hierarchy in Company 200 Academy. A new company named Company 500 MSOM is being created within Workday to reflect MSOM's activities. This change improves the assessment and measurement of MSOM's financial position and performance. UHealth/MSOM will be able to produce a balance sheet, and the University will continue to have a consolidated financial statement. Note: Project driver worktags will remain in Company 200 Academy.

 

Grants Conversion

MSOM's Awards and Grants driver worktags are being moved to the new company (500 MSOM). These converted Grants use the original Grant number, appended by "-1" (e.g., GR000001 becomes GR000001-1) (click here to see an example). A reporting hierarchy between Companies 200 Academy and 500 MSOM is being created to manage legacy Grants. Note: There will be no change to existing Award numbers (AWD-XXXXXX).

Multi-Driver Worktags

The University is changing its process of accounting for cost share and above-the-salary-cap expenditures on sponsored awards. For expenditures covered by the University instead of the sponsor (i.e., institutional costs), new Workday functionality allows for multiple driver worktags on one single transaction (click here to see examples). Note: This change impacts Grants in Companies 200 Academy and 500 MSOM. (i.e., all Grants for the Gables, RSMAS, and MSOM campuses).


Changes to Your Experience Effective June 1, 2022

  • MSOM is able to transact as a separate Workday Company for new financial activities.
  • The new company is being enabled for the following multicompany functionality in Workday:
  • Error messaging in Workday will prevent you from submitting business processes using an incorrect combination of driver worktag(s), Cost Center(s), and company(ies).
    • For the launch of Company 500 MSOM, no new Program or Gift driver worktags, Cost Centers, or Cost Center Hierarchies will be created.
    • All Project driver worktags will remain in Company 200 Academy.
    • Note: To verify which company is associated with a Cost Center, run the Data Audit Cost Center - Company Crosswalk report in Workday.
  • During FY23, efforts will continue to bring balance sheet values to Company 500 MSOM.

  • MSOM Grants for which activity continues in FY23 will be inactivated in Company 200 Academy as of May 31 and re-created in Company 500 MSOM as of June 1. These converted Grants use the original Grant number, appended by "-1" (e.g., GR000001 becomes GR000001-1), click here to see an example.
  • For MSOM subawards that will continue in FY23, the existing supplier contract (SPC) will be inactivated in Company 200 Academy as of May 31 and re-created in Company 500 MSOM as of June 1. These converted supplier contracts will use the original SPC number, appended by "-1" (e.g., SPC-00001 becomes SPC-00001-1).
  • Youwill enter the new 10-digit Grant number or new 11-digit supplier contract number when initiating financial transactions or running reports in Workday.

  • Any cost share or above-the-salary-cap expenditures will post to a transaction line consisting of both a Grant (GR) and department driver worktag (e.g., Program (PG) or Gift (BG)). Click here to see examples.
    • Important: Always enter the Grant driver worktag on the transaction line first. This will ensure that related worktags (e.g., Financial Class, Cost Center, Fund, etc.) auto-populate in Workday based on the department driver worktag (e.g., PG, BG) entered.
    • Error messaging in Workday will prevent you from submitting business processes using an incorrect combination of driver worktag(s), Cost Center(s), and company(ies).
  • The Office of Research Administration, in collaboration with Enterprise Business Solutions, is updating all costing allocations with cost share or above-the-salary-cap grants on behalf of impacted departments. In April, departments were asked to confirm the correct combination of the Grant and department driver worktag (e.g., PG, BG) to be used as of June 1.
  • All transactions budgeted in Tidemark on cost share or above-the-salary-cap Grant driver worktags will be transformed for the budget load to Workday to follow the new multi-driver functionality. Additionally:
    • Transactions budgeted on MSOM Grant driver worktags will be loaded to Workday using the converted Grant (e.g., GR000001-1) and the new company code (500 MSOM).
    • For MSOM Grant driver worktags that are not being converted due to inactive status or other factors, the financial budget will be loaded on the Grant where the transaction was originally entered in Tidemark to maintain the integrity of the financial budget.


Important Dates and Details

May 2022

Company 500 MSOM
  • When initiating year-end financial transactions (e.g., manual journals, expense reports, purchase requisitions, etc.) for FY22 (i.e., the Fiscal Year End May 31, 2022), be sure to select Company 200 Academy and date the transaction in FY22 so that the financial statements for FYE22 are accurate.
    • Remember, the new company (500 MSOM) will not be available prior to June 1, 2022, and should only reflect new transactions.
Grants Conversion
  • May 31: Existing MSOM Grants for which activity continues in FY23 are inactivated.
Multi-Driver Worktags
  • May 2: Department finance leaders confirm the correct combination of the Grant (GR) and department driver worktag (e.g., PG, BG) to be used as of June 1. Note: No changes will be accepted after this deadline.
  • May 31: All existing Grants that account for cost share or above-the-salary-cap expenditures (i.e., institutional costs) are inactivated.

June 2022

Company 500 MSOM
  • Financial transactions can be initiated and reports can be run in Workday using Company 500 MSOM.
    • Remember, in FY23, Company 200 Academy cannot be used for new MSOM financial activity (i.e., with Program, Grant, and Gift driver worktags that have moved to the new company).
  • This new company is enabled for multicompany functionality* in Workday.
    • *Note: Multicompany Procurement is allowable with Company 200 Academy only
Grants Conversion
  • All MSOM Awards will roll up to Company 500 MSOM. Note: There will be no change to existing Award numbers (AWD-XXXXXX).
  • MSOM Grants and supplier contracts for which activity continues in FY23 are available in the new company.
  • When initiating financial transactions or running reports in Workday, enter the new 10-digit Grant number (e.g., GR000001-1) or new 11-digit supplier contract number (e.g., SPC-00001-1).
Multi-Driver Worktags
  • FY23 costing allocations are updated in Workday using the Grant (GR) and department driver worktag (e.g., PG, BG) data confirmed by department finance leaders by May 2.
  • When initiating Workday business processes, enter both the Grant (GR) and department driver worktag (e.g., PG, BG) on the transaction line to indicate the related expense to be funded by the University. Click here to see examples.
    • Important: Always enter the Grant driver worktag on the transaction line first. This will ensure that related worktags (e.g., Financial Class, Cost Center, Fund, etc.) auto-populate in Workday based on the department driver worktag (e.g., PG, BG) entered.
    • Error messaging in Workday will prevent you from submitting business processes using an incorrect combination of driver worktag(s), Cost Center(s), and company(ies).
  • FY 2023 Financial Budget Load – Tidemark to Workday
    • All transactions budgeted in Tidemark on cost share or above-the-salary-cap Grant driver worktags are transformed for the budget load to Workday and follow the new multi-driver functionality.
    • Transactions budgeted on MSOM Grant driver worktags are loaded to Workday using the converted Grant (e.g., GR000001-1) and the new company code (500 MSOM).
    • For MSOM Grant driver worktags that were not converted due to inactive status or other factors, the financial budget is loaded on the Grant where the transaction was originally entered in Tidemark to maintain the integrity of the financial budget.


Frequently Asked Questions

This section aims to answer your questions regarding these upcoming changes in Workday. If you have additional questions, please submit them to the Enterprise Business Solutions team at workday@miami.edu.

General

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Company 500 MSOM

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Grants

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Multicompany Payroll Costing

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Multicompany Procurement

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Support

Have questions? We can help! Please contact the Enterprise Business Solutions team at workday@miami.edu.