Workday Financials
Workday is more than a new system—it’s a new way of managing Clemson’s finances with greater transparency, consistency and flexibility. As we prepare to go live, it’s important to become comfortable with the language you’ll see when using Workday. Below are some key financial terms, grouped by theme, to help you navigate the system with confidence.
Foundational Terms
You’ve seen some of these before, but it may help to review them with a bit more context.
Foundation Data Model (FDM)
The FDM is the backbone of Workday Financials. Think of it as the system’s “chart of accounts”—a structure that organizes financial information using worktags. It ensures every transaction is coded consistently so reporting and analysis are clear and accurate.
Worktags
You’ve seen this term before if you’ve been keeping up with the Workday Words of the Week Series. Workday’s structure is more flexible and intuitive. Where PeopleSoft used long strings of ChartField values, Workday uses worktags that can be mixed and matched to give transactions full financial meaning—making reporting, tracking, and analysis much easier. Worktags are labels used in Workday to tag financial transactions. Examples include Cost Center, Program, Fund or Project.
Organizational and Funding Elements
Cost Center
A cost center represents the organizational unit responsible for a financial transaction (such as a college, department, or administrative unit). Cost centers make it easier to see where spending is happening across Clemson.
Fund
A fund represents the source of money being used for a transaction. Examples include state appropriations, grants, student tuition, or restricted gifts. Funds help ensure money is spent according to donor, state, or federal requirements.
Gift
A gift is a special type of fund created when Clemson receives philanthropic donations. Each gift carries restrictions or purposes defined by the donor—such as scholarships, endowed professorships, or research support. Workday makes it easier to track these gifts and ensure they are used as intended.
Revenue and Expenses
Spend Category
Spend categories describe what is being purchased (e.g., office supplies, lab equipment, professional services). They replace object codes used in our current system and make financial reporting more streamlined.
Revenue Category
Revenue categories classify the type of income Clemson receives, such as tuition, research grants, athletic revenues or donations. They work hand-in-hand with ledger accounts to show where money is coming from and help with accurate budgeting and forecasting.
Accounting and Tracking
Ledger Account
Ledger accounts classify the type of transaction—such as revenue, expense, asset, or liability. They work alongside other worktags in the FDM to provide the full financial picture.
Journal
A journal is an entry used to record financial activity that isn’t tied directly to procurement or payroll. For example, moving funds between cost centers or adjusting balances would be recorded in a journal.
Operational Journal
An operational journal is a specific type of journal entry u That originates from operational events like supplier invoices, customer invoices and payroll.
Obligation
An obligation in Workday is a financial commitment that hasn’t yet been paid, such as an open purchase order or contract. Obligations help departments manage budgets by showing both actual spending and pending commitments.
Supplier Transactions
Supplier Invoice
This is the electronic version of a vendor bill. In Workday, invoices are matched to purchase orders and receipts before a payment is issued, helping to ensure accuracy and accountability.
Why These Terms Matter
Financial terms in Workday aren’t just jargon—they’re a part of how Clemson will track, manage, and report on every dollar. Learning these terms now will make it easier to understand budgets, monitor spending, and pull the data you need to make informed decisions.
Stay tuned for more Workday Words of the Week as we continue building familiarity with the system before go-live.
From PeopleSoft to Workday: Key Financial Terms
As Clemson transitions from PeopleSoft to Workday, you’ll notice new terminology. While the words may be different, the concepts will feel familiar. Here’s a quick comparison to guide you:
| Workday Term | What it Means | PeopleSoft Equivalent |
| Foundation Data Model (FDM) | The structure of Workday Financials that organizes all financial information using worktags. | Chart of Accounts |
| Worktags | Labels (like Cost Center, Program, Fund) used to code and track financial transactions. | ChartField Values |
| Cost Center | Represents the unit responsible for financial activity (college, department, office). | Department |
| Fund | Identifies the source of money (e.g., state appropriations, tuition, restricted gifts). | Fund Code |
| Gift | Tracks donor-restricted funds for specific purposes (scholarships, endowments, research). | Project |
| Spend Category | Classifies what is being purchased (office supplies, services, equipment). | Expense Account |
| Revenue Category | Classifies income (tuition, grants, donations, fees). | Revenue Account |
| Journal | Entry to record financial activity not tied directly to procurement or payroll. | Journal Entry |
| Operational Journal | A day-to-day journal for reallocations, corrections, or internal transfers. | Journal Entry (same function, less distinction) |
| Obligation | A financial commitment not yet paid (open PO, contract). | Encumbrance / Pre-Encumbrance |
| Supplier Invoice | Electronic vendor bill matched to POs and receipts. | Voucher / Invoice |
