Worktag Overview
The Workday Financial Data Model (FDM) serves as the foundational accounting structure, replacing traditional chart of accounts (COA) to a flexible, multi-dimensional model that provides deeper financial insight.
From FOAPALs to Worktags
Traditional accounting systems often rely on a long, segmented string of code (known as a FOAPAL, account string, or coding block) to classify a single financial transaction. This rigid structure can be difficult to manage and limit reporting capabilities. Workday replaces this with the Foundation Data Model (FDM)*. Instead of a single code, the FDM uses a combination of a summarized Ledger Account and multiple descriptive Worktags**. This approach separates the “what” (the Ledger Account) from the “who, where, and why” (the Worktags), allowing for more robust and flexible data analysis and reporting.
Translating Worktags
Transitioning to Workday involves conceptually mapping legacy account codes to the new FDM structure. This is not a one-to-one data transfer. Instead, each segment of your legacy string is deconstructed and mapped to an independent worktag in Workday.
A single transaction might be coded with a FOAPAL string such as 10-1100-75020-PROJ987-General.
In Workday, the string is broken into components (worktags) to support multi-dimensional reporting and workflow routing logic:
- Company: 10 (e.g. Macalester)
- Cost Center (department budget): 1100 (e.g., Information Technology)
- Project: PROJ987 (e.g., Website Redesign)
- Program: General
The Worktag Look-up Tool is available to anyone with Macalester College credentials to help translate a FOAPAL (Banner account code) to Workday Worktag. You may need to open with an Incognito (Chrome) or Private (Firefox) tab.
Visit the Business Services website for more tips on using the tool.
**What are Worktags?
A worktag is a keyword or label that you can assign to transactions to identify their business purpose. Think of them as tags on a social media post—they add context and make the data easier to find, filter, and analyze. By tagging transactions with dimensions like department, location, or project, you gain a multidimensional view of your organization’s finances.
*Key FDM Components
- Organizations: The fundamental structures for financial data. This includes Company, Cost Centers, Fund, Gift, Grant.
- Ledger: Natural accounts where debits and credits are recorded in the general ledger. Ledger accounts will be summarized into hierarchies for financial reporting, e.g., Actuals, Commitment, Obligation.
- Cost Centers: This is a fundamental worktag used to represent a department or area where costs are accumulated. A cost center typically has a manager, a budget, and is a primary dimension for financial reporting and management.
- Financial Worktags: Worktags describe a transaction’s purpose. Worktags are used to classify transactions, events, and data within Workday for financial, operational, and external reporting purposes, such as Project, Grant, or Fund.
- Spend Categories: Used to organize, track, and report on procurement and expenses. For example, if a transaction was posted to “Office Supplies Expense,” the spend category could specify whether it was for Computer Supplies, Paper Products, or General Stationery.
- Revenue Categories: Used to organize, track, and report on revenue. This dimension is required for all revenue transactions and is the main worktag for customer invoices.