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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Endowment Accounting

Steps: Set Up Endowment Accounting

Set up Workday to process your endowment gifts, capture investment activities, and record income distributions.
  1. Access the
    Create Account Posting Rule Set
     task.
    Create an account set to post investment pool operational transactions. Configure these account posting rules for that set:
    • Investment in Pool
      : Posts journal entries for investment pool transactions to ledger accounts. Examples include purchases, sales, and transfers of pool units.
    • Investment Pool Activity
      : Posts journal entries for investment pool activities to ledger accounts. Examples include investment pool realized or unrealized gains and losses.
    Security:
    Set Up: Accounting Rules
     domain in the Common Financial Management functional area.
  2. (Optional) Configure book codes for investment pool transaction accounting.
  3. (Optional) Set up net asset accounting for investment pool unit sales and transfers.
  5. Access the
    Maintain Investment Classifications
     task.
    Define investment classifications that you can specify for classification types in your investment profile, such as,
    Asset Class
    ,
    Fair Value Measurement
    , and
    Market Cap Type
    .
    Security:
    Set Up: Endowments
     domain in the Endowment Accounting functional area.
  6. Access the
    Maintain Investment Statement Line Types
     task.
    Define investment statement line types, such as
    Unrealized Losses
    ,
    Interest
    , and
    Dividends
    , with associated revenue and spend categories for your investment profile.
    Security:
    Set Up: Endowments
     domain in the Endowment Accounting functional area.
  7. Access the
    Create Investment Profile
     task.
    Create an investment profile for each set of investments in your pool with similar managers or investment classifications.
    The investment profile identifies the investment statement line types that default onto the periodic investment statements. Workday uses the investment line types to derive revenue and spend categories for investment activity that you record from your investment bank statements.
    Security:
    Set Up: Endowments
     domain in the Endowment Accounting functional area.
  8. Access the
    Maintain Gift Types
     task.
    Define values for gift types to associate to each new gift for reporting and accounting purposes. Examples include
    True
    ,
    Term
    , and
    Quasi
    .
    Security:
    Set Up: Endowments
     domain in the Endowment Accounting functional area.
  9. Access the
    Maintain Gift Purposes
     task.
    Define values for gift purposes, such as
    Scholarship
    ,
    Professorship
    ,
    Building
    , to associate to each new gift.
    Select the
    Named Professorship
     check box to enable the gift to be referenced as a named professorship in Workday academic staffing.
    Security:
    Set Up: Endowments
     domain in the Endowment Accounting functional area.
  10. (Optional) Access the
    Maintain Approval Levels
     task.
    Define approvers required for gift events, such as sales, transfers, purchases, and adjustments. You can assign a different approver to each gift that you create. Workday includes these approvers when routing the relevant business process event for approvals.
    Configure these business processes with the
    Approval Level
     report field and approvers:
    • Gift Event
    • Donor Contribution Event
    • Investment Pool Adjustment Event
    • Investment Pool Purchase Event
    • Investment Pool Sale Event
    • Investment Pool Transfer Event
    Security:
    Set Up: Endowments
     domain in the Endowment Accounting functional area.