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Administrator Guide
Last Updated: 2023-06-23
Create Funding Sources

Create Funding Sources

  • Create Spend Restrictions.
  • Security:
    Set Up: Funding Sources
     domain in the Financial Accounting functional area.
You can create and maintain funding sources to specify how much money is available to fund your projects and restrict which costs you can fund.
  1. Access the
    Create Funding Source
    task.
  2. As you complete the task, consider:
    Option Description
    Owning Company
    Select a company that is disbursing the funds. You can’t select a company hierarchy.
    Other Allowed Companies
    Select companies or company hierarchies that:
    • Are eligible to use the funds.
    • Use the same company currency as the owning company.
    Begin Date
    Specify the date from which the fund is available for use.
    You can change it whenever you want.
    On Hold
    Place a funding source
    On Hold
     when you don't want new transactions to add or remove funds.
    Workday can still add or remove funds from an on hold funding source when you cancel, reverse, or adjust a reclassified transaction.
    Spend Restrictions
    Leave blank to fund all expenses.
    Required Cost Share or Match (%)
    Enter a percentage of required matching funds if the funding source is sharing the cost of projects.
    Currency
    The currency of the owning company.
    Only companies with the same company currency can use the funds.
    Estimated Facilities and Administration Rate (%)
    Enter the percentage of direct costs available for facilities and administration.
    Funding Amount for Direct Costs
    Workday calculates the amount as:
    Funding Amount / (1+ Estimated Facilities and Administration Rate percentage rate in decimals).
    Example: If the Funding amount is $100 and the estimated facilities and administration percentage rate is 10%, the funding amount calculated for direct costs is 100/(1+.10) = 90.91.
    Allocated to Direct Costs
    Balance includes all journal sources except facilities and administration.
    Includes unapproved pending reclassification transactions.
    Available Balance for Direct Costs
    Workday calculates the amounts as:
    Funding Amount for Direct Costs - Allocated to Direct Costs
    Worktags
    Select worktag types and worktags to define funding source at a more granular level of detail.
    Select from worktags configured for
    Funding Source
     on the
    Maintain Worktag Usage
     task.
    You can’t select the Project, Project Phase, Project Task, Spend Category, and Pay Component worktag types.
    When you don't select a worktag type on the funding source, Workday:
    • Retains worktags of the original transaction on the reclassification journal lines.
    • Adds the funding source as a worktag.
    When you select a worktag on the funding source, the worktag you select replaces the retained worktags on the original journal lines when you reclassify the journal lines.
    Example: You create the ABC funding source without a worktag for the Cost Center worktag type. When you reclassify an original expenditure with a worktag of 1000 for the Cost Center worktag type, Workday:
    • Retains worktags of the original transaction on the reclassification journal lines.
    • Replaces the 1000 worktag on the original expenditure with no worktag.
    • Adds the funding source as a worktag.
    • Creates reclassification journal lines with no Cost Center worktag types.
(Optional) Use the
View Funding Source
 report to view details of the funding source.