Additional reports to show real-time net balance calculation starting May 28

Beginning Friday, May 28, 2021, additional reports will show real-time net balance (also known as “fund balance”) amounts. The University will use Workday functionality to calculate and show fund balance at the detailed COA level and retire the allocation formula used to book net balance since go-live in July 2017.

Impact to users:

• NO IMPACT to most management-view balance reports. These reports (such as Account Balances Detail – Yale) already show real-time net balance by calculating ending net balance within the report based on activity in revenue, expense, and transfer ledger accounts. They do not look at the net balance ledger account (31001) for ending balances.
• NO IMPACT to transaction reports (such as Financial Transactions – Yale and Detailed Transactions – Yale) other than that 31001 will no longer show new transaction activity from the Allocation journal source after the net balance allocations are retired.
• The last net balance allocation is scheduled for Thursday, May 27.
• Reports that look at 31001 for ending balances, such as Trial Balance reports, previously updated net balance only after month-end close. Beginning May 28, 2021, they will show a real-time calculated net balance.

Benefits of using Workday delivered functionality instead of custom allocation formulas include:

• More efficient close process and lower risk of error.
• Eliminates confusion around the use of ledger account 45023 (System Balancing Only).
• Allows users to tie net balance back to the specific transaction that generated the balance.
• Enables the uptake of other Workday features in the future.

For balance questions or accounting guidance, contact controller.genacct@yale.edu; for questions related to system functionality or reporting support, contact askfinance@yale.edu.