New Suspense Report Enhancements Are Now Live

    April 3, 2024

    Summary

    • A new Workday report, Suspense Balances Review – Yale, is now live in Workday.
    • We expect the current suspense reports will be retired following the close of the FY24 Year-End reporting. 
    • View the user guide detailing the functionality of the new report on the Financial Compliance website.

    Details

    After evaluating the existing reports to address community feedback and improve the process of reviewing and closing suspense balances, we are pleased to announce the release of the new Suspense Balances Review – Yale report in Workday. This new report intends to alleviate concerns that:

    • Business units faced difficulties in monitoring suspense with the existing reporting.
    • There are notable data gaps in existing reporting.
    • The existing reports lack a total balance to clear, offering only transactional data.
    • Multiple additional reports were necessary to acquire all the data required for corrective action.

    The Financial Review Enhancement project team completed this work in collaboration with subject matter experts from Finance Systems and Solutions, Enterprise Reporting & Analytics, diverse group of testers from the business community. They extend their appreciation to all those involved for their invaluable input.

    The new report will provide business units with precise suspense balances, addressing the existing data gaps in the current reporting structure. Moreover, it offers a comprehensive overview for units to track labor and non-labor suspense transactions, reduce reliance on multiple reports, and establish a uniform process throughout the university. We expect the current suspense reports will be retired following the close of  the FY24 Year-End reporting.

    Future enhancements

    • The Financial Review Checklist Dashboard will be updated with improved labor and non-labor suspense tiles.
    • The Financial Review Checklist will be updated to reflect the new compliance expectations for suspense monitoring.

    For those with suspense monitoring responsibilities, please look for additional information provided via roadshows at various business community forums in the coming weeks.

    Resources

    View the user guide demonstrating the new report’s capabilities on the Financial Compliance website.

    Questions?

    Please email financial.compliance@yale.edu with questions about Suspense Report Functionality.