Funds Transfer

Funding transfers are accounting transactions that are used by departments to share costs.

Cost sharing can be accomplished via the following options:

1. Split Budget Lines - this is accomplished directly in Workday when creating a requisition, supplier invoice request, expense report, or PCard reconciliation.  
2. Budget Amendment - for budget neutral transactions - made by the cost center manager for a given cost center in Workday.  
   1. Budget neutral is when a transaction does not cross between operating funds and other funds with restricted uses such as gifts, grants, or projects.
3. Journal Entry - for transactions that are NOT budget neutral - used when options 1 and 2 above are not possible.
   1. To request a journal entry for funds transfer, a Freshservice form should be completed in the ITS Support Portal. The information needed to complete the form includes:
      1. The Workday worktag information for where the funds will be coming from and going to
      2. The name and email address of the manager for any of the associated Cost Centers, Gifts, Grants, or Projects

The transactions above are sent for approval to all cost center, gift, grant, or project managers on the request.