Accounting

The University's financial system is Workday.  Workday per performs many different accounting functions, including processing all accounting transactions, updating files, and producing management reports.  Applications exist within Workday to assist units in the management of their financial resources.

Additional systems complement the financial accounting operations:

• Procurement Desktop Reports (PDR):  Web based reports drawing data from the PAS Data Warehouse and JP Morgan Chase PaymentNet.
• ASTRA access management: ASTRA stores authorization information about who can use a variety of UW administrative applications and other resources, including financial, research, student, and business applications.
• Student Database (SDB): Student / applicant information including scholarships and fellowship disbursements, tuition payments, fees and holds on registration.

A variety of transaction types are generated across the University to operationalize our financial activities.  Some of the most common types that may be reflected in your budget are included below.

Expenses:

• Salaries, wages, benefits, and stipends
• Procurement Card (ProCard) transactions
• Ariba eProcurement, eTravel and eReimbursement: 
• Scholarships

Revenues:

• eCommerce
• Cash and Check
• Student Database Revenue

Transfers and Corrections:

• Journals
• Reclass
• Payroll Accounting Adjustment
• Internal Service Delivery (ISD): UW IT Tech Recharge, Monthly Telephone services
• Cost Sharing

Budgeting:

• Beginning Balance
• Budget Revision
• Encumbrance and Open Balance

According to the University of Washington’s Internal Controls website, "reconciliation is the process by which departments verify that their source documentation matches a fiscal report from the central accounting system. Further, reconciliation involves resolving any discrepancies that may have been discovered."

The purpose of regular reconciliation of budget activity is to ensure:

• All charges are for the correct purpose and amount, and allowable

• Errors are detected, investigated and resolved

• All required documentation is maintained

For more information about reconciliation and reconciliation guidelines, refer to the Budget Activity Reconciliation Process Guidelines.

Accounting acts as the primary point of contact for campus inventory management and serves as a bridge between UW Tacoma and the Equipment Inventory Office (EIO).  Assets with a value at or above the equipment capitalization threshold of $5,000 must be tagged and reported using Workday.   Workday helps central accounting calculate depreciation expense and asset values for use to prepare the university's consolidated financial statements.   

Physical inventories of University-owned equipment are requested by EIO every two years.  Physical inventories of Federal-owned and Agency-owned equipment are requested annually. Our office assists schools and units by coordinating manual counts to verify each item's location/serial number/custodian.    Audits of the physical inventories taken by departments are conducted annually by various state, federal, private, and internal auditors.  

Our team can assist with supporting your accounts receivable (AR) activities.   Schools and units establish revenue generating relationships with outside entities and customers for a variety of reasons that further the mission of UW Tacoma.  Unlike our robust eProcurement system which streamlines accounts payable processes, accounts receivable is typically a manual localized process.   Accounting is working to provide additional campus support to schools and units and align processes with the pending Workday Financial transition. 

For more information, please contact us at tacfiscal@uw.edu.