FDM Worktags and Definitions
Cost Center: A unit within an organization to which costs and revenues are recorded. Typically used to house people and their associated payroll costs, operating expenses related to their individual departments and budget. Cost Centers should contain ongoing core business activity.
Ledger Account: Represents the Natural Account – (e.g., Accounts Receivable, Salary Expense); Ledger Accounts are part of your permanent financial record, not temporary items (i.e. a specific Customer Receivable).
Spend Category: Describes types of spend, whether accounting results as expense, prepaid asset, or fixed asset.
Revenue Category: Describes types of revenue.
Fund: Used to represent Unrestricted, Temporarily Restricted, Permanently Restricted and Board Designated activities. Will be established as a balancing worktag that will be required on every transaction.
Program: Used to collect costs and revenue for activities across cost centers; not date bound.
Project: Used to collect costs and revenue for work activities associated with the project; have a distinct beginning and ending date. Also used to capture individual benefit related activity when full balance sheets are needed.
Location: Finance ‐ Primary used in business assets to defined the asset location and within Procurement/Inventory to specify shipping, receiving and inventory locations within the organization.
Assignee: Used to track and report on items at an individual’s level.
Activities & Events: Used to track and report revenue and expense for localized activities that are short‐lived or recurring and not necessarily reported on at a higher level within the organization. May be used in conjunction with a Program/Project if desired.