Workday Words: Cost Center
As the single system for the university’s finance, HR, payroll and student information, Workday introduces a range of cross-functional terms. The “Workday Words” series highlights and defines terminology that will be found in the new core system. For a comprehensive resource, please download the latest Workday glossary.
“Cost Center” provides structure for financial institutions within Workday.
The Cost Center identifies a unit within the organization where payroll, operating expenses, revenue and budget are tracked. Each Cost Center will have an assigned Cost Center Manager who will approve financial transactions. Cost Center provides hierarchies that roll up individual Cost Center values to a grouping, which allows for easier reporting (e.g. multiple departments may roll up into a college).
Cost Centers will have an ID that begins with “CC,” followed by a numerical value (e.g. CC10182). New Cost Center values (leveraging sequential numbering) will be created for the university, OSU Physicians and OSU Health Plan. For the Health System, Cost Center values will be the current “Org” chartfield in PeopleSoft.
The Cost Center keyword, known as a “worktag” in Workday, will replace the PeopleSoft “Org/Department” chartfield in most cases.