Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Reconcile a Bank Statement Manually

Reconcile a Bank Statement Manually

  • Create a bank account.
  • Enter or upload a bank statement.
  • Security: These domains in the Banking and Settlement functional area:
    • Process: Bank Reconciliation
    • Process: Matching Rule Set
Workday enables you to search for matching account transactions and bank statement lines based on shared attributes, such as transaction reference numbers, amounts, and dates. This manual reconciliation method makes it easy to reconcile lines where 1 line matches many transactions (or many match many).
  1. Access the
    Manual Bank Reconciliation
     task.
    You can also access this task from:
    • The
      Bank Statement Reconciliation
       dashboard.
    • The
      Find Bank Statements
       report. Select
      Bank Statement
       >
      Manual Reconciliation
       from the related actions menu of an unreconciled bank statement.
  2. In the
    Bank Statement Lines
     fields, specify any necessary details to filter the displayed bank statement lines.
  3. Similarly, in the
    Reconcilable Items
     fields, specify limits for the number of displayed lines.
    When you click
    OK
    , the page displays the applicable bank statement lines and account register lines at the bottom.
  4. Scroll through both lists and check off items that match.
    When you check off matching lines, the status section at the top changes to reflect reconciliation progress:
    • The
      Selected Lines Total
       displays the sum of the amounts on the selected bank statement lines.
    • The
      Selected Items Total
       displays the total number of unreconciled items selected for reconciling to bank statement lines.
  5. (Optional) You can check off 2 or more bank statement lines, or 2 or more reconcilable items that offset each other.
    Example: Your bank charges you a fee in error, and later agrees to revert the charge. The bank reflects these 2 offsetting activities on the bank statement. You can check off the matching debit and credit transactions for a one-sided reconciliation.
  6. (Optional) If a bank statement line has suggestions, you can select the
    Show Suggestions
     check box in the
    Reconcilable Item Selection
     section. When you refresh the reconcilable items, Workday displays only the suggested reconcilable items for the selected bank statement lines.
    The suggestions narrow down the selection of reconcilable items to match with the bank statement lines.
  7. Each time you check off items that match, click
    Reconcile
    . The checked lines move from the lower lists to the status section. You can cancel reconciliation of this line until the next time you click
    Reconcile
    .
    When you click
    Reconcile
     again, the page is refreshed. Items are marked reconciled and removed.
  8. For long-running reconciliations, select an option from the pop-up window that displays to either:
    • Send the reconciliation process to the background.
      You can perform other reconciliation activities on the same bank account. Workday displays a notification on your notifications page indicating if the process has completed or failed.
    • Wait for the reconciliation to complete before you continue working.
  9. (Optional) If there isn't a matching account transaction for a bank statement line, click
    Create Ad Hoc Bank Transaction
     to create an ad hoc transaction for the bank line. Workday displays the newly created ad hoc bank transaction when you refresh the reconcilable items.
    You can also create an ad hoc transaction to account for the difference between a bank statement line amount and a matching account transaction amount:
    • If the amounts are equal, Workday reconciles the bank statement line to the ad hoc bank transaction.
    • If you create an ad hoc bank transaction for a difference, Workday reconciles the bank statement line to both transactions.
    If your bank statement line includes the value date, you can select the
    Use Value Date as Transaction Date
     check box to create an ad hoc transaction and the associated accounting based on the value date. Otherwise, Workday uses the bank statement line date for the transaction date.
    After submitting the ad hoc bank transaction, you can view the reconciled items under
    Last Reconciled Item(s)
    .
  10. When you're done reconciling and ready to exit this page, click
    Cancel
    .
    This action doesn't cancel any of the reconciliations you've made, even if you then click
    Discard Changes
    .
The bank statement reconciliation enables you to verify that your accounting records and bank statements are matching and accurate. Use the book-to-bank and other bank reconciliation reports to confirm the details.
If you've configured your ad hoc bank transaction workflow to require approvals, Workday includes the reconciled transactions in the ledger account balances once approved. You can identify any ad hoc bank transactions pending approval in a separate column on these reports:
  • Book to Bank
  • Book to Bank by Bank Account Currency
  • Bank Reconciliation Detail
  • Bank Statement Reconciliation
This column is available when you drill down on the reconciled bank statement lines in the reports. If the ad hoc bank transaction is denied, Workday then:
  • Unreconciles the transaction from the bank statement line.
  • Cancels the ad hoc bank transaction.
If you aren't finished reconciling, you can find the statements again using the
Find Bank Statements
 report, and continue where you left off.