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Administrator Guide
Last Updated: 2023-06-23
Reconcile a Bank Statement Automatically

Reconcile a Bank Statement Automatically

  • Create a bank account with basic or advanced automatic reconciliation.
  • Enter or upload a bank statement.
  • Create rule sets with matching rules, bank reconciliation rules, and first-notice item rules.
  • Security:
    Process: Bank Reconciliation
     domain in the Banking and Settlement functional area.
The automatic reconciliation process enables you to match your operational transactions to your bank statement by:
  • Reconciling each bank statement item to a matching item in your account record. You can configure Workday to treat electronic reconciliation groups, such as a lump ACH debit, as single transactions.
  • Adding ad hoc bank transactions to your account record when the bank statement provides first notice of the item. Example: Foreign exchange gains/losses or service charges.
  • Using rules to reconcile items against bank statement lines that match exactly, or that Workday suggests as close matches.
  1. Access the
    Run Bank Statement Auto Reconciliation
     task.
    You can also access:
    • The
      Create Bank Account
       or
      Edit Bank Account
       task.
      You can configure Workday to initiate automatic reconciliation when you load a bank statement for the specified bank account.
    • The
      Find Bank Statements
       report.
      Select
      Bank Statement
       >
      Run Auto-Reconciliation
       from the related actions menu of an unreconciled bank statement.
  2. Select a single bank statement, or automatically reconcile all bank statement lines within a date range.
  3. Click
    OK
     to start the reconciliation, or schedule it to run on a specified date and time.
  4. When the reconciliation process is complete, select the
    Reconciliation Criteria
     tab to compare the reconciled lines with the total number of lines, and see if there are any lines with suggestions.
  5. If the reconciled lines don't match the total number of lines, or if any lines have suggestions, select
    Bank Statement
     >
    Manage Exceptions
     from the bank statement's related actions menu to handle the unreconciled lines.
Use the bank reconciliation reports to confirm the details.
On the
View Bank Statement
 report, the
Auto Recon By
 field displays the matching rule or first-notice item rule used to reconcile a bank statement line to an operational or ad hoc bank transaction.