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Administrator Guide
Last Updated: 2023-06-23
Create Matching Rule Sets for Bank Reconciliation

Create Matching Rule Sets for Bank Reconciliation

Security: These domains in the Banking and Settlement functional area:
  • Access Matching Rule Set (Segmented)
  • Process: Matching Rule Set
  • Set Up: Matching Rule Set
Workday enables you to match bank statement lines to your operational transactions for automatic bank statement reconciliations. You can create a rule set consisting of different matching rules, condition rules, and matching methods to associate with a bank account. Matching rules compare:
  • One bank statement line to 1 reconcilable item.
  • One bank statement line to many reconcilable items.
  • Many bank statement lines to 1 reconcilable item.
  • Many bank statement lines to many reconcilable items.
  1. Access the
    Create Matching Rule Set
     task.
  2. As you complete the task, consider:
    Option Description
    Order
    Order the most specific rules numerically before rules that require less precision in the match. That way, when Workday finds a match, it's safe to stop matching the bank statement line.
    Example: You want to match 1-to-1 by
    Transaction Date
     and
    Amount
    only
     if there are no alternative exact matches. You configure a rule for an exact match as the first rule in the rule set. Then, you add the rule with the
    Transaction Date
     and
    Amount
     criteria as the second rule in the sequence. Workday applies the first rule for exact matches and then the second rule to reconcile any remaining items.
    Place suggestion rules after the reconciliation rules in the ordered list.
    Matching Reason
    Identifies the business reason used to reconcile or create an ad hoc bank transaction.
    Advanced Mode
    Select to create matching rules that use the condition rule framework to match bank statement lines to reconcilable items.
    Group By
    Select
    Group By
     to group many bank statement lines or many reconcilable items together using a common attribute. Workday matches the groups of lines or reconcilable items during automatic reconciliation.
    For the 1-to-many matching method, select
    Match On
     if the other available attributes don't apply. This attribute groups all reconcilable items together by the criteria used for
    Match On
    ,
    Match On Condition
    , or both when applicable.
    Source 1
    Source 2
    Source 1
     and
    Source 2
     are the bank statement line and reconcilable item respectively. Define criteria for matching bank statement lines with reconcilable items. For additional matching criteria, define condition rules.
    When you're using the 1-to-1 matching method, you can define tolerances between debit amounts or credit amounts. You set a percentage (or whole amount) from the bank statement line amount. You must select to create ad hoc bank transactions for the differences between the bank statement line and reconcilable item.
    For other matching types, the bank statement line amount must match the reconcilable item amount. When matching many lines or many reconcilable items, the group amounts must match.
    To match bank statement lines to reconcilable items by value date, you can select either:
    • Value Date
      : Workday matches statement lines using their value date as additional criteria.
    • Value Date if Available
      : If the value date isn't available on a statement line, Workday uses the bank statement line date instead.
    Match on Condition
    In advanced mode, you can use condition rules to filter bank statement lines and reconcilable items using additional attributes. You then match bank statement lines to reconcilable items.
    A condition rule consists of 1 or more logical statements comparing data source attributes using logical comparison operators, such as AND or OR.
    Example:
    Bank Statement Line
     contains
    Transaction Reference
    .
    Create Ad Hoc Bank Transaction
    Select to automatically create matching entries when matching bank statement lines to reconcilable items using amount tolerances. Workday creates ad hoc bank transactions when the statement line amount and transaction amount are within the defined amount tolerance. Workday reconciles the bank statement line amount to the transaction amount, along with the ad hoc bank transaction for their difference. The ad hoc bank transactions are based on the associated ad hoc bank transaction template.
    You can only create ad hoc bank transactions for a 1-to-1 reconciliation.
    Action
    Select the action to perform when matches on criteria are met:
    • Reconcile
       bank statement lines or groups to reconcilable items or groups.
    • Suggest
       1 or more reconcilable items as potential matches for a bank statement line or group. You can review and manually reconcile the suggested matches when you manage bank reconciliation exceptions.
  3. (Optional) To test your rules and view a set of results, click
    Test
    .
    The results also include the unmatched transactions and bank statement lines.
    Workday displays an error message when more than 1,000,000 cumulative bank statement line and reconcilable item combinations are available for matching. You can refine your search results using the date filters.
  4. Assign the matching rule set to a company bank account.
    You can assign the same matching rule set to multiple bank accounts. Note that matching rule sets only reconcile bank statement lines to reconcilable items for the same bank account. They don't reconcile with items across multiple bank accounts.
When you run automatic reconciliation, Workday uses the matching rule set you configure to match bank statement lines to reconcilable items for the assigned bank account. Workday considers all bank lines and all reconcilable items that aren't reconciled, and also fall within defined tolerances. The reconcilable items include ad hoc bank transactions created for amount differences. Once the matching completes, Workday applies any existing bank reconciliation rules, suggestion rules, and first-notice item rules.
To reconcile these payments, you create a matching rule set using the many-to-1 matching method:
  • The bank processes files for an electronic payment over 2 days, and creates the bank statement lines across multiple bank statements.
    The reconciliation matches the multiple bank statement lines to the settled electronic payment.
  • The credit card company deducts fees from a settled credit card payment, resulting in bank statement lines for both the fee and settlement amount.
    Workday applies the matching rules to reconcile the 2 bank statement lines against the original credit card amount.
  • Access the
    Maintain Matching Rule Sets
     task to:
    • View details on the rules within a rule set such as matching method, rule order, and whether a rule is currently active.
    • Edit a rule set from its related action menu to add, remove, or inactivate particular rules from future reconciliations. You can also set the entire rule set as inactive.
  • Define condition rules, rules, and rule sets for first-notice items.