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Administrator Guide
Last Updated: 2026-03-13
Create Bank Account Transfers for Settlement

Create Bank Account Transfers for Settlement

  • Select
    Bank Account Transfer for Settlement
     as a primary account usage for the source account from which you're transferring payments.
  • For bank account transfers between 2 different companies, set up an intercompany profile using the
    Edit Company Intercompany Profile
     task.
  • Configure the
    Bank Account Transfer for Settlement Event
     business process and security policy in the Banking and Settlement functional area.
  • Security:
    Process: Bank Account Transfer for Settlement – Create/Edit
     domain in the Banking and Settlement functional area.
Create bank account transfer payments for settlement in Workday. You can transfer and settle these payment types:
  • Direct debit
  • Direct deposit
  • EFT
  • Wire
  1. Access the
    Create Bank Account Transfer for Settlement
     task.
  2. As you complete the task, consider:
    Option Description
    Date
    Record the date of the transfer.
    Currency
    Select the currency of the funds transferred from the source account to the receiving account.
    Both
     the source and receiving accounts must accept the selected transaction currency. In addition, either 1 or both of the
    Account Currency
     values for the sending and receiving accounts must match this transaction currency.
    Initiating Company
    Initiating Account
    Select a bank account and company to use for initiating a transfer request to withdraw funds. For direct debits, this account is the same as the beneficiary bank account that receives the funds.
    Workday dynamically updates the
    From Account
     and
    To Account
    fields based on the payment type and initiating account and company.
    To draw down funds from a bank account, edit the initiating bank account to enable integration for the
    Direct Debit
     payment type and the
    Bank Account Transfer for Settlement
     payment category.
    Phonetic Payee Name
    Records the correct pronunciation of the
    Payee Name
    .
    Displays when:
    • You enable phonetic names on the
      Edit Tenant Setup - Global
       task.
    • Users select the relevant locale and display language in their preferences.
    Eliminate Foreign Exchange Gain or Loss
    Select to exclude realized foreign exchange gain or loss from bank account transfers.
    Example: If you override the currency conversion rate with a bank rate, the difference between the 2 values creates a realized exchange gain or loss journal entry.
    With this option, Workday eliminates this additional journal entry line and balances the ledger amounts using the entry entered:
    • In the ledger currency, if there are 2 different currencies.
    • In the transaction currency, if there are 3 different currencies.
    For an intercompany bank account transfer between 2 companies sharing the same base currency, Workday balances the intercompany receivable and payable.
    Currency Rate Type
    If the
    From Currency
     or
    To Currency
     differs from the transaction
    Currency
    , Workday uses the default currency rate type to convert the funds. You can override this rate type.
    To set the default rate type, use the
    Maintain Currency Rate Types
     task.
    Currency Conversion Rate
    If the
    From Currency
     or
    To Currency
     differs from the transaction
    Currency
    , Workday uses the conversion rate type between the 2 currencies to convert the funds. You can override this rate.
    To define conversion rates for a rate type, use the
    Maintain Currency Conversion Rates
     task.
    Optional Balancing Worktags
    When you enable optional worktag balancing on the
    Maintain Worktag Balancing Configuration
     task, Workday fully balances journal lines by optional balancing worktags. Journal lines automatically:
    • Inherit optional balancing worktags based on the worktag types selected.
    • Generate due to and due from entries to balance transactions.
    Originating Country Payment Purpose
    Receiving Country Payment Purpose
    Display when you enable payment purpose codes.
    Select payment purpose codes that identify the purpose of the payment, as required by banks or local regulatory requirements in the originating or receiving country. See Concept: Payment Purpose Codes.
Workday routes the completed bank transfer payment record to the next business process participant for review and approval.
Transfer Details
  • If the
    From Account
     company is
    the same as
     the
    To Account
     company, Workday treats the transfer as an intracompany transfer and applies the logic defined in the
    Bank Account Transfer for Settlement Event
     business process definition.
  • If the
    From Account
     company is
    different from
     the
    To Account
     company, Workday treats the transfer as an intercompany transfer and applies the logic defined in the
    Bank Account Transfer for Settlement Intercompany Event
     business process definition.
Add the approved bank account transfer payments to a new or existing manual settlement run. You can select inbound direct debit payments and outbound payments in the same settlement run. For scheduled settlement runs, Workday includes all inbound and outbound pending payments when you select the
All Available Bank Account Transfers for Settlement
filter.
When the bank transfer payments settle, Workday moves the funds between the accounts and generates the associated accounting entries.