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Administrator Guide
Last Updated: 2023-06-23
Steps: Perform Bank Account Transfers for Settlement

Steps: Perform Bank Account Transfers for Settlement

  • Set up bank integrations for settlement processing for each combination of bank and payment type.
  • Configure these business processes to define review and approval workflow for bank account transfers for settlement:
    • Bank Account Transfer for Settlement Event
       (main process): Controls review and approval routing for bank account transfers for settlement within the same company.
    • Bank Account Transfer for Settlement Intercompany Event
       (subprocess): Controls review and approval routing when a bank account transfer for settlement spans companies. The company receiving the transfer can review and approve the transaction.
You can initiate bank account transfers for settlement directly from Workday. Once the bank account transfer payments settle, Workday transfers the funds between accounts.
  2. (Optional) Set up and use templates to record multiple bank account transfers for settlement with similar attributes.
    2. Access the
      Create Bank Account Transfer for Settlement from Template
       task.
      Select the template to use for creating the bank account transfer for settlement. You can specify the amount to transfer, and modify the defaulted transfer details as necessary. Once completed, you can route the transfer for approvals using the
      Bank Account Transfer for Settlement Event
       business process.
      Security:
      Process: Bank Account Transfer for Settlement – Create/Edit
       domain in the Banking and Settlement functional area.
  3. Complete a bank account transfer for settlement that you saved for later.
When the transactions transfer between the bank accounts, Workday converts:
  • The transaction currency to the bank account currency if they differ.
    You can override the rate type and rate for this conversion.
  • The bank account currency to the company currency if they differ.
    Workday automatically converts the transaction amount into the ledger company currency using the conversion rate between the 2 currencies for the default rate type.
Use the
Find Bank Account Transfers
 report to view and update the transfer information. As a related action on a bank account transfer for settlement, you can:
  • Change, copy, or cancel the transfer.
  • View the accounting details.