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Administrator Guide
Last Updated: 2023-06-23
Record Bank Account Transfers

Record Bank Account Transfers

  • Configure the
    Bank Account Transfer Event
     business process and security policy in the Banking and Settlement functional area.
  • Security:
    Process: Bank Account Transfer
     domain in the Banking and Settlement functional area.
Record the details of a bank account transfer.
  1. Access the
    Create Bank Account Transfer
     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 one or both of the
    Account Currency
     values for the sending and receiving accounts must match this transaction currency.
    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 from your statement, the difference between the two 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 2 different currencies are used.
    • In the transaction currency, if 3 different currencies are used.
    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 for the selected rate type 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.
Workday routes the completed bank transfer 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
    intra
    company transfer and applies the logic defined in the
    Bank Account Transfer Event
     business process definition .
  • If the
    From Account
     company is
    different from
     the
    To Account
     company, Workday treats the transfer as an
    inter
    company transfer and applies the logic defined in the
    Bank Account Transfer Intercompany Event
     business process definition.