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Administrator Guide
Last Updated: 2023-06-23
Steps: Perform Bank Fee Analysis

Steps: Perform Bank Fee Analysis

Bank fee analysis enables you to validate your banking service fees across multiple financial institutions. You can compare fees charged on your bank fee statements against the contractual service rates, and assess pricing discrepancies on variance reports.
  1. Access the
    Maintain Bank Fee Service Codes
     task.
    Enter the bank fee service codes and their descriptions for each financial institution. You can select these service codes when you create bank fee service contracts and record bank fee statements.
    Security:
    Set Up: Bank Fee Analysis
     domain in the Cash Management functional area.
You can now analyze your bank fee service charges.
Use the
Bank Fee Variance Analysis
 report to determine if the service charges from your financial institutions are correct. Workday calculates any variances between:
  • The actual bank fees on your bank fee statements.
  • The bank fee charges you're expecting based on the contractual amounts for each service code.