Concept: Bank Account Currency

Each company bank account that you define in Workday has its own currency in which it holds funds, called the account currency. This is also the currency for balances and bank statements.

You can restrict the currencies that a company bank account can receive to a set of accepted currencies. When you receive funds in an accepted currency that's different from the account currency, Workday converts funds that you transfer into the bank account using the account currency.

Example: Your U.S. company has a local bank account in USD, and a bank account based in Ireland in EUR. You perform a wire transfer of 100K USD from the U.S. account to the Irish account, which accepts USD. The bank gives you a currency exchange rate of 85K EUR equal to 100K USD. Workday transfers 100K USD out of the US bank account and deposits 85K EUR into the Irish bank account.

When your bank maintains separate balances and statements in multiple currencies for the same account number, set up a separate company bank account for each currency. Multiple company bank accounts or outsourced bank accounts can share the same identifiers as long as they have a different account currency.

For bank accounts of type

Bank Account

, the shared identifiers are either:

For bank accounts of type

Outsourced Account

, the shared identifiers are account numbers.

Workday displays the other company bank accounts that share those identifiers when you view or edit a multicurrency company bank account. There is no designated primary account, so you need to mirror administrative tasks on each bank account in the group. Example: Manage bank account signatories.

When more than 1 company bank account shares the same identifiers, Workday uses the account currency on the bank statement to identify the account.

Because each currency is a separate company bank account, bank routing rules apply per account.

Workday doesn't support checks or check printing for multicurrency company bank accounts. Each company bank account maintains its own check sequence and check register.

These company bank accounts in Workday represent a multicurrency bank account in USD and CAD: