Concept: Bank Account Currency

Each bank account that you define in Workday has its own currency, called the account currency. You store funds in the bank account and convert funds that you transfer into the bank account using the account currency. You can also specify which currencies a bank account accepts. You use the

Create/Edit Bank Account

task to set 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.