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Administrator Guide
Last Updated: 2023-06-23
Create Petty Cash Accounts

Create Petty Cash Accounts

  • Create financial institutions.
  • Define a default currency for a company.
  • Configure the
    Bank Account Event
     business process and security policy in the Banking and Settlement functional area.
  • Security:
    Set Up: Bank Entity
     domain in the Banking and Settlement functional area.
Define or update an account for tracking petty cash transactions.
In Workday, you can use both bank and petty cash accounts to make supplier and expense payments, receive customer payments, or for cash management. However, you must use standard bank accounts in routing rule definitions to automatically make payroll, expense, or supplier payments from the correct accounts. You can only use petty cash accounts when you've manually specified a source or receiving account.
  1. Access the
    Create Bank Account
     or
    Edit Bank Account
    task.
  2. As you complete the task, consider:
    Option Description
    Phonetic Name
    You can use a phonetic name for the
    Organization
     field to include its correct pronunciation.
    Displays when:
    • You enable phonetic names on the
      Edit Tenant Setup - Global
       task.
    • Users select the relevant locale and display language in their preferences.
    Organization
    Select the company or company hierarchy for which you're defining the petty cash account. You can change this value if there’s no account activity.
    Account Currency
    For companies, Workday automatically populates the company currency. For company hierarchies, Workday automatically populates the currency from the consolidation details, if applicable. Otherwise, Workday uses the default currency of the tenant. You can change this value to any currency if there isn't any account activity.
    Accept All Currencies/Accept These Currencies
    Add the
    Account Currency
     as an accepted currency.
    Allowed Payment Types
    The payment types used for supplier and other payments must match the allowed payment types for the petty cash accounts that the payments are drawn from.
    Example: If the supplier accepts cash as a payment type, the petty cash account used to make these payments must include
    Cash
     as an allowed payment type.
    You define payment types using the
    Maintain Payment Types
     task.
You can use the petty cash accounts you created for making customer, supplier, and other types of payments. You can also use petty cash accounts for cash transactions such as ad hoc bank transactions and bank account transfers.