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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Banking

Steps: Set Up Banking

Define:
Enter and maintain information for banks and financial institutions. The banking information enables you to make and receive payments, and manage your cash.
  1. Access the
    Create Financial Institution
     task or the
    Edit Financial Institution
     task.
    Define the business entities that provide company financial and banking services and hold physical bank accounts. Select the customer, supplier, or tax authority acting as the financial institution.
    Security:
    Set Up: Bank Entity
     domain in the Banking and Settlement functional area.
  2. (Optional) Access the
    Update Financial Institution Logo
     task.
    When you associate an official logo with a financial institution, the logo automatically appears when Workday displays information about the bank or other business entity.
    You can either select an existing logo or create a new image. Acceptable image formats, such as
    .jpg
     or
    .png
    , are controlled by the attachment options specified in the
    Edit Tenant Setup
     task.
  3. Access the
    Create Bank Branch
     task or the
    Edit Bank Branch
     task.
    Define and maintain information about bank or business entity branches.
    Security:
    Set Up: Bank Entity
     domain in the Banking and Settlement functional area.
  4. (Optional) Access the
    Create Bank Statement Custom Code Set
    task.
    Configure bank statement code sets with your own custom account balance, summary, and transaction type codes for BAI2, BTRS, ISO20022, or other bank statement formats.
    When you assign the bank statement code set to a bank account, Workday includes the tenant-based type codes with the bank-reported type codes on all type code category prompts.
    Security:
    Set Up: Bank Entity
     domain in the Banking and Settlement functional area.
  5. (Optional) Access the
    Create Outsourced Bank Provider
     task.
    Define an outsourced bank provider that handles your outsourced business functions, such as payroll processing. When you create an outsourced bank account, you select a provider.
    Security:
    Set Up: Bank Entity
     domain in the Banking and Settlement functional area.
You can use Workday-delivered reports and queries to view and manage information about banks and other financial institutions.
Set up settlements and bank reconciliation to complete the cash management setup process.