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Administrator Guide
Last Updated: 2024-03-22
Steps: Deposit Customer Payments

Steps: Deposit Customer Payments

  • Configure the
    Process: Customer Deposit
     security domain in the Customer Accounts functional area.
  • Configure the
    Customer Deposit Event
     business process and security policy in the Customer Accounts functional area.
When a customer makes a payment, you can create a deposit against an invoice while recording the payment. Alternatively, you can use the
Create Customer Deposit
 task. You can also create a deposit while recording a cash sale through the
Record Cash Sale
 task.
For bulk transactions you can use these web services:
  • Put Customer Payment
     to first record the payment and then
    Submit Customer Deposit
     to create the deposit as the two actions are not combined in the web services.
  • You can also use
    Submit Cash Sale
     web service to record the deposit for cash transactions.
  • Get Cash Sales
     or
    Get Customer Deposits
     to retrieve deposit data.
  • Cancel Customer Deposit
     to reverse the deposit.
Workday:
  • Deposits the funds in the bank account you specify.
  • Records the payments as a liability in your general ledger until the goods or services are delivered.
  • Displays an instance ID with the transaction details. For example, Customer Deposit: BofA Checking on 01/24/2024 for $626,250.00
You can also:
  • Use account posting rules to configure a different general ledger for undeposited funds.
  • Add attachments to a customer deposit to provide additional details. 
  • Configure custom validations and business process to route approvals.
  1. (Optional) Access the
    Create ID Definition / Sequence Generator
     task.
    Configure the sequence generator for displaying customer deposit ID on the invoice. See Create ID Definitions and Sequence Generators.
    Adding a customer deposit ID:
    • Improves the ability to find and report on customer deposits for customers with a high volume of transactions.
    • Improves cash reconciliation by ensuring that the ID follows a format that's acceptable by the bank.
    • Ensures that the reference ID isn't blank and no duplicate deposit numbers are created.
  2. (Optional) Access the
    Edit Tenant Setup - Financials
     task.
    Configure the
    ID Generator for Customer Deposits
     under the
    Business Document Sequence IDs
     section to activate customer deposit IDs.
    Security:
    Set Up: Tenant Setup - Financials
     domain in the System functional area.
  3. Access the
    Create Customer Deposit
     task.
    • Specify the
      Company
       controlling the account in which you want to deposit the payment. Workday automatically uses the company currency for the deposit, but you can change the value to any currency.
    • (Optional) Select other criteria to limit the size of the payments list.
  4. Select the payments that you want to deposit.
    The list represents payments that you recorded using the
    Record Customer Payment
     task.
    As you complete the task, consider:
    Option Description
    Bank Account
    The account for depositing the payment. Ensure that this account accepts the payment currency.
    When the payment currency isn’t the same as the bank account currency, Workday uses the
    Currency Rate Type
     and
    Currency Rate
     to convert the deposited foreign-currency payments into the bank account currency.
    You can change the:
    • Default rate type on the
      Maintain Currency Rate Types
       task.
    • Default rate between the deposit and bank account currency on the
      Maintain Currency Conversion Rates
       task.
    Deposit Reference
    Helps you identify this deposit during reconciliation.
    Control Total Amount
    Compare the
    Total Deposit Amount
     of the selected payments to the desired control amount that you specify.
  5. (Optional) To add attachments when you’re creating or editing a deposit, select a payment and click
    Select Files
     on the
    Deposit Attachments
     tab.
    • To add attachments after a customer deposit has been already created, access the
      Add/Change Attachment
       task from the related actions menu of a customer deposit.
    • To prevent invoking an approval business process, ensure to include the security groups that should have access to the
      Add/Change Attachment
       task in the security domain.
    • To view attachments associated with the customer deposits, use the
      Attachments for Customer Deposit
       report field in a custom report.
    Security:
    Process: Customer Deposit – Add/Change Attachment
     domain in the Customer Accounts functional area.
  • Workday creates accounting for this transaction.
  • When you submit the deposit, Workday initiates the
    Customer Deposit Event
     business process for review and approval. You can:
    • Review the deposit for details and edit as needed.
    • Add or delete attachments.
    • Send it back for revision.
    • Approve the deposit for adding the deposit to the defined bank account.
After recording a deposit, you can:
  • Reconcile the deposits by running the Schedule Auto-Reconciliation job for a desired bank account.
  • Submit the unreconciled deposit with a status of
    Awaiting Payment Application
    .
  • Cancel unreconciled deposits that are in Approved status.
    • When you cancel the deposit, we reverse the G/L entries.
    • You can add custom validations and configure the
      Customer Deposit Event
       business processes to manage cancelations.
    • When you have cancelation fees, we deduct it from the deposit.
To view details of a deposit, you can access:
  • The
    Deposits
     tab on the customer invoices and payments record.
  • The
    Find Customer Deposits
     report.
  • The
    Customer Payments and Deposits
     report.
  • The
    Customer Deposit Awaiting Action
     report.