Steps: Set Up Settlement

Review setup considerations for Workday Settlement.

You can set up how you want settlement runs to process and settle payments.

Access the

Maintain Payment Types

task.

Define valid payment types, such as cash, check, or electronic transfer. Once you specify the payment type names, you map each payment type name to the corresponding payment method that Workday provides.

There's usually a 1-to-1 relationship between the types of payment you define and the methods of payment. You can assign more than 1 payment type to the same payment method.

Security: Set Up: Settlement
domain in the Banking and Settlement functional area.

(Optional) Configure Workday to check cash balances before settling payments.

See Steps: Configure Advanced Cash Balance Checking.

To integrate Workday with bank accounts for settlement processing, create 1 or more integration systems for each combination of bank and payment type.

See Steps: Set Up Bank Integrations for Settlement Processing.

(Optional) Set up bank institution records in Workday.

See Steps: Set Up Bank Institution Records.

Set Up Payee Bank Account Validation Overrides.

Define Bank Accounts.

(Optional) Set Up Bank Routing Codes.

Define Bank Routing Rules.

(Optional) Set up custom or advanced settlement run filters.

Custom settlement run filters offer more flexibility for selecting open items and pending payments to include in settlement runs than predefined system filters.

If you need more granular selection criteria, you can set up advanced filters based on custom reports that return payable documents to settle.

See:

Define Settlement Run Custom Filters.

Steps: Set Up Settlement Run Advanced Filters.

Set up organization-level definitions for each business process associated with settlement runs.

See Reference: Settlement Business Processes.

Set up prenotes to validate electronic banking information.

See Steps: Use Prenotes.

Import payment acknowledgments into Workday to confirm the status of electronic payments when the settlement run completes.

See Steps: Acknowledge Payments.

(Optional) Set up remittance advices for your supplier invoice and payroll third-party payments using setup rules.

See Steps: Set Up Remittance Advices Using Setup Rules.

(Optional) Configure Workday to print checks or advices for payroll payments and expense account reimbursements that have settled.

See Steps: Set Up Checks and Advices for Printing.

For a list of settlement-related reports, access

Workday Standard Reports

and select these report categories:

Set Up Settlement Infrastructure

Settlements

Concept: Settlement Processing

Concept: Cash Management

Steps: Use Settlement