Banking & Settlement
What is it?
When we say Banking & Settlements, we mean …
- Importing bank statement data and reconciling it to transactions in Workday
- Recording miscellaneous cash transactions via Ad Hoc Transactions, executing Bank Account Transfers
- Transmitting payment files from Workday to the bank for processing via Settlement
Key Terminology
Define to setup routing rules, record and deposit customer payments, print checks and reconcile and manage cash. A bank account is a worktag.
Legacy Term: Bank Account
Rules that determine the bank account the settlement process uses to route payments that you initiate in Workday.
Legacy Term: Bank Account Payment Method/Payables Options
Cash journal to record miscellaneous debits or credits (e.g. as bank fees, interest payments or discounts).
Legacy Term: External Transaction
Transaction to initiate a bank account transfer directly from Workday. Once settlement is processed, the movement of cash is sent to the banking system via Integration.
Legacy Term: EFT Request
Batch process that groups approved payments (e.g., supplier invoices, expense reports, payroll) and initiates the payment file transfer to the bank.
Legacy Term: PayCycle
Define custom filters to identify open payments that you want to capture in a settlement run. Custom filters provide additional search criteria than the predefined system filters available for common settlement run scenarios.
Legacy Term: PayCycle Definition