Configure Bank Accounts for Information Reporting

Permissions Required: Finance Administrator

To manage Financial Institutions, Bank Accounts, and/or Payments configurations, you'll need to be a member of the Finance Administrator, Bank Administrator, Settlement Administrator, and/or Implementers security group.

Create (or Edit) the Financial Institution

1. Using the Workday search bar, navigate to the Create Financial Institution task.

   • If you already have a financial institution record for your bank, you may Edit Financial Institution instead.

2. Populate the bank name (required) and address and contact details (optional).

3. From the related actions menu, navigate to the Edit Reference ID task. Then add a recognizable Reference ID Value.

   • This Reference ID will be used to help you identify your accounts in a future step: Linking User & Accounts.

Create (or Edit) the Bank Account

1. Using the Workday search bar, navigate to the Create Bank Account task.

   • If you already have a financial institution record for your bank, you may Edit Bank Account instead.

2. Name the account, select Bank Account for type, and select the Country for the account.

3. Populate other details of the Bank Account record; the following are required for connectivity.

   • Financial Institution: select the institution you configured, above
   • Bank Statement Format: select BAI2 — some account types may require a Custom Code Set.
   • Organization, Currency, Payments Types, Routing Number, and Account Number are not required for connectivity, but may be required by your Workday tenant.