Configure Bank Accounts for Payments

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.

Create (or Edit) the Settlement Rule

Each bank account must be configured to utilize the relevant payment types, with each set to receive acknowledgements and map to the outbound payment integration.

1. Using the Workday search bar, navigate to the Create Settlement Setup Rule task.

2. Create a new Settlement Setup Rule for any/all bank accounts you want to connect with Bank Connect. Click OK.

   You may group accounts that will use the same payment types (and payment categories) into a single rule — if not all accounts use the same types, you will need to make multiple rules.

   • Add the Payment Types you wish to make available via Bank Connect.
   • Add the Payment Categories you will use Bank Connect for.
   • Add Bank Connect Payments as the Integration System.
   • Check Receives Acknowledgements.

   Other items, such as Consolidation Rules and Country or Currency selections can be configured according to your internal processes.

3. You can confirm that the rules are in place by viewing Bank Accounts. Using the Workday search bar, navigate to the Bank Account report, select the account you want to view.

4. Then review the Settlement Setup within the Settlement tab on the Bank Account page.