How do you add and configure a bank account for settlement runs in Workday?

Adding and configuring a bank account for settlement runs in Workday involves creating a Bank Account task and configuring a routing rule. This process is essential because it allows you to establish specific bank account details that will be used for processing financial transactions.

When you create a Bank Account task, you specify various details such as the bank account number, financial institution, account type, and any relevant identifiers. This sets the foundation for effectively managing payment settlements. Configuring a routing rule is equally vital as it directs how payments are settled through the chosen bank account. Routing rules ensure that the appropriate account is selected based on different criteria, such as payment methods or supplier preferences.

This structured approach allows for accurate management of financial transactions and helps maintain compliance and audit trails within the system. It also ensures that funds are transferred correctly and efficiently, which is crucial for business operations.

The other methods such as directly editing payment terms, importing bank details through a CSV upload, or requesting setup from the finance team have limitations in this context. Editing payment terms does not provide a comprehensive setup for managing bank account details specifically for settlement runs. Importing data through a CSV may lack the necessary configurations that are achieved through the Bank Account task and routing rules. Finally, requesting setup from the finance team