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Administrator Guide
Last Updated: 2023-06-23
Use Quick Entry and Reconciliation

Use Quick Entry and Reconciliation

  • You must have your statement from the bank for the account you want to reconcile, so you can compare lines for reconciliation.
  • Configure the
    Bank Statement Event
     business process and security policy in the Banking and Settlement functional area.
  • Security: These domains in the Banking and Settlement functional area:
    • Process: Bank Reconciliation
    • Process: Bank Statement - Edit
    • Process: Bank Statement - Reporting
  • Security:
    Reports: Cash Forecast Reporting
     domain in the Cash Management functional area.
With quick entry and reconciliation, you generate bank statement lines and reconcile them with your account transactions as part of a single task. You retrieve a list of all your account transactions that fall within the bank statement dates, and then select the matching transactions in your bank statement. Workday immediately reconciles the lines that you select, and you don't need to enter bank details manually.
If you can't find a matching account transaction for a bank statement line, create an ad hoc transaction and then reconcile the bank statement line with this new transaction.
  1. Navigate to the
    Record Bank Statement
     task. Select
    Quick Entry Bank Statement,
     and enter the bank statement dates. Workday automatically builds a bank statement by retrieving all account transactions that fall within these dates for the company and bank account that you specify.
  2. Specify the bank account to reconcile. You can select an account by bank, by company, or by company hierarchy.
  3. The
    Currency
     sets to the bank account currency.
  4. Select
    Quick Entry Bank Statement
    .
  5. Specify the
    Statement Beginning Date
    , and the
    Statement Date
     from the bank statement. Workday selects lines from your account that fall within these dates.
  6. Specify the
    Beginning Balance
     and
    Ending Balance
     from the bank statement.
  7. On the
    Cleared Activity
     tab, check transactions that have matching detail lines in your bank statement.
    Workday automatically reconciles the transactions that you select.
  8. For bank statement lines without corresponding account transactions, such as bank fees, interest payments, or discounts, you must create an ad hoc transaction to add that line to your account. Select
    Save as Draft
     and close this statement entry.
  9. To return to a quick entry bank statement, access the
    Find Bank Statements
     report. Select the organization and optional search criteria to help you find this unreconciled statement. If you have more than one unreconciled bank statement, make sure to select the one for the correct bank account and statement period.
  10. Select
    Bank Statement
    Edit
     from the related action menu to the left of the bank statement.
  11. On the
    Edit Bank Statement
    page, the ad hoc transaction now displays. Check the box to select this line for reconciliation. If necessary, continue adding ad hoc transactions until the
    Difference
     field is zero.
  12. When you've reconciled all lines in the quick entry bank statement, submit it for approval and complete the reconciliation process.
    If you select
    Save for later
    , the statement remains in
    Draft
     status even if all of the transaction lines are reconciled.
The bank statement is now reconciled.
After approving and reconciling a bank statement, you can cancel or change it, and then return to the reconciliation task to remap bank statement lines to account transactions.
The cancel, change, and reconcile tasks are available as related actions on
Approved
bank statements.