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Administrator Guide
Last Updated: 2023-06-23
Setup Considerations: Reconcile Cash Operational Transactions to Ledger

Setup Considerations: Reconcile Cash Operational Transactions to Ledger

You can use this topic to help make decisions when planning your configuration and use of reconciling cash operational transactions to your cash ledger account. It explains:
  • Why to set it up.
  • How this feature fits into the rest of Workday.
  • Downstream impacts and cross-product interactions.
  • Security requirements and business process configurations.
  • Questions and limitations to consider before implementation.
Refer to detailed task instructions for full configuration details.

What It Is

You can use Workday to reconcile cash operational activities to the corresponding cash ledger account by company and bank account.

Business Benefits

You can reconcile cash operational transactions to your cash ledger account within Workday. This eliminates the need to reconcile cash operational transactions outside of Workday.

Use Cases

As part of your reconciliation process during period end, you must reconcile all your cash operational transactions to your cash account.

Questions to Consider

Before reconciling cash operational transactions, consider these questions:
Questions
Considerations
For what period should I create an initial balance?
Select a period from which you want to start reconciliation.
You must have reconciled cash transactions for all prior periods.
How many times can I create an initial balance?
You usually create initial balances once, but can create them again if you want.
If you create initial balances again, Workday deletes all previously created beginning operational cash balances.

Recommendations

Before you create an initial balance, Workday recommends that you reconcile cash transactions for all prior periods. Example: You've reconciled all cash transactions for the period ending June 30th, 2016. Create initial balances for the Period and Fiscal Year, July 2016. Once you run the process, Workday creates initial balances by Company and Bank Account dated July 1, 2016.

Requirements

To reconcile operational cash transactions, you must:
  • Create initial balances as a starting point for your reconciliation. If you don't, the reconciliation reports won’t display any data.
  • Close your fiscal year or run the
    Generate Period Beginning Balances for Reconciliation Activities
     task to create beginning balances for each open period. If you don't, the reconciliation reports will display only activity.
    The
    Generate Period Beginning Balances for Reconciliation Activities
     task creates beginning balances for all subsequent open periods. Example: If you run the task for February 2019, Workday creates beginning balances for March and all subsequent open periods.

Limitations

  • The
    Cash to Bank Reconciliation Composite
     report only reconciles cash balances in Ledger currency. To reconcile cash transactions in Bank Account currency, Workday recommends that you use the existing
    Cash to Bank Account Balances Reconciliation
     report.
  • When you recreate an initial balance, Workday deletes all previously created initial balances and beginning balances.
    To restore beginning balances, run the
    Generate Period Beginning Balances for Reconciliation Activities
     task.

Tenant Setup

No impact.

Security

Domains
Considerations
Process: Cash to Bank Reconciliation Initial Balance
 in the Financial Accounting functional area.
Users with security enabled for this domain can create initial balances.
Reports: Financial Accounting
 in the Financial Accounting functional area.
Users with security enabled for this domain can run the reconciliation reports.
Process: Period End
 in the Financial Accounting functional area.
Users with security enabled for this domain can run the
Generate Period Beginning Balances for Reconciliation Activities
task to create beginning balances.

Business Processes

No impact.

Reporting

Reports or Dashboards
Considerations
Cash to Bank Reconciliation Composite
Use this report to confirm that cash operational transactions reconcile to the ledger account.
Cash to Bank Reconciliation Initial Balances Composite
Use this report to confirm and review the initial balances.
Find Cash to Bank Reconciliation Activities.
Use this report to view details of cash operational transactions for a specific period.
Find Cash to Bank Reconciliation Initial Balances.
Use this report to view initial balances.
Also, use the related actions from the report to edit initial balances.
Cash to Bank Reconciliation by Reconciliation Status Composite.
Use this report to view the reconciliation status of each cash operational transaction to cash ledger balance.
You can use the Cash to Bank Reconciliation Activity report data source (secured to the
Reports: Financial Accounting
 domain) to create custom reports to reconcile cash operational transactions to cash ledger balance.

Integrations

No impact.

Connections and Touchpoints

Cash to Bank reconciliation interacts with these other areas in Workday:
Features
Considerations
Customer Accounts
Reconciles cash transactions collected from customers.
Supplier Accounts
Reconciles cash transactions paid to suppliers.
Expenses
Reconciles cash transactions paid for expenses.
Payroll
Reconciles cash paid for payroll transactions.
Workday offers a Touchpoints Kit with resources to help you understand configuration relationships in your tenant. Learn more about the Workday Touchpoints Kit on Workday Community.