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Administrator Guide
Last Updated: 2023-06-23
Schedule Automatic Settlement Runs

Schedule Automatic Settlement Runs

  • Create the unpaid open items and pending payments that you need to settle.
  • Set up an intercompany profile in Workday for settling intercompany payments.
  • Security: 1 of these domains in the Banking and Settlement functional area:
    • Process: Schedule Settlement Run
    • Process: Settlement
You can define a schedule for Workday to create a settlement run and settle payments for unpaid open items and pending payments. If you schedule the creation of the settlement run only, you can review and edit it before processing.
  1. Access the
    Schedule Settlement Run
     task.
  2. As you complete the task, consider:
    Option Description
    Currency
    This currency can differ from the bank account currency, but the bank accounts in the bank routing rule must accept it.
    You can select multiple currencies when searching for items or payments to add to the settlement run. Workday settles the payments using the currency of each transaction. To select multiple or all currencies, enable multicurrency settlement runs in the
    Edit Tenant Setup – Financials
     task.
    Display Currency
    The settlement run currency for single currency settlement runs.
    For multicurrency settlement runs, Workday displays the settlement run inbound or outbound payment total in this currency, while settling payments using the currency of the transaction. You can change the default company currency to another currency that is associated with the company bank account.
    Run Date From Current Date In (Days)
    To settle all payments created in the settlement run, enter a number of days from the date of today. Example: You can set a future settlement run date to allow more time to fund your source bank accounts before the banks execute supplier invoice payments.
    Auto Select Filters
    Workday includes all unpaid open items and pending payments that meet the settlement filter criteria for:
    • Organization
    • Currency
    • Run date
    You can add or remove selections from the settlement run as necessary before you process the run. For the United Kingdom, the settlement run date is the BACS processing date.
    Include Payments on Behalf of Other Companies
    Select to settle payment requests from other companies for these payments categories and make payments on behalf of the other companies:
    • Expense credit card transactions
    • Expense reports
    • Miscellaneous payment requests
    • Supplier invoices
    Available companies are based on your intercompany profile. This option is unavailable if you’re settling payments for a company hierarchy.
    If you're using a custom filter with specified criteria and companies, you must select this option.
    Keep Settlement Run in Draft
    This option schedules the creation of the settlement run, but saves it as a draft. After the scheduled date and time, you can find the settlement run, review, make edits, and manually launch the process when ready.
    Exclude Negative Payments
    Select to exclude negative payments, such as credit adjustments, from processing in the settlement run.
    Workday groups all negative payments by company, payment category, and currency in a single row and marked as excluded in the
    View Settlement Run
    task.
    Dynamic Supplier Payment Date
    Select the supplier payment date that you want to match for the settlement run.
    • When the supplier invoice discount date is in the past, Workday uses the supplier invoice due date as the payment date.
    • When the supplier invoice due date is in the past, Workday uses the settlement run date as the payment date.
    A settlement run can have supplier payments with different payment dates. The bank executes supplier payments based on the payment date, not the date when you send the payment file.
When the scheduled date and time arrive, Workday creates a settlement run based on your selection criteria and either:
  • Saves the settlement run as draft.
  • Launches the
    Settlement Run Event
     business process automatically and settles its unpaid open items and pending payments.
Once the settlement engine completes the payments, it generates the accounting entries associated with each payment and sends them to the financial accounting of Workday. If ledger periods for the settlement run date are closed or in
Close in Progress
 status, payments are posted to the first available open ledger period. If an open ledger period isn't available, the status for the payment journal changes to
Error
.
After launching the settlement run, you can:
  • Approve the settlement run event.
  • For electronic payments:
    • Approve the payment release.
    • Complete and approve any additional
      Payment Release Event
       business process steps.
    • Upload payment acknowledgements for payments that have an
      Awaiting Acknowledgement
       payment status.
    • Verify that you delivered the payment integration files correctly.
  • For payments by check:
    • Complete the Print Checks Inbox items to initiate check printing when ready.
    • Complete and approve any additional
      Print Checks Task
       and
      Payment Printing Event
       business process steps.
To edit a draft settlement run, use the
Find Settlement Runs
 report. If necessary, change the
Settlement Run Name
 or
Payment Date
. The payment date is the date of the settlement that displays on checks and advices for payments included in the run. For electronic payments, the payment date is the date that you process the settlement run.