Learn how automation will streamline banking and settlement in Workday

Recording all University of Wisconsin institutions’ bank transactions to one system, Workday will streamline the payment process and provide improvements to security, analytics, and reporting.

In ATP’s latest Workday Walkthrough on August 10, Nou Vang and Michael Arnold, from the ATP Cash Management Design Team, gave an overview of Banking and Settlement in Workday.

“Currently, each campus handles its accounts payable. In the future, payments will be consolidated with the UW business unit,” Arnold said.

Across the UW System, we will reduce the number of open bank accounts from 30 to 10, and we can reduce the overall number of transactions. Additionally, thanks to Workday’s automated bank statement line matching capabilities, reconciliation can happen daily, saving time at month-end close.

“Match rules will be applied to transactions,” Vang said. “This automation reduces the number of manual journal entries that staff would typically make during their reconciliation.”

Additionally, the new system will improve reporting and analytics. Features like positive pay, check block, and debit block will enhance security and controls.

To learn more about Banking and Settlement in Workday — plus hear insights from Steven Hopper, Associate Vice President for Learning and Information Technology Services and Chief Information Officer, UW System Administration — watch the August 2023 Workday Walkthrough.

Watch the Latest Workday Walkthrough


What’s Changing, and Why Does It Matter?

  • Decrease in the number of accounts payable bank accounts from 30 to 10​
  • Reduction in manual time spent create journal entries during bank reconciliation by utilizing Workday rules to automatically assign accounting transactions
  • Separation of Student/Point of Sale and AR funds by bank accounts
  • Better security and controls, such as adding positive pay to checking accounts, check block to non-check issuing accounts, and debit block to receivable accounts