Workday-FIN: Payment Management and Settlement

FIN: Payment Management

Overview

This document explains how Finance personnel can perform settlement-related tasks in Workday. Topics addressed in this job aid include:

Releasing payments
Returning payments
Payment Return Statement Events
Reviewing Payment Acknowledgements

Recommendations:

The recommended browser for accessing Workday is Google Chrome. However, Mozilla Firefox and Apple Safari may also be used.

Icons Referred to in This Document

Add Row	Prompt	Related Actions	Required Field
Calendar	Check Box	Magnifying Glass

Releasing a Payment

Note:

A Payment Release Event is the electronic disbursement of a payment from an institution to a worker, vendor, or other party.

Enter Create Settlement Run in the Search bar and select the task.
The Create Settlement Run pop up displays.
Complete the following fields:
1. Company: Use the Prompt to select your institution.
2. Currency: Confirm that the appropriate currency is selected.
3. Settlement Run Name: Enter the Settlement Run Name.
4. Settlement Run Date: Use the Calendar to select the date to perform the Settlement Run.
Select OK.
The View Settlement Run page displays.
Select Add.
Choose the payment type from the drop down list.

Note: The two types of payments most often selected are Student Refunds and Supplier Invoices.

Your payment type selection in step 7 determines which page and fields display next.
Fill in any information in the Search Criteria fields to help find the payment.
Select Search.

Scroll down to the Selected Item Information section.
Select the checkbox next to the appropriate payment in the Ad Hoc Payments table.

Select OK.
The View Settlement Run page displays.
Select Details in the Summary table.

The View Payments page displays.
Review the Payment Type field in the Payments table and confirm that selected value is EFT, Wire, Direct Deposit, or State Treasury Payment.

Note: If it is listed as listed as Cash or Check, select Edit and update the Payment Type.

Select Back to Summary.
(Optional) Repeat steps 9-16 as needed to add more payments to the release.
Select Process.
Select Refresh repeatedly on the View Settlement Run page until it is completed.

Note: If Check was selected as the payment method, the next step in this process is Print Checks Task; refer to Settlement Events Job Aid for more information.

Returning a Payment

Notes:

The Return Payments task reverses a payment that has been rejected due to an error (such as insufficient funds), as well as to un-apply the failed payment.
This task differs from a refund, which addresses the need for credit adjustments or the presence

of a surplus in a customer’s account balance.

Returns can be performed on payments and checks, in both Reconciled and Unreconciled states, as well as on payments with a status of Stopped.
To return multiple customer payments on the same return statement, review the Creating Payment Return Statement section of this document.

Enter Find Payments in the Search bar and select the report.
The Find Payments pop up displays.
Complete as many fields as desired on the pop up to narrow down search results.
The Find Payments report displays.

Locate the settled payment.
Select Related Actions by hovering over the magnifying glass in the payment column.

Note: Additional Actions menu displays after hovering over the magnifying glass.

Hover over Payment under Actions and select Return.
The Return Customer Payment page displays.
Complete the following fields:
1. Payment Return Date: Use the Calendar to select the date to return the payment.
2. Payment Return Code: Use the Prompt to select a code.

Note: This is a multi-select field, and more than one option can be selected.

Select OK.

Note: The payment status updates to Returned on the Find Payments report.

Void a Check for Returned Payment

Enter Record Voided Checks in the Search bar and select the task.
The Record Voided Checks pop up displays.
Use the Prompt to select the Bank Account.
The Record Voided Checks page displays.
Select Add Row if the check does not appear in the Checks table; otherwise, proceed to step 6.
1. Enter the Check Number.
2. Use the Calendar to select the Void Date.
Enter an explanation for the void in the Void Reason field.
Select OK.
Select Done.

Creating a Payment Return Statement

Enter Create Payment Return Statement in the Search bar and select the task.
The Create Payment Return Statement page displays.
Select Add in Pending Payment Returns section.
The Pending Payment Returns section expands on the screen.
Complete the following fields:
1. Originating Bank Account: Use the Prompt to select the Originating Bank Account.
2. Return Amount: Enter the amount being returned.
3. Payment Return Date: Use the Calendar to select the date of the Payment Return Data.

(Optional) To include the customer’s Addenda Record number in the Payment Return Addenda

table:

a. Select Add Row.

b. Enter the Number in the Addenda field.

(Optional) Repeat steps 3-6 as necessary for each return being included on the statement.
Select OK.
The View Payment Return Statement page displays.
Select Match Payment Return in the Payment Returns table.

Note: The return will not be completed until it is matched to an existing payment.

The Match Payment Return pop up displays.
Use the Prompt to select the Payment to Match transaction being returned.

Select OK.

Reviewing Payment Acknowledgements

Notes:

The Payment Acknowledgements report provides a record of payment dates, statuses, and matching payments from customers.
Rejected payments can be accessed and reprocessed from this report.
The table below describes the three statuses for payments visible on this report.

Status	Description
Accepted	The recipient financial institution has received and accepted the payment.
Received	The recipient financial institution received the payment but has not completed processing.
Rejected	The recipient financial institution rejected the payment.

Enter Find Payment Acknowledgements in the Search bar and select the report.
The Find Payment Acknowledgements pop up displays.
Complete any of the optional fields on the pop up.

Note: Providing more information narrows the search results.

Select OK.