What must be defined before configuring banks and other financial institutions?

• A. Bank Codes
• B. Payment Type
• C. Companies, Company hierarchies, Payment type
• D. Bank Accounts

Answer: (C)

In Workday Payroll, the foundations you must establish before configuring banks and other financial institutions are the organizational structure and how payments will be made. Defining the Companies and the Company hierarchies sets up which entities exist, how they relate, and how payroll data flows and is secured across the system. At the same time, you must define the Payment type to specify the available payment methods (such as direct deposit or checks) and how those payments are processed for employees. Once these elements are in place, you can map banks and bank accounts to the appropriate entities and payment types. Bank codes or bank accounts by themselves don’t provide the necessary scope; they’re details used after the organizational framework and payment methods are defined.