Which of the following is a core function of banking and settlement in Workday?

The core function of banking and settlement in Workday focuses on managing financial transactions and ensuring that payments are properly processed within the system. Configuring payment elections and settlement rules directly relates to these activities. This includes setting up how payments are initiated, received, and reconciled, which is essential for the smooth operation of banking functions within an organization.

Effectively configuring these elements helps ensure that financial transactions are executed according to the established guidelines and can facilitate timely and accurate settlements. This function is vital for maintaining healthy cash flow and optimizing financial operations, making it a foundational aspect of banking and settlement processes in Workday.

The other options pertain to different areas of financial management. Assigning tax codes relates to compliance and taxation but does not specifically address banking operations. Managing financial reporting hierarchies deals with the structure of reports and data but not with actual transaction processing. Running lease amortization schedules is related to asset management and accounting rather than the core functions of banking and settlement.