Processing Escheated Payments

Escheated payments refer to expense report payments that have has not clear your bank. You have determined that the amount will not be cashed and you need to send the amount to a federal agency.

A business use case for this process is:

1. An employee creates an expense report using PeopleSoft Expenses.

2. The expense report is approved for payment.

3. The PeopleSoft Payables, pay cycle is run and the check is generated.

4. Expense liabilities and payment liabilities are created.

5. After a period of time, you realize the check has not cleared your bank and you discover that the employee is deceased and the check will not be cashed.

6. Using the PeopleSoft Payables: Payment Escheatment Page to put the amount in an Escheatment account.

   See also PeopleSoft Payables: Payment Escheatment.

7. Using the Expense Processes Page to mark the expense as Escheated in PeopleSoft Expenses and to generate accounting entries to reverse the liability.