24B AP Escheatment - Unclaimed Funds Account

Summary:

Business would like to understand the need to have the 'Unclaimed Funds Account'. Please see below details.

Content (please ensure you mask any confidential information):

As per 24B Escheatment process, the steps are as summarized below:

1. Identify Payments to be escheated through reports.

2. Select Payment/Payments and Initiate Escheat action. (Status changes to ‘Escheatment initiated’).

3. Select Payment/Payments and Escheat action. (Status changes to ‘Initiated for escheatment’ and then to ‘escheated’ automatically).

4. New Invoice is created to the State/Escheatment authority.

5. Payment is completed for the above invoice using regular process and this file will be transmitted to bank electronically as usual.