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Enable Escheatment Functionality For Overdue Electronic Payments in Payables

in Payables, Payments & Cash Management

Summary:

Hi Team,

We have a business use case wherein we have lot of overdue payments which are rejected by bank due to incorrect bank account details. For most of the scenarios, we are able to get the bank account details corrected and re-process the payments.

But there are some scenarios wherein we are not able to reach to suppliers and after 365 days need to pay the amount to State Revenue Office here in Australia. We were trying to mimic Escheatment functionality for Electronic payments and got to know that it is only supported for Processing Types as 'Printed' (Not Electronic).

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