Payables and Cash Management - EBS (MOSC)

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Escheatments in the US

edited Jul 15, 2014 5:00AM in Payables and Cash Management - EBS (MOSC) 5 commentsAnswered
I am working on a R12 global roll out at a UK bank with a US Division. The US Bank have a requirement for Escheatment functionality.

 

As I understand it, this relates to the processing of Out of Date or 'Stale' checks, where the supplier has not presented the cheque within a specified period of time. Where this occurs the checks become payable to the local tax authority.

 

They are currently on 11.5.10 and handle their reconciliation and escheatment functionality outside of Oracle, as we were told that Oracle does not handle escheatments.

 

1) As this is supposedly a standard requirement in the US, how does Oracle EBS typically deal with the escheatment process?

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