2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

Resources & Tools for AP Using Query & Word Merge

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

AgendaCSU Policy – ICSUAM 3250.02

What is Escheatment?

How to Prevent It

CO Follow-Up Procedures

Demonstration

Questions

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

CSU PolicyICSUAM Policy 3250.02

Disposition of Unclaimed Negotiable Instruments

It is the policy of the CSU that unclaimed negotiable instruments remain the property of the payee. This document provides direction for the treatment of unclaimed negotiable instruments that cannot be returned to the rightful owner. Each campus must prepare written procedures to implement this policy.

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

Non-Negotiable InstrumentsUnclaimed negotiable instruments are

defined as:

Checks that have been delivered but remain uncashed by the payee.

Checks that have been returned to the university and the payee cannot be located.

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

EscheatmentEscheatment: the reversion of property to the

state, or (in feudal law) to a lord, on the owner's dying without legal heirs.

When unclaimed negotiable instruments, excluding payroll warrants, have expired, they remain the property of the CSU and will be escheated. The escheated amounts will be recorded as liabilities.

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

PreventionElectronic Funds Payment

The 3 E’s: EFT – Employee – Email

Automated Clearing HouseVendors & File

P-Card Programs

Follow-up LettersPS Query & Word Mail Merge

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

PreparationDevelop the Letter Templates

Letter 1: Reminder Letter 2: 2nd NoticeLetter 3: Check has been voided

Create the Queries

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

ProcessRun the Query

Merge with Letter Template

Save as yyyymmdd.doc

Print to Adobe and Save as yyyymmdd.pdf

Repeat for Letters 2 and 3

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

Additional Steps – 3rd Letters

At 6 months, Check No Longer Valid

Stop Payment at Wells Fargo

Cancel Check – Use PeopleSoft Escheat DR 101901-48501 CR 250900-48501

Journal Entry to Consolidate DR 250900-48501 CR 250900-499ESCR 101901-48501 DR 101901-499ES

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

Demonstration

Let’s do this…..

Account Reconciliation

2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e

Got Any…

Questions?