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Documentation
Administrator Guide
Last Updated: 2023-06-23
Escheat Payments

Escheat Payments

  • Set up escheatment.
  • Configure the
    Escheatment Item Event
     business process and security policy in the Banking and Settlement functional area.
  • Security:
    • Process: Ad Hoc Payment Escheatment
       domain in the Banking and Settlement functional area.
    • Process: Customer Refund Escheatment
       domain in the Customer Accounts functional area.
    • Process: Expense Report Payment Escheatment
       domain in the Expenses functional area.
    • Process: Miscellaneous Payment - Escheatment
       domain in the Miscellaneous Payments functional area.
    • Process: Payment Escheatment
       domain in the Banking and Settlement functional area.
    • Process: Payroll Payment Escheatment
       domain in the Core Payroll functional area.
    • Process: Procurement Card Payment Escheatment
       domain in the Procurement functional area.
    • Process: Student Refund Escheatment
       domain in the Student Financials functional area.
    • Process: Supplier Invoice Payment Escheatment
       domain in the Supplier Accounts functional area.
You can escheat eligible unreconciled payments or update the payee notification dates for them. You can escheat manual or check payments that the payee hasn't cashed or claimed, except for intercompany items and inbound customer payments. Workday also gives you the option to void uncashed checks that are part of the escheatment process.
  1. Access the
    Find Escheatable Payments
     task.
  2. As you complete the task, consider:
    Field
    Description
    Dormancy Period Greater Than or Equal To (Months)
    The number of months in the escheat period with no activity on the payments. Workday finds payments that you issued and unreconciled for at least this number of months.
    Dormancy End Date
    Leave blank to use the current date.
    Payment Reference
    (Optional) Enter the check number assigned to the payment.
  3. (Optional) Create a filter name to save your prompt values. You can create filters so that you can search for escheatable payments based on different legal requirements.
  4. (Optional) Click
    Update Notification Date
     to enter the date that you informed your payees of the uncashed payments.
    You can update the notification date later as needed.
  5. (Optional) Click
    Escheat Payment
     to initiate the escheatment process.
    You can select
    Void Checks
     to void check payments so that payees can't cash them once they're escheated.
Workday initiates the
Escheatment Item Event
 business process and sends an Inbox item to the reviewer.
Workday creates new journal entries for approved escheatment items. Workday debits the corresponding cash ledger account, and credits the
Escheatment Payable
 ledger account with the escheated payment amount. Workday also changes the payment status of the unreconciled payment to
Escheated
.
The payment status for settled items remains as
Paid
. Workday doesn't reverse the accounting entries of the unreconciled escheated payments.
You can remit the escheated payment amounts to the respective government agencies using the
Escheatment Expense
 spend category on a supplier invoice or ad hoc payment. When you settle the supplier invoice payment or ad hoc payment, Workday:
  • Uses the
    Spend
     account posting rule to debit the
    Escheatment Expense
     ledger account.
  • Clears the credit from the
    Escheatment Expense
     ledger account to the cash ledger account.