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Resources & Tools for AP

Resources & Tools for AP. Using Query & Word Merge. Agenda. CSU Policy – ICSUAM 3250.02 What is Escheatment? How to Prevent It CO Follow-Up Procedures Demonstration Questions. CSU Policy. ICSUAM Policy 3250.02 Disposition of Unclaimed Negotiable Instruments

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Resources & Tools for AP

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  1. Resources & Tools for AP Using Query & Word Merge

  2. Agenda • CSU Policy – ICSUAM 3250.02 • What is Escheatment? • How to Prevent It • CO Follow-Up Procedures • Demonstration • Questions

  3. CSU Policy • ICSUAM 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.

  4. Non-Negotiable Instruments • Unclaimed 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.

  5. Escheatment • Escheatment: 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.

  6. Prevention • Electronic Funds Payment • The 3 E’s: EFT – Employee – Email • Automated Clearing House • Vendors & File • P-Card Programs • Follow-up Letters • PS Query & Word Mail Merge

  7. Preparation • Develop the Letter Templates • Letter 1: Reminder • Letter 2: 2nd Notice • Letter 3: Check has been voided • Create the Queries

  8. Process • Run the Query • Merge with Letter Template • Save as yyyymmdd.doc • Print to Adobe and Save as yyyymmdd.pdf • Repeat for Letters 2 and 3

  9. Additional Steps – 3rd Letters • At 6 months, Check No Longer Valid • Stop Payment at Wells Fargo • Cancel Check – Use PeopleSoft Escheat • DR 101901-48501 CR 250900-48501 • Journal Entry to Consolidate • DR 250900-48501 CR 250900-499ES • CR 101901-48501 DR 101901-499ES

  10. Demonstration • Let’s do this….. • Account Reconciliation

  11. Got Any… Questions?

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