International Journal of Computer
Trends and Technology

Research Article | Open Access | Download PDF

Volume 72 | Issue 9 | Year 2024 | Article Id. IJCTT-V72I9P108 | DOI : https://doi.org/10.14445/22312803/

Automate Escheatment Process (AP Checks) in Oracle E-Business Suite (EBS) R12 Payables

Naresh Kota

Received Revised Accepted Published
22 Jul 2024 23 Aug 2024 14 Sep 2024 30 Sep 2024

Citation :

Naresh Kota, "Automate Escheatment Process (AP Checks) in Oracle E-Business Suite (EBS) R12 Payables," International Journal of Computer Trends and Technology (IJCTT), vol. 72, no. 9, pp. 48-50, 2024. Crossref, https://doi.org/10.14445/22312803/

Abstract

Escheatment [1] is a process where any institute or business entity turns over the unclaimed property to its state or authority after a certain amount of time. Escheatment can include bank accounts, shares, uncashed checks, and unclaimed wages. Oracle E-Business Suite (EBS) R12 Payables[4] application offers to process supplier payments via ACH and Check, but currently, it does not offer an automation process in Payables for Escheatment and is marked as a bug and an enhancement request [3] with Oracle. However, Oracle has provided a workaround in Payables, which involves the organizations spending much manual effort and is time-consuming. To fill the gap, organizations spend much effort identifying the escheatment checks and processing them manually to ensure accounting compliance. A custom process is required to automate, and this document helps to design the automation process to streamline the Escheatment in the Oracle EBS R12 Payables application.

Keywords

Escheatment, Oracle E-Business Suite (EBS) R12, Payables, Suppliers, Escheat checks.

References

[1] Will Kenton, Escheat Definition, Investopedia, 2024. [Online]. Available: https://www.investopedia.com/terms/e/escheat.asp#toc-what-is-escheat
[2] Will Kenton, Escheatment of Unclamied Assets, Investopedia, 2024. [Online]. Available: https://www.investopedia.com/terms/e/escheat.asp#toc-escheatment-of-unclaimed-assets
[3] Oracle Enhancement Request. [Online]. Available: https://support.oracle.com/epmos/faces/DocumentDisplay?id=1370921.1
[4] Sudha Seshadri et al., “Oracle® Payables User's Guide Release 12.1,” 2009.
[Publisher Link]
[5] How You Tranfer Funds to Escheatment Authority, Oracle. [Online]. Available: https://docs.oracle.com/en/cloud/saas/financials/24b/fappp/how-payments-are-escheated.html#How-You-Transfer-Funds-to-Escheatment-Authority
[6] Madison L. Mackenzie, Unclaimed Porperty: NC Law Requires Annual Records Review and Reporting. [Online]. Available: https://bulletins.ncrec.gov/unclaimed-property-nc-law-requires-annual-records-review-and-reporting/
[7] Mike Kappel, What is Escheatment?, Patriot Software, 2022. [Online]. Available: https://www.patriotsoftware.com/blog/payroll/what-is-escheat-law/amp/
[8] Unclaimed Property Administrators, National Association of Unclaimbed Property Administrators. [Online]. Available: https://unclaimed.org/
[9] How to create/update Supplier Site using API in Oracle EBS R12. [Online]. Available: https://support.oracle.com/epmos/faces/DocumentDisplay?_afrLoop=330569777400441
[10] Oracle Payable Implementation Guide,Release 12.1. [Online]. Available: https://docs.oracle.com/cd/E18727- 01/doc.121/e12795/T434884T434887.htm