If you’ve been charged with the responsibility of escheatment reporting, you know the process is anything but simple. With 55 domestic reporting jurisdictions – and little uniformity from one to the next – it can be a daunting task for companies to handle their unclaimed property reporting processes in-house.
https://www.keaneunclaimedproperty.com/escheat-reporting
Escheat Process. An escheat is the transfer of an individual’s property to a governing state. Essentially, the state becomes the owner of a private citizen’s home after the owner no longer exercises his claim to it.
http://homeguides.sfgate.com/escheat-process-6814.html
What is 'Escheat'. Escheat is the transfer of title of property or an estate to the state when an individual dies without a will and legal heirs. Escheat ensures that property always has a recognized owner, which would be the state or government if no other claimants to ownership exist.
http://www.investopedia.com/terms/e/escheat.asp
The acquisition of property by a state or government from the estate of a deceased person. An escheat occurs when the deceased person has no will, no relatives, and no survivors to whom the property would otherwise go. Because it is rare for a person to have no relatives at all, escheats are fairly unusual.
http://financial-dictionary.thefreedictionary.com/Escheatment
Keane’s escheat reporting service is a cost-effective means of ensuring compliance and reporting unclaimed property accurately year after year. Many organizations realize the tremendous value in outsourcing their annual unclaimed property and escheat reporting work to Keane – and yours can too.
https://www.keaneunclaimedproperty.com/escheat-reporting
Even after the state escheats the property in question, an heir can step forward at any time to claim it; the escheat process is revocable. If the property is still in standing condition, the state will usually transfer the property title to the heir.
http://homeguides.sfgate.com/escheat-process-6814.html
Select to run one of the following on-demand processes after you have marked and saved the escheatment. This creates the necessary reversal accounting entries. : Selecting this option runs only the Payment Posting process. Selecting this option runs the Payment Posting process and then the Journal Generator process.
https://docs.oracle.com/cd/E39583_01/fscm92pbr0/eng/fscm/fapy/task_EscheatingIndividualPayments-9f6f9a.html
If you would like additional information on the escheat reporting process and the basics of unclaimed property reporting, Keane has prepared a brief 20-minute webinar presentation hosted by Senior Vice President Scott Regan that is available to view for free here on our website.
https://www.keaneunclaimedproperty.com/escheat-reporting
Escheatment. 1  The process of turning over unclaimed or abandoned property to a state authority. Escheatment laws require mutual funds to turn over uncashed or returned check dollars and/or client account fund shares if the owner cannot be located within a length of time determined by each state.
http://financial-dictionary.thefreedictionary.com/Escheatment
When you select Escheated in the Payment Status group box, the system selects the Escheated option in the Cancel Action group box. The Payment Posting process creates accounting entries that reverse the cash entries to an escheatment liability account, which you predefine on the Accounting Entry template.
https://docs.oracle.com/cd/E39583_01/fscm92pbr0/eng/fscm/fapy/task_EscheatingIndividualPayments-9f6f9a.html
what is escheatment process
Escheatment process is the process of turning over unclaimed or abandoned property to a state authority.