The Basics of Unclaimed Property

Each state has different unclaimed property (UP) reporting requirements. But what exactly is UP? Here’s a simple example: Your company, Splosion, Inc., sends a check payment for $8,505 to your vendor, Aerial Fusion, LLC. You wait several months, but the check never clears. You contact the vendor, but they don’t respond. This is called unclaimed property, but Splosion doesn’t just get to void the check and keep the payment. It is rightfully owed to Aerial Fusion. That’s an accounts payable…