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Unclaimed Property
When a check goes uncashed, the money isn’t immediately yours. Unclaimed property, or escheatment, still belongs to whomever you were trying to pay – and every state and US territory has different requirements for what you do next. Failure to adequately document your search for the payee can result in massive fines. (In many states, these penalties are one of the largest sources of revenue for states, behind only income, property and sales taxes.)
The more than 100 articles below can keep you current on those due diligence laws to prepare you for your next Unclaimed Property audit.
Q. I would like to know if other panelists within their job functions have outsourced escheat… Read More
Q. I am reaching out to inquire about the specific process and accounting procedures for… Read More
Q. I was asked this question regarding unclaimed property. I work at a reinsurance company that… Read More
Q. This year we have to report Puerto Rico Unclaimed Property. We are having trouble finding… Read More
Q. I am looking for suggestions of department ownership for the day-to-day monitoring of… Read More
Q. We have three uncashed checks from 2022 that were issued to patients and it was communicated to… Read More
Q. We had an accounts receivable credit balance and issued a check to the company. The check went… Read More
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… Read More
Q. How do your companies handle write-offs in AP? Examples: these are all 1-3 yrs old
Check never… Read More
Q. We have an elderly patient who is refusing to deposit a sizable refund check that we have… Read More
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