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AP writeoffs
February 16, 2024
Q. How do your companies handle write-offs in AP? Examples: these are all 1-3 yrs old
Check never cashed, company closed
Company was acquired
Invoice in system, company indicates they don't have it as a receivable
A.
(Answered by the IOFM Advisory Panel)
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Once any check goes stale, it goes into our unclaimed property system and a letter is sent to the last known address we have on file. If we do not hear from the company to reissue the payment, we will remit the funds to the appropriate…
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