How the New Unclaimed Property Laws Can Impact Accounts Payable

Unclaimed property responsibilities often fall on the Account Payable (AP) department’s shoulders because much of what must be escheated is generated by AP. The escheated property often takes the form of, for example, payments, including, but not limited to, uncashed vendor checks, unredeemed vendor credits, unclaimed payroll, accounts receivable credit balances, uncashed dividend checks, interest payments, unredeemed rebates, unused gift cards, distributions from employee benefit plans, and…