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. 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
Q. If Company A issues a check that later gets reported to unclaimed property, does Company A need… Read More
Q. A vendor provided several services in 2021 to us, but never invoiced us. We have tried to… Read More
Q. We have instances where we are in contact with the payee of an uncashed check. The payee refuses… Read More
Q. We are currently evaluating our unclaimed property processes to review areas of opportunities in… Read More
Q. What is the best practice for U.S. companies handling unclaimed property with countries such as… Read More

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