IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

AP writeoffs

February 16, 2024
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) ----- 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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