Unclaimed property laws vary by state and are continually evolving. If you are being audited, or are trying to proactively mitigate the risk of an unclaimed property audit, IOFM suggests contacting an attorney, accountant or other professional who specializes in this area.
But as a first step, below is a quick summary of what you need to know – focusing on these key questions:
- How Long Do I Have to Retain Financial Records?
- What Financial … Read More
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 c… Read More