Use one of the many unclaimed property accounting information resources to understand the field, to find unclaimed goods or to list unclaimed property on your books in order to clear your records. Unclaimed property accounting reference information can help you file the annual reports and remit the property to your state.
Escheat property accounting can help your be aware of the applicable laws, which vary by state. Proper escheat accounting can help you with tracking and notification. It can also help you with diligent record-keeping and making sure that issues are resolved quickly. Unclaimed property items can include but are not limited to uncashed vendor checks, uncashed dividend checks, outstanding money orders or traveler’s checks, unredeemed gift certificates, uncashed payroll checks and utility deposits.
To find the right unclaimed property accounting information resources for you:
1. Look up basic escheat property accounting information to understand the ins and outs of the field and the regulations.
2. Consider the use of professionals for your accounting for unclaimed property services and resources for escheatment accounting information.
3. Use unclaimed property accounting resources to help you find out where to report your unclaimed property for redemption.
Start with general accounting for unclaimed property informationKnowing the basics of escheat property accounting will help you navigate through your state's regulations. It will also help you in the reporting process for each state.
University of North Carolina. Look at the Financial Accountability System Resource Guide information from the Texas Education Agency. Look what the Online CPA Journal has to say about escheat financial statement considerations. See what the Journal of Accounting has to say about Unclaimed Property.
Stick with unclaimed property accounting professionalsWork with professionals in the unclaimed property accounting field to help you manage the unclaimed property on your books and how to reconcile any unclaimed funds or items.
Use search engines to find out where to post unclaimed property accounting and listing informationIn order to balance your unclaimed property accounting information, look to the services of your state's unclaimed property website in order to file the appropriate information for the person needing to claim the property.
Washington Department of Revenue Unclaimed Property Section. See how holders can report unclaimed property in Arizona from the Arizona Department of Revenue. Holders reporting unclaimed property to the state of Utah can visit the Utah State Treasurer's Office.
- Each state's revenue or treasurer's office can give you escheat property accounting information because each state has its own regulations on what the requirements are for a holder report to the property which is presumed to be "abandoned" or "unclaimed" after the regulated dormancy period for the particular property type.