Escheatment Analysis
Highlights:
Escheatment tracking to comply with state regulations for unclaimed property has become a routine aspect of Accounts Payable. But escheatment compliance can be complex. States vary on dormancy periods, dormancy periods, periods for vendor payments, and due diligence requirements. Each state has its own reporting form, and some require electronic filing while others accept only hard copy. Some states exempt some business-to-business transactions, though just what is exempt may vary. A particularly gray area is where your company is in a state that exempts certain B2B transactions, but the vendor is in a state that does not. In general, the funds escheat to the vendor’s state.
Operational issues can add to the complexity. How many bank accounts does your company issue payments from? Would you like to find a tool that allows you to track payments from multiple banks and accounts within one database?
We can take a lot of the complexity out of the process by leveraging our APEX Analytix FirstStrike™ escheatment tracking capabilities. We are able to identify, resolve and maintain results for your uncashed items using automated techniques to uncover uncashed items.
If you’d like to know more about our escheatment services, contact us.