■ Provide the ACH banking information for Purchasing to update the vendor record.
Follow steps in Voiding Checks and Stop Payments section.
If the written correspondence is returned with a forwarding address:
Attempt to contact the vendor again at the new address.
Request Purchasing or Registrar's Office, as applicable, to update the address.
If the written correspondence is returned undeliverable, attempt to find current address information using Lexus-Nexus or other service, as available.
Follow up in writing after 30 days of initial written correspondence; reach out by phone, email, or other available contact information.
Transfer to unclaimed property liability account any uncashed check greater than 1 year outstanding without any response received.
Mark as Final reconciliation in Banner
Prepare a journal entry to restore vendor cash and create an escheat liability:
DR vendor cash 990000-110056 Fifth Third Vendor Cash
■ CR unclaimed property liability 110001-240006 Escheat Checks
Transaction description: [Vendor Last Name, First Name] [Check #] [Date]
Unclaimed
Remove check from Bank Issue file to ensure check cannot be cashed following steps in Voiding Checks and Stop Payments section.
If a vendor contacts the university after the payment has been moved to unclaimed property,
Create a Direct Payment Request charging the unclaimed property liability account 110001-240006 Escheat Checks
Include a reference to the original check number in the transaction description of the manual payment transaction to ensure claims are not duplicated.
Checks that remain uncashed after a period are considered unclaimed property. The university must follow due diligence procedures to attempt to remit the funds to the intended payee. The current statute considers abandoned property as wages and reimbursements due to employees one (1) year after the amount becomes payable, and all other payments three (3) years after they become payable.
Stale dated checks should be transferred to the unclaimed property liability account after 1 year and held for an additional 2 years before they are reported and remitted to the state.
Accounts Payable Manager
Banner
Unclaimed Property Holder Book (updated annually)