Unclaimed Property Processing and Inactive Account Combinations
Working on unclaimed property in the US, unclaimed property retention goes back 7 years. After 7 years the unclaimed property must be remitted to each companies respective state agency.
Managing account combination over the past seven years, we have thousands of account combinations that have been inactivated. Each time we want to reissue an old payment (one off processing) we have reactive that accounting string and reissue.
However, we went live in 2015 and are now processing our first unclaimed property transfer in Oracle and have encountered an issue where we need to reactivate hundreds of accounting strings to process the unclaimed property. We will encounter this for the next 6 years if we implement a process change today at year end 2023.