You're almost there! Please answer a few more questions for access to the Applications content. Complete registration
Interested in joining? Complete your registration by providing Areas of Interest here. Register

Unclaimed Property Processing and Inactive Account Combinations

edited May 27, 2024 11:48AM in Subledger Accounting & Accounting Hub 1 comment

Summary:

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.

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!