Financial Management - PSFT (MOSC)

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Escheat file to bank

edited May 2, 2011 10:21AM in Financial Management - PSFT (MOSC) 1 commentAnswered
 Hi,

Has anyone sent a file to their bank to notify them of the aged uncleared AP checks that are escheated? PeopleBooks fully explains the process of marking the checks as escheated but I am not sure of the process afterwards. Since the accounting entry is DR to the bank and CR to escheat liability, I would think notification to the bank is warranted. However, because of the volume of checks, we are looking for a way to do this electronically. Any suggestions are greatly appreciated.

Thanks,

Rachel Fitzgerald

fitzgerald.rachel@tchden.org

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