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is there a check status to indicate "escheated"

  • 1.  is there a check status to indicate "escheated"

    Posted Jun 28, 2021 10:54 AM
    Hello,

    I am trying to determine if there is a way to flag an outstanding check as 'escheated'?

    When a check is voided in GP, the status is "void."

    I have never personally completed the Bank Reconciliation process, but my understanding is that part of the process is changing the status of all checks which have cleared the bank from "outstanding" to "cleared". At the end of the reconciliation process, a list of remaining outstanding checks is generated.

    When we begin our escheatment (unclaimed property) process, we start with that outstanding check list. The problem is that the list should, as far as I understand it, include all outstanding checks inception to date, including any that have been previously escheated.

    At previous points in the past, other users have voided the checks that were escheated to various states, simply to get them off the outstanding check list, but that had undesired effects on GL balances. I am simply wondering if there is a way to put checks into an 'escheated' status?

    For the record, we are using Dynamics GP 18.2.1013.

    Thanks in advance for any suggestions,

    ------------------------------
    Jennifer Shipman
    SafeGuard
    Atlanta GA
    ------------------------------
    Academy - Online Interactive Learning from Experts


  • 2.  RE: is there a check status to indicate "escheated"

    TOP CONTRIBUTOR
    Posted Jul 08, 2021 01:37 PM

    HI @Jennifer Shipman,

    There isn't a true "status" for escheated checks.  However, below is a link that outlines what we've seen a lot of clients do.  You still void the check, but there are other items in play to help you track and avoid the unwanted impacts on the GL.

    https://technologyblog.rsmus.com/microsoft/dynamics-gp/escheatment-unclaimed-property-procedures-microsoft-dynamics-gp/​

    Please review and if you have any questions, please let me know.


    Best,


    Samantha



    ------------------------------
    Samantha Higdon ,CPA,CGMA
    Consultant
    Lagom, LLC
    Carmel IN
    ------------------------------

    Academy - Online Interactive Learning from Experts


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