Industry: Accounts Payable, Payroll, and Other Disbursements
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1 Industry: Accounts Payable, Payroll, and Other Disbursements Presenters: Nancy Paschal, The McGraw-Hill Companies Inc. Carla McGlynn, Unclaimed Property Consulting & Reporting LLC 2011 UPPO. All rights reserved. 1
2 Session Objective: To Share and Discuss Current Unclaimed Property Issues in the Disbursement and Receivables Area Effecting Your Company Today 2011 UPPO. All rights reserved. 2
3 Agenda: Industry Property Categories Reporting Issues Escheat Management Audit Activity Amnesty & Voluntary Compliance Internal Controls and Policies & Procedures 2011 UPPO. All rights reserved. 3
4 INDUSTRY PROPERTY TYPES MS01 Wages, Payroll, or Salary MS02 Commissions MS03 Workers Compensation Benefits MS04 Payment for Goods and Services MS05 Customer Overpayments MS06 Unidentified Remittances MS07 Unrefunded Overcharges MS08 Accounts Payable MS09 Credit Balances/Accounts Receivable MS10 Discounts Due MS11 Refunds Due MS12 Unredeemed Gift Certificates MS13 Unclaimed Loan Collateral MS14 Sums Payable Under Pension/ Profit Plans (IRA, eg) MS15 Property Distributable in Course of Dissolution MS16 Any Other Misc Outstanding Checks MS17 Any Other Misc Intangible Personal Prop. MS18 Suspense Liabilities MS19 Credit Memos MS99 Aggregate Misc. Property Under $50.00 CK01 Cashiers Checks CK02 Certified Checks CK03 Registered Checks CK04 Treasurers Checks CK05 Drafts CK06 Warrants CK07 Money Orders CK08 Travelers Checks CK09 Foreign Exchange Checks CK10 Expense Checks CK11 Pension Checks CK12 Credit Checks or Memos CK13 Vendor Checks CK14 Any Checks Written Off to Income or Surplus CK15 Any Outstanding Official Checks or Exchange Items CK16 CD Interest Checks CK99 Aggregate Uncashed Checks Under $50 UT01 Utility Deposits UT02 Membership Fees UT03 Refunds or Rebates UT04 Capital Credit Distributions 2011 UPPO. All rights reserved. 4
5 Reporting Issues Legislative Changes Effecting Compliance Lack of Information & Documentation Determining Dormancy Due Diligence Reporting to the Correct State Reconciling to General Ledger Record Retention 2011 UPPO. All rights reserved. 5
6 Where is Escheat Managed in Your Company? Possible Departments: Tax Accounts Payable Controller s Financial Reporting Payroll Treasury Internal Audit Legal 2011 UPPO. All rights reserved. 6
7 Audit Activity & Concerns AuditsConducted by: Third Party Audits State Conducted Audits Cooperative Audits Audit Concerns: Look Back Period Lack of Records/ Extrapolation Acquisition Liability (Successor) Internal Resources 2011 UPPO. All rights reserved. 7
8 Amnesty & Voluntary Compliance Informal (Proactive Reporting) Formal Execute State Provided Agreements (Example States): DE NY TX 2011 UPPO. All rights reserved. 8
9 Policy & Procedures Capturing Data from Various Departments Internal Research Reconciliation Due Diligence Reporting Record Retention 2011 UPPO. All rights reserved. 9
10 Industry Breakout Topics Top Reporting Issues Top Due Diligence Issues Top Audit Issues Best Practices One Question for States 2011 UPPO. All rights reserved. 10
11 Questions? Nancy Paschal Carla McGlynn Unclaimed Property Consulting & Reporting LLC (732) llc.com The McGraw Hill Companies Inc. (609) hill.com 2011 UPPO. All rights reserved. 11
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