 
Comptroller's Office |
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[ Accounting ] Unclaimed Property The school and center P2P process is designed to ensure that related disbursements are paid accurately and on time. Stale-dated uncashed checks are generally an indication that the process is not functioning as intended and may be an indication of duplicate check issuance. In addition, after specified periods, stale-dated uncashed checks must be “escheated” or remitted to the state and may be an unnecesary use of school and center resources. Therefore it is important that stale-dated uncashed checks are monitored, researched and resolved as soon as possible. Effective May 1, 2009, the current school and center due diligence process for uncashed stale-dated accounts payable checks will be improved by implementing a new process focusing on stale-dated uncashed checks issued January 1, 2009 and thereafter. Monitoring and investigating uncashed checks as they become stale will reduce the research time, get payments to payees sooner, and enable schools and centers to implement corrective actions to prevent re-occurrences and eliminate related re-work. A spreadsheet document and process has been developed to facilitate and document the review process. It will also meet the SAS 112 formalized control requirements including certification which evidences completion and review of the procedures and results. The Comptroller's Office will collect these documents to facilitate audits by external parties and provide additional guidance as necessary. Resources:
Need Help? Please contact: Courtney Vogt 215-898-4600 Or e-mail cvogt@upenn.edu |
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