Skip to main content
J
JulieDeM
February 3, 2023
Question

Unclaimed Property Liability

  • February 3, 2023
  • 1 reply
  • 0 views

Using Quickbooks Desktop: Have old checks that haven't cleared bank account so still showing as unreconciled in bank rec. If we want to record an unclaimed property liability for these checks, how do we do this? If we record a journal entry, won't the check still show as unreconciled? We are trying to clean up the bank rec.

 

thanks

1 reply

Rustler
Rustler
February 6, 2023

Use a journal entry

debit bank for the full amount

credit the unclaimed liability account for the same amount

when you reconcile, check off the outstanding checks against the deposit

 

You should check on your states Eschew laws, those laws require the check amounts to be sent to the state who holds them for the customer/vendor.

Terms & ConditionsAccessibility statement