The Department of Revenue has specific guidelines for handling unclaimed property. The Guide To Reporting Unclaimed Property is available on the Department of Revenue website. Use the guide to determine what outstanding claims have been paid out but not cashed. Payroll checks must be reported after 1 year and most property should be reported after 3 years with no contact from the owner. The guide will have a complete list of abandonment periods. The following are the steps that need to be taken to record them properly in BIAS.
Go to Transactions > General Ledger
DO NOT MODIFY any transaction that has already been reported to the state. If the annual report has been filed, leave it alone!
- Click Add New
A window will open to print a copy of the stop payment. Write Adjustment will automatically be checked. DO NOT UNCHECK. BIAS will automatically create the adjustment.