Reporting Year

This is the current year.  The process is done once a year on/around January 2nd of each reporting year (Example: in January of 2023 you will run this report for reporting year 2023-not the previous year).

Date Incorporated or Licensed to do Business on

Enter the date the company was incorporated or licensed to do business.

Unclaimed Property Transfer Account

Accounts should be in your Revenue type account range as an “OTHER” deduction category. The Unclaimed process will use this account as it is transferring the suspense monies from the owner’s suspense to the state's suspense and to offset cash for Payroll and Accounts Payable checks that have been marked for "Pending Unclaimed".

NAICS Code

This free forms field allows you to enter your 2-6 digit code.

See https://www.census.gov/naics/ for more information. Use the links under Reference Files to find the appropriate code for your company.

State Incorporated or Licensed to do Business in

Enter the state the company is incorporated in. If your company is not incorporated, then enter the state your company is “domiciled” in.  Generally this would be the state where your main office is located in.

This becomes the reporting state for owners where there is no known last address. It is extremely important this is entered correctly.

County for Corporate Headquarters or Primary Place of Business

Enter the county your headquarters are located in. This is a required field for the electronic file.

Outstanding Check Entry Options (only used if Non-Revenue)

These two items must be defined in order to start the process, but they will only be utilized if there are no suspense funds to escheat for the company that the Unclaimed Property Process is being started in.

Journal

The Journal number that will be used to create the A/P invoice for funds that are being escheated in a company that does not have any suspense funds to escheat.

A/P Account

The Payable account that the invoice for escheat funds will post to for the a company that does not have any suspense funds to escheat.

Include Bank Rec Check History

An option to pull older outstanding Bank Rec checks (vendors and payroll checks only) into the escheat cycle.

BEFORE clicking on “Start Year” – Remember this should be a one-time entry as the system will retain the information from year-to-year.

Start Year

Will start the new reporting year.  The system will identify all vendors, employees, and owners that have funds in suspense that meet the requirements of the owner’s escheat state and will utilize that state’s cut-off date and dormancy period. (Pak Accounting maintains all 50 states and all US Territories’ dormancy periods and cutoff dates, but it is YOUR responsibility to double-check the states’ rules).  Pak Accounting identifies the states being reported to, which should narrow down the review process. Note: Only the current year may be started until December 1st. On December 1st, the reporting year for the new year may be started if all reporting has been completed for the current year.

Erase

Once you have started a new process, you cannot click on "Start Year" to Start a New reporting year again unless you "Erase" the current reporting year first. Generally, the “Erase” is never done.  Erasing the current reporting year will clear all data, and you will have to restart the new reporting year and redo any letters that were marked “Done”.  The erase can only be done if you have not finalized (submitted any payments for the year) that you are trying to erase.  A case where the erase would be used: You specified the wrong incorporated state.