Outstanding check definition
What is an outstanding check?
An outstanding check is any check that has not cleared your bank for payment. This includes checks that are outstanding, written-off, stale-dated or returned by the post office. Common terms used include accounts payable, expense, drafts, and vendor payments. General checks are presumed abandoned after five years if they remain unclaimed.
Are outstanding checks unclaimed property?
Outstanding checks are frequently reported as unclaimed property. An outstanding check is any check that has not cleared your bank for payment. This includes checks that are outstanding, written-off, stale-dated or returned by the post office. Common terms used include accounts payable, expense, drafts, and vendor payments.
How long are outstanding checks reportable?
Outstanding checks issued by governmental units are reportable one year from date issued. A governmental unit includes a court, government, governmental subdivision, agency, or instrumentality.
What types of checks are presumed abandoned after 5 years?
General checks are presumed abandoned after five years if they remain unclaimed. This category includes wages, payroll, employee commissions, returnable garnishments, deferred compensation, payroll services and bonuses. Unclaimed property that represent wages or payroll is presumed abandoned one (1) year from the date payable to the employee.
Accounting Manual: Unclaimed and Uncashed Checks C-173-78 - UCOP
1) Outstanding check: Any University check that has not cleared the bank, been canceled, or written off. Outstanding checks include both uncashed and unclaimed checks. 2) Uncashed check: A check mailed or delivered to the payee that has not been cashed. 3) Unclaimed check: A check held by any University office
[PDF File]Statutory Issue Paper No. 12 Accounting for Drafts Issued and ...
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Drafts outstanding - Some insurance companies may elect to pay claims by draft rather than by check and may not record the drafts as cash disbursed until the drafts are presented to the insurer by the bank. A liability for drafts outstanding is required only if cash disbursements and
[PDF File]Guide to Unclaimed Property Uncashed or Unpresented Checks
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An outstanding check is any check that has not cleared your bank for payment. This includes checks that are outstanding, written-off, stale-dated or returned by the post office. General Checks Common terms used include accounts payable, expense, drafts, and vendor payments.
Guide to Unclaimed Property Uncashed or Unpresented Checks
An outstanding check is any check that has not cleared your bank for payment. This includes checks that are outstanding, written-off, stale-dated or returned by the post office. General Checks Common terms used include accounts payable, expense, drafts, and vendor payments.
[PDF File]G EN ERA L LEDGER - NCUA
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Numerous stale-dated outstanding checks; Numerous stale-dated reconciling items; Lump sum postings not conducive to good audit trail; Checks or transactions receipts missing or out of sequence; Timeliness of deposits not in accordance with Bylaw requirements, if adopted by the credit union;
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