Hello
What do other customers do in IFS for recording stale dated cheques? We do not want to “void” the cheque, thus reopening the supplier invoice to be paid or canceled, as we want to just mark it as truly a cheque that was never cashed (so move the amount from cash gl account to another gl account for auditing purposes). IFS does not have the ability to change the status to “Stale Dated”.
Wondered if anyone came up with a custom solution?
Thank you!
+3
Checks are only good for 6 months in the U.S. After that, even if the supplier found the check and tried to deposit it, his/her bank wouldn’t let him.
In the U.S., you really aren’t able to just let uncashed checks sit as “Stale Check” (a/k/a Outstanding or Unpresented). Your finance department has to follow the Unclaimed Property process.
This typically involves contacting the payee on the check to ask if they would like a replacement check. If there is no response to that letter, there are certain timelines you have to follow for funds to be escheated to the state.
I live in Wisconsin, and this is a link to our state’s unclaimed property process. Every state probably has a different process. However, it is a requirement in all 50 states.
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.revenue.wi.gov/DOR%20Publications/pb83.pdf
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