Harris County Treasurer > Financial Information > Outstanding Checks Leave a comment

Outstanding Checkses must track outstanding items to avoid breaking unclaimed property laws. If payments to employees or vendors remain uncashed, they eventually must turn over those assets to the state. This typically occurs after a few years, but timetables vary from state to state. An outstanding check is a check that a company has issued and recorded in its general ledger accounts, but the check has not yet cleared the bank account on which it is drawn.

Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. If the amount is large enough to cause problems, or if you’re dubious of the payee, considerasking your bank to stop paymenton the old check. Online payments offer a more direct way of transferring the funds between you and the payee.

1.57 Outstanding Checks

She has been an investor, entrepreneur, and advisor for more than 25 years. Harold Averkamp has worked as a university https://www.bookstime.com/ing instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. After getting the stop payment, mark the entry in your register as voided.

The funds must be turned over by the applicable reporting date pursuant to OUF; April 30th. OSC will complete this transfer for the Comptroller’s Refund Account and payroll checks. DTF Treasury will complete this transfer for Vendor, Employee Expense and SSI/SSP checks. Business Units are responsible for transferring the funds from their agency sole custody accounts once the required information is transmitted to OSC OUF. If the payee doesn’t deposit the check right away, it becomes an outstanding check. If the payor doesn’t keep track of his account, he may not realize the check hasn’t been cashed.

Outstanding State Issued Checks

Outstanding Checks are all un-cashed disbursements issued by the City over the past three years. Items more than three years old as of March 1st are moved to the City’s unclaimed property account by July 1st of each year. Usually, you will print this report as part of your bank reconciliation before you begin clearing checks.

Each month the bank furnishes the University with a printout of outstanding checks on the payroll account. The printout lists each outstanding check in check number order and will include the date the check was issued, the amount of the check, and the payee.