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Chris Johnson, The Regence Group
We use Tracker software to manage our check escheatment filings and reporting. To determine check data to import into Tracker for escheatment, we pull check data from PeopleSoft, manual bank reconciliations, and our primary AR system. We compare the data from these sources to determine which checks have truly not cleared the bank. This is a very tedious, Excel-based process to determine which checks to load into the Tracker system. I’d be interested to learn how others handle check escheatment, especially the processes used to validate which checks are truly outstanding and any automated processes that are leveraged to make that easier. Thanks for any insights that you can share.
Chris Johnson Cambia Health Solutions
Alicia Kinsey, KAR Auction Services, Inc.
We import bank statements daily and run auto recon to reconcile our checks. Then we can a run query of unreconcilied checks based on payment date to determine which checks to escheat. The delivered mass payment cancellation process will allow you to mark your checks for escheatment based on your defined criteria.