Unclaimed Property e-Reporting Helps Automate AR Compliance

States continue to move away from paper unclaimed property reporting in favor of electronic reporting. No matter which method is used, almost every state still requires a hard copy of the cover sheet so they can collect the required original signatures. The advent of the NAUPA reporting format allow...

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Bibliographic Details
Published in:Managing Credit, Receivables & Collections Receivables & Collections, 2012-05, Vol.12 (5), p.5
Main Author: Herring, Danielle
Format: Article
Language:English
Subjects:
Accounts receivable
Compliance
Data integrity
Electronic documents
Escheat laws
Social security numbers
Software
State laws
Online Access:Get full text
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Summary:States continue to move away from paper unclaimed property reporting in favor of electronic reporting. No matter which method is used, almost every state still requires a hard copy of the cover sheet so they can collect the required original signatures. The advent of the NAUPA reporting format allows holders to use software to generate the NAUPA II files. The holders deliver the NAUPA II files to the states. The states load the NAUPA II files into their systems, which instantly show them which holder is reporting, all of the owner detail, and the totals for number of records reported, dollar amounts, and shares.