Annual Procedures for old Outstanding Checks

1

Each year as of 12/31, all checks outstanding in any Fordham account for one year or more (since at least 12/31 of the prior year) are removed from the appropriate bank’s outstanding checklist.

General Accounting is responsible for compiling the list of the voided checks for submittal to the bank.

2

At the same time, a journal entry is prepared debiting the appropriate cash account. The offsetting credit will be:

Reserve for Un-cashed Checks (010000-2434)
For all payroll, student refund, and vendor checks.

3

Details of the checks moved to the Reserve for Un-cashed Checks are kept on file to facilitate the filing of the New York State Abandoned Property Report each year.