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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.

Learn about monthly procedures.