We have a few owners on "Hold" because there is no address to send their checks to. We have exhausted all measures in finding an appropriate address. What account can we write off their checks to and HOW can we do it?

I believe these amounts can be submitted to the state as unclaimed funds.

You can clear the owners suspense balance under the utilities menu by choosing Clear Owner Suspense. This will clear the suspense balance for the owner but will not post anything to any of the accounts.

The account that is holding the balance of the suspense is the account that you have specified on the accounts tab of the Disbursement and JIB Options screen as the "Legal Suspense Account." You will need to clear the balance out of that account. *This will be under Edit > Preferences in new versions of the software.*

As far as the account to use to write off their checks you will have to check with your accountant. If you send a check to the state for the unclaimed funds it would obviously be your checking. If you are going to hold the amount then it would probably be some sort of an A/P account or whatever your accountant recommends. You can also just leave it in the Legal suspense account and not clear the owner's suspense balance until the owner is found or the amount is turned into the state.

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