Finalize Unclaimed Property Utility

The Finalize utility is run by reporting year by state. The system will determine the thru payment due date after you enter the State that you are finalizing. This way, more than one state will not be finalized at the same time. Based on the Due Date report, run Finalize to create the electronic file and transfer the funds to the receiving state. The file will be saved for you as noted in step 5 on the Finalize Unclaimed Property Utility screen.

NOTES:

• If any of the owners that the system is attempting to finalize based on the Thru Pmt Date has errors (e.g., prints on the comparison report), the finalization will NOT run until the owner(s) are resolved.

NOTE: Step 6 will show the file's location. Go to Utilities > Folder Transfer/Compare. In the WolfePak Folder field in the top left-hand corner of the screen, use the drop-down to find the EDI Filed folder. In the Sub-Folder field, select the needed year. 

Post Finalization Review

The finalization will make a few changes. They are listed here but discussed in further detail below.

• Bank Rec > Check History – Check Status changes to Finalized through Unclaimed.
• Owner suspense transferred to new owner ZZ_UXX (state unclaimed property)
• Owner DOI Susp codes changed to UXX, and the original suspense code moved to the Extra Suspense Code column.
• Owner Payment Code in [F12] changed to U (submitted to Unclaimed Property)

Check History

Any included checks will be marked as Finalized through Unclaimed with the date.

View Suspense Transferred to New Owner

The system automatically creates a special owner code to make these payments (e.g., ZZ_UXX, with XX being the state code). The default payment method is a check. However, this can be changed to ACH (Direct Deposit) if necessary by obtaining the necessary information, selecting direct deposit for the special owner code (state), and defining the required fields. See Revenue ACH/Wire option for further information.

Summarized by Distribution report is found in Revenue/Billing > Reports > Owner tab. It can also be accessed in Owner Maintenance > Revenue/Billing tab > Sent to State/Unclaimed.

This report shows owner suspense that was escheated to the state. Since this information is in the owner’s history, running the report will allow a report to be generated for a found owner. This report will let them know in detail the monies sent to the state on their behalf for safekeeping.

View DOI Suspense Code and Payment Code Changes

DOIs and remaining suspense (for non-current states) will be recoded to the appropriate UXX (UTX for Texas, UTN for Tennessee, UOK for Oklahoma, etc.) suspense code unless the suspense code is noted as non-escheatable! When you finalize unclaimed property, the original suspense code will also be moved to the Extra Susp field automatically.

For each owner that is a part of unclaimed property, their Owner Master Payment Code will be recoded to U = Submitted to Unclaimed Property.