To record unclaimed dividend monies, follow these steps:
1. Navigate to the 'Financials' tab
2. Navigate to the 'Distributions' tab
3. Double click on the dividend containing dividend payments that have not been banked.
4. Click on the Participants and Advice Printing tab
5. Right click on the creditor with the unclaimed dividend and select 'Mark distribution as Unclaimed'.
You can also do this via the Cash at Bank Account. Find the transaction > Right hand click on the transaction > Mark Distribution as Unclaimed.
The amount will now appear in the Unclaimed column in Creditors Distribution > Participants and Advice Printing.
The funds will be credited back into the bank account and a debit will be entered against a liability account named 'Unclaimed Dividends'. Both the original transaction and the reversal will be auto reconciled.
A payment will need to be made to clear the balance of the 'Unclaimed Dividends' account.
A Dividend Report called 'Unclaimed Dividends' provides the details of all unclaimed dividends.
Date of unclaimed monies reversal
The date of the reversal will be the date you process the reversal. If the date is prior then you will need to edit the date of the reversal.
Unclaimed Dividend where the Dividend has been paid via EFT and reconciled.
The steps to take where an EFT dividend has bounced back and is already reconciled is explained in this article.
Handling Unclaimed Monies
Insolvency practitioners are required to prepare a spreadsheet and submit the details of each payee having unclaimed monies.
Bulk Unclaim dividend distributions
There is currently no way to bulk select to mark as creditors as unclaimed at present. The quickest way to do this would be via the distribution tab. Under the distribution tab double click on the distribution that contains unclaimed amounts. Click on Participants and Advice Printing. From here you can right hand click on the creditor and mark it as unclaimed.