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
Right click on the creditor with the unclaimed dividend and select 'Mark distribution as Unclaimed'.
The amount will then appear in the unclaimed column in this tab . The funds will be credited back into the bank account and a debit will be entered against a liability account named 'Unclaimed Dividends'.
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.
When reconciling the bank account you will need to cross off both the original payment and the unclaimed money reversal.
Date of unclaimed monies reversal
Handling Unclaimed Monies
Insolvency practitioners are required to prepare a spreadsheet and submit the details of each payee having unclaimed monies.