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Our Strength

Since 1984, IAB has been serving the credit community as an Accounts Receivable and Deduction Management service provider. Our services generate cash to reduce your DSO, DDO and improve your bottom line. IAB delivers a revenue stream while providing valuable reporting and analysis to our Clients. Personalized services truly represent our goal of: PARTNERS. SOLUTIONS. RESULTS!

Escheatment Resolution Case Study

Our client was faced with $7.8 million in unclaimed property (unapplied cash and residual credit memos) that needed research to determine its proper owner.

Our team performed the following functions to assist in the resolution:

  • Pulled the necessary supporting documentation to research the claim amount. This included check remittances, credit memos, and any other information to allow recreation of the accounting trail that resulted in the creation of the cash on account (or residual credit memo)
  • Worked in multiple accounting systems (SAP and Oracle), analyzed all of the data.
  • Completed reconciliation sheets that explained the proper owner of the claim amount and included all supporting documentation for audit purposes.
  • Improved processes and other recommendations resulted in better escheatment avoidance.

Management performed trend analysis and provided root cause identification information to the client allowing them to discover some major process issues that were accounting for a large percentage of the unclaimed property balance.

Results

The final result showed resolution of $7.3 million of the $7.8 million balance along with trend support for the allocation of the small, remaining balance. The client was prepared in the event of a state audit and they were alerted to process changes that needed to be made in order to prevent these scenarios from recurring in the future.