The start of a new year is a natural moment to reset priorities and establish practical goals — especially when it comes to unclaimed property compliance. For many organizations, a smoother reporting year depends less on reacting to deadlines and more on how well processes, data, and timelines are planned upfront.
Whether your reporting calendar is relatively light or spans multiple states with both spring and fall filing cycles, early planning can make a meaningful difference. Rather than scrambling later in the year, many teams use this time to set realistic compliance resolutions — cleaner data, clearer ownership, and better visibility into when work needs to happen.
The checklist below is designed to support that planning process, helping teams move into the year with clarity and fewer surprises.
Step 1 — Final Reconciliation of Escheatable Items
Reconciliation is often the first place compliance issues surface. Differences between internal ledgers, aging reports, and prior filings can quietly accumulate over time, especially across multiple systems or entities.
Checklist:
- Compare internal ledgers against prior unclaimed property reports submitted to each state
- Confirm property types are categorized correctly and consistently
- Validate balances appearing on aging reports
- Review reversals, voids, and reissued items to ensure documentation is complete
Why it matters: Reconciliation is frequently where gaps or inconsistencies emerge — the same issues auditors tend to focus on later if left unresolved.
Step 2 — Review Dormancy Calculations & Cutoff Dates
Dormancy rules vary by state and property type, while system configurations are often standardized across an organization. As a result, items may age earlier or later than intended if system logic doesn’t fully reflect statutory requirements.
Checklist:
- Reconfirm dormancy periods by property type and jurisdiction
- Ensure cutoff dates are applied consistently across systems (AP, AR, payroll, refunds, customer credits, etc.)
- Identify items expected to age into reportable status later in the year
- Note anomalies where items are aging earlier or later than expected due to system limitations or manual workarounds
Step 3 — Finalize Missing Data & Supporting Documentation
Incomplete owner data and missing documentation create friction throughout the reporting process. Addressing these gaps early reduces rework and improves overall reporting accuracy.
Checklist:
- Complete missing owner names, addresses, and taxpayer identification numbers
- Attach supporting documentation for voided, reversed, or reissued items
- Validate that internal documentation and policies align with state expectations
Step 4 — Review Due Diligence Records
Due diligence is a frequent audit focus and deserves dedicated attention. A clear, well-documented process not only supports compliance but also provides insight into what worked — and where improvements are needed.
Checklist:
- Confirm required notices were sent using current owner address information
- Ensure certified mail requirements (when applicable) were met and properly recorded
- Verify that prior reporting-year due diligence letters, mail proofs, certified receipts, and logs are centrally stored and accessible
- Identify bottlenecks, delays, or timing challenges to address going forward
Step 5 — Evaluate Multi-State Filing Requirements for the Year Ahead
Multi-state reporting isn’t just about knowing where you file — it’s about understanding how each state differs and when the work needs to happen. Reviewing requirements and deadlines together helps teams plan realistically and avoid missed steps.
Checklist:
- Cross-check legal entities, EINs, acquisitions, and divestitures
- Review state-specific nuances and reporting requirements (e.g., Texas, Michigan, Florida, Vermont, Pennsylvania, New York)
- Confirm reporting deadlines and filing cycles as part of that review
- Update internal trackers for any entity name or address changes
Pro tip: Having visibility into both requirements and timing — especially when consolidated in a single system like UPNavigator® — helps teams move from reactive compliance to proactive planning.
Step 6 — Conduct an Audit Exposure Check
Identifying potential exposure early allows organizations to make informed decisions rather than reacting under pressure.
Checklist:
- Review documentation gaps, inconsistent data fields, or unusual void/reissue activity
- Identify property types with historically higher audit focus (e.g., payroll, customer credits, stale-dated checks)
- Evaluate whether written policies reflect actual practice
- Consider whether internal cleanup efforts or voluntary disclosure options may be appropriate
Real-world example: When a company decided to outsource its escheatment process, UPCR recommended reviewing general ledger activity that had not been examined in more than five years. That review identified over $200,000 in stale-dated checks subject to reporting in Florida, Georgia, and North Carolina. UPCR initiated voluntary disclosure agreements (VDAs) with those states, helping reduce audit exposure and secure penalty and interest abatement.
Step 7 — Review Systems, Workflows, and Team Readiness
Strong compliance outcomes depend on clear ownership, effective systems, and ongoing education.
Checklist:
- Confirm roles and responsibilities for the upcoming reporting cycle
- Review system configurations in AP, AR, payroll, and general ledger modules
- Identify opportunities for training or internal education
- Assess whether process improvements or integrations could streamline reconciliation and reporting
- Document what slowed the process last year and what should change
Step 8 — Prepare Your Compliance Calendar
A well-structured compliance calendar reduces last-minute pressure and supports smoother execution throughout the year.
Checklist:
- Outline due diligence timelines by state
- Add spring, fall, and industry-specific filing deadlines
- Schedule internal review checkpoints 60–90 days before each filing deadline, ahead of due diligence activities
- Align cross-functional partners early (finance, AP, payroll, treasury, legal, IT)
If you’re using UPNavigator®, many state deadlines and requirements are already built into the platform, helping teams stay organized year-round.
A Strong Start Sets the Tone
Starting the year with a clear, practical compliance checklist helps reduce risk, improve accuracy, and create a smoother reporting cycle ahead.
If you’d like a second set of eyes — or a helping hand working through the list — UPCR can support your team through reporting, co-sourcing, outsourcing, training, or software solutions designed to simplify unclaimed property compliance.