The Payroll Check Was Never Cashed, Now What?

By Michael L. Cecere, CPA, MST
Gray, Gray & Gray, LLP
 

PaycheckIf you think a payroll check that is not cashed is “found money” for your business, think again. Any uncashed paycheck requires careful handling and accounting to avoid running afoul of state unclaimed property laws.

A common situation in which a paycheck may go uncashed is when a final check is forwarded to an ex-employee. In some cases, the check may never catch up to a person who relocates. Or the employee may misplace or simply neglect to cash the check. Continue reading