Updated: Oct 7, 2020
Annual Ohio Unclaimed Funds Reports are due annually on November 1st.
What are Unclaimed Funds? Unclaimed funds are outstanding items such as unclaimed wages, dividends, credit balances and many other types of outstanding checks and balances payable. A detailed list of accounts that are reportable as unclaimed funds, dormancy periods and Nature of Funds Code is available on page 38 in the Annual Report of Unclaimed Funds Forms, Instructions and Information booklet.
Most likely for service based businesses or dental practices this would include credit balances for patients/customers that have remained for 3 years or any wages outstanding for greater than 1 year. A few examples:
If a refund check was sent to a patient/customer and never cashed or returned to the office and that credit balance was in the system for 3 years, you'd need to submit those funds with the report.
If you paid an employee wages of $50 or more via check and they have not cashed the check for over a year, those funds would be submitted in your unclaimed funds report. (This example assumes your business is holding the uncashed check funds and your payroll service).
Who must file an Unclaimed Funds Report?
All businesses that are located and/or operate in the State of Ohio, or hold funds due to Ohio residents, are required to file an Annual Report of Unclaimed Funds. You need to file the report even if you have zero unclaimed funds. When is the Unclaimed Funds Report Due? Your unclaimed funds report is due by November 1st annually. You can also file an extension. File Ohio Unclaimed Funds Report Extension Online.
How do I file?
If you have zero unclaimed funds:
File Electronically- (5 minutes). If you have no unclaimed funds it only takes a few minutes to file your unclaimed funds report online via the Ohio Business Gateway. (If your company currently files reports with other State agencies through the Ohio Business Gateway, you may use your existing Username and Password to login and file. First-time users will have to register their company with the Ohio Business Gateway prior to filing).
Select "Under New Transaction" Select "Unclaimed Funds Negative Report"
Fill in the necessary information
Hit Accept to file
If you need to submit unclaimed funds:
Online filing for submitting unclaimed funds with payment is only available with certain software to be able to submit the report in the necessary format. Therefore, if you have a balance to submit to the State of Ohio of unclaimed funds, we recommend filing physically.
FAQ'S on Unclaimed Funds