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#1260110 - 10/01/09 04:29 PM Monetary Instruments
SFrost Offline
Junior Member
Joined: Sep 2002
Posts: 35
An employee of a business comes in and purchases a Cashier's Check with $4,000 cash for the business...remitter on the check is the business. Who do you show as the purchaser...the business or the employee conducting the transaction?

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#1260123 - 10/01/09 04:42 PM Re: Monetary Instruments SFrost
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
Purchaser should be the individual conducting the transaction (employee of the business)

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#1260183 - 10/01/09 05:49 PM Re: Monetary Instruments devsfan
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
We record the name of the person conducting the transaction and another section for "on behalf of". That way we know who made the purchase and who benefited from the purchase.

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#1261417 - 10/04/09 12:52 PM Re: Monetary Instruments SFrost
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
The regulation is worded to the effect that you must record the name of the individual. Addition of the name of the remitter is a valuable refinement.
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#1261611 - 10/05/09 03:25 PM Re: Monetary Instruments Elwood P. Dowd
SFrost Offline
Junior Member
Joined: Sep 2002
Posts: 35
Thanks for the info!

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