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#2200322 - 12/11/18 03:03 PM CTR Completion-Individul and business?
Bec Offline
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Bec
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The Great White North
Need a little help:
Conductor brings in multiple checks payable to themselves. While cashing the checks, they also perform several withdrawals from entities they are a signer on. The total of checks and withdrawals is $15,605. The breakdown is as follows:
Business A: $175, Business B: $1,875, Business C: $2,225, Business D: $3,050.
Total checks payable to conductor: $8,280.

The conductor deposits $400 into Business C's checking account and takes the rest in cash with them.

I am thinking that the CTR would only be reporting the $15,605 on the conductor. But for some reason, I think I am missing something. Anyone have an opinion as to the proper completion for this CTR?
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#2200324 - 12/11/18 03:14 PM Re: CTR Completion-Individul and business? Bec
rlcarey Offline
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Galveston, TX
On who's behalf were the withdrawals from the business accounts conducted?
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#2200327 - 12/11/18 03:34 PM Re: CTR Completion-Individul and business? Bec
Bec Offline
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Our rule of thumb is that when a conductor withdraws from a business account with a debit memo or a check made out to the business, we say that the withdrawals are benefitting the business. If the conductor cashes a check made payable to cash, then we assume that the funds are for the conductor. In this case, the withdrawals from the businesses are in the form of a debit memo, so I assume that they are for the benefit of the business.
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#2200812 - 12/14/18 08:22 PM Re: CTR Completion-Individul and business? Bec
John Burnett Offline
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Cape Cod
In that case, you have one CTR with the conductor's Part 1 entry (2a) for the full $15,605, and separate Part 1 entries (2c) for each of the businesses from which funds were withdrawn. The $400 deposit is ignored.
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#2200861 - 12/17/18 03:51 PM Re: CTR Completion-Individul and business? Bec
Bec Offline
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Bec
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That makes absolute sense to me. thank you for your time.
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