Posted By: TXBSA
CTR- Foreign Currency Order and US Cash Deposit - 07/10/17 03:21 PM
We had a customer come in and deposit $13,500 in cash on Friday. The customer then proceeded to make a Foreign currency purchase, that we had to order from our correspondent. We debited our customers account in the amount of $13,495.74 US for the 11,125 euros and offset the GL account for the correspondent bank. The transaction posted to the account on Friday. The euros are being shipped from our correspondent to us and we will have the customer come in to pick them up when they arrive (today or tomorrow).
How exactly do I prepare the CTR or CTRs? Do I show the deposit on Friday as a deposit or as something else since I know the funds were being used to purchase foreign currency? Do I do 1 CTR or 2 since the actual foreign cash out is happening on a different business day? We have never had a customer order this much in foreign currency so we are in new territory here.
Any help is much appreciated. Thank you!!
How exactly do I prepare the CTR or CTRs? Do I show the deposit on Friday as a deposit or as something else since I know the funds were being used to purchase foreign currency? Do I do 1 CTR or 2 since the actual foreign cash out is happening on a different business day? We have never had a customer order this much in foreign currency so we are in new territory here.
Any help is much appreciated. Thank you!!