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Completing/Maintaining a Monetary Instruments Log

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Question: 
When completing and maintaining the monetary instruments log, should we list the amount of the instrument that was purchased or the total amount of cash received? For example we have one in which a customer brought in $7550 in cash, purchased a cashier's check for $7500, was charged a $7.00 fee and took $43 back in cash. So, which amount should be listed on the log?
Answer: 

Section 103.29(a)(1)(i)(E) requires you to record "The amount in dollars of each of the instrument(s) purchased. Therefore, I believe you should record $7,500 (the amount of the cashier's check).

You can find the instructions here.

First published on BankersOnline.com 4/17/06

First published on 04/17/2006

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