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Video instructions and help with filling out and completing cash reporting requirements for banks

Instructions and Help about cash reporting requirements for banks

This is recent McKenzie advanced certified QuickBooks ProAdvisor with a QuickBooks accountant time-saving trick how to create a report that shows which invoices multiple payments were applied to also known as the cash application report the easy way to quickly see where a Chuck was applied is to highlight the check at a list and then press the ctrl H and this opens the transaction history box I really like this handy little box because you can do a couple of cool things from here you can open the original transaction by selecting the Edit payment button you can also go to one of the invoices here by pressing the go-to button and the other thing you can do is to print a report and here's that report all nicely formatted and ready to be sent out but what if you need to see multiple payments at the same time there is not a pre-designed report in QuickBooks for this situation but I'm going to show you how you can quickly create one now there are two reports in QuickBooks that will show the link between transactions and we can find those under the banking section of the reports menu they are the deposit detail and the check detail report and we are going to modify the check detail report to get what we need in QuickBooks accountant 2021 the modify report button has been renamed to customize report so I'm going to click that and the first step is to scroll down the columns and select the paid status and pay method next I'm going to click the filters tab and I am going to change the account filter to all accounts I'm going to remove the amount filter I'm going to change the date filter to the date range that I need I'm going to change the transaction type to payment then I'm going to change the tail level - all except summary the final step is to choose the name of the customer that I need this information for now I'm going to remove the account column and the item column because I don't need those now there are some limitations and drawbacks to this report the deposit that the payment is linked to is also going to show up on this report and the invoice line items are going to show so if you're using more than one item on an invoice you're gonna see multiple entries and you also cannot see the invoice total the total that is listed on the report is irrelevant as all it is doing is adding the invoice line items plus the deposit entry together so that number really wouldn't mean anything and if you have one check that is applied to multiple jobs there's going to be more than one entry for that check listed now let's take a look at what I'm talking about here so here we have the line in bold is going to be.

FAQ

What would have been the best way for Walter White to keep the 100 Million?
There’s a reason drug dealers store cash in storage units and paint buckets, because it’s not easy laundering money. What could Walter have done? Let’s go through his options one by one:Option 1: Although the The Bank Secrecy Act (1970) requires banks to report transactions above $10,000, Walter could have employed Smurfs (drug mules, but for cash) to make thousands of tiny deposits, which would draw less attention from authorities.Problem: Walter did not have a criminal organization to carry this out. What’s he going to do if a smurf runs off with his money, send Jesse after him with a bong?Option 2: Buy high-ticket items such as vintage comic books or supercars and sell them later.Problem: Similar to the Bank Secrecy Act, businesses have to file a Form 8300, “Report of Cash Payments Over $10,000 Received in a Trade or Business”. Even if those reports don’t alarm the IRS, the large transfers from other people who he would sell the goods would raise red flags, and he’s back to square one.Option 3: Get the money out of the country through casinos or smuggling diamonds.Problem: Even if Walter succeeds in laundering the money while overseas (gamble at a casino and cash out the chips in Macau, for example), he still needs to deposit the clean money at a foreign bank. Unfortunately for Walt, the Foreign Account Tax Compliance Act (2021) requires Americans living outside the U.S. to file yearly reports on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN). Banks outside the U.S. are required to fill out a “Know Your Customer” form when you open an account ‡ someone like Walter would immediately raise concerns. This is why many banks in Europe won’t even let Americans open a bank account.Option 4: Invest in the stock market as the OP suggests.Problem: Same thing, any brokerage firm would be obligated to file a Suspicious activity report (SAR) if Walter were to make large deposits that is not commensurate with his income as a high school chemistry teacher.Option 5: Hire a “professional” to do the money laundering, there must be a smart guy who knows how to set up “offshore” bank accounts and stuff.Problem: Money Laundering Control Act (1986) makes money laundering a crime in itself instead of just an element of another crime, so even Saul Goodman would think twice about getting involved with money laundering. And as for finding an export, in 1996, Harvard-educated economist Franklin Jurado was sentenced to 7 1/2 years in prison for laundering $36m for a Colombian cartel.Conclusion: Money laundering was always an afterthought for Walter ‡ he was too busy dealing with the day-to-day stuff of manufacturing and distributing drugs. Walter might have been able to launder that $100m if he had devoted more time and resources into the project, but ultimately, the results might not necessarily be better than burying the money in the desert. His goal was to prfor his family, and barrels of money in the desert does exactly that.—————Edit 1: A few comments have mentioned smuggling the cash (or converted to gold) out to to other countries. I think somehow the idea of the “open sea” implies lawlessness, but it doesn’t. The U.S. Custom and Border Protection has strict Reporting Requirements for pleasure boats, not to mention inspections. If that weren’t the case, people would be smuggling drugs willy-nilly across U.S. borders. However, I’m reminded of the 2021 Movie Heist, starring Gene Hackman as a con-artist. At the very end of the movie, spoiler alert, he took the elicit gold bars, melt them into yacht rails and painted over them, thus avoiding detection.Edit 2: Remi Alaiti pointed out that Saul Goodman did offer to help them launder the money through nail salons (as we know now he got the idea from his Jimmy McGill days), so I stand corrected. However, like the car wash, the nail salon would be too small potatoes to make a significant dent laundering the $80m.Edit 3: As for Bitcoins, it’s less secure than burying money in the desert. See Jonathan Chen's answer to Should I invest in Bitcoin? for details.*I maintain that Walter original purpose for manufacturing was to prfor his family, thus the money would’ve had to stay in the country. In time, if his wife and son were on board, they could’ve opened more car washes, nail salons, and other cash-heavy businesses, say, Los Pollos Hermanos franchises, to slowly launder the money.
What isn't a crime but should be?
Indians, behold!The room was filled with an air of suspense and excitement.The woman lay there, with pain in every contraction, that overwhelmed every cell of her body. In the midst of unbearable pain, she could not hear herself scream.Everyone could feel the agony in her scream. It was as if every bone of her body conspired to strangulate her.She prayed to God to help her zoom into the next five minutes. She felt trapped in the confinement of pain.“Push, push!” the midwife shouted. The embattled mother did, as mightily as she could.With an unspeakable pain glittering in her eyes, she groaned as she gave the final push. Now, she was asked to stop.The little sunshine stretched and slid into the hands of the midwife. The mother beamed with relief and unfathomable delight.My little sunshine is here! An enviably beautiful girl has just been born!The father who has been anxious until now bursts into tears of relief and joy. He jumps in awkward patterns. He hugs people in random. He just becomes a boy.The little bundle of joy is just minutes into the new world and the tiny speck-like eyes roll around. Curiosity lingers in the fun-sized face.A million questions surface in her eyes. Her hands and legs wriggling in an unmethodical manner.The mother looks at the life she has brought into the world. She never thought a sunshine could be this beautiful. She never thought her little angel could be this delightful.Pause.She thinks of the cruel world that awaits outside. She dreads the clan of men who would crave her body.She shudders. She decides to safeguard her little bundle of joy. “I would not let anyone harm my darling,” she promises herself.Years go by. The little darling grows up. She is raised fearfully and wonderfully.Do not talk to men. You will not have male friends. Men are animals. Men rape. Do not trust men. You will not study in co-education schools. Watch the length of your skirt.The mother bleeds love. She expresses her love for her daughter in the ways she thinks are the best.The little girl grows up as mama’s girl. She leads a clean life. She stays away from men. The very presence of men makes her shy away from the place. She never looks into the eyes of men.She gets to be known as the girl of character.Teen years whirl by.Years later, the mother asks the daughter to marry someone she never knew.‘But momma, I do not even know him,” the curious daughter questions her mom.“You will do what I say. You will not fall in love with anyone. Remember what I have told about men? They are beasts,” the mother convinces the daughter.Maybe mom is right, the daughter believes.The wedding bells ring.Days later, the mother asks “When will you get pregnant?”The girl who has been raised all her life with warnings about men and been strictly kept away from men is required to sleep with a stranger, in blunt terms.Women are cast into nothingness by the very arm that scooped them with love!Forced-arranged marriages are a crime.
Do banks treat you differently when you make large deposits?
I’m a professional poker player and won an event once for $286,000. So not an obscene amount of money, but more than your typical customer probably walks in and deposits in cash. Which, btw, if you ever come across a quarter million in cash, It’s probably not the brightest idea to just walk into your local bank branch, unannounced, and start handing them stacks of hundreds wrapped up in $10,000 bundles.This was also directly following the big 3 U.S. poker sites facing indictment and being shut down in the U.S. So claiming online gambling winnings was not a good idea given the climate.I entered the bank and approached an open teller’s window, unzipped my Columbia House duffle bag—which had been given to me as a free gift for being suckered into joining their movie club almost a decade before. As I started stacking the money I stacked 7 packs of $10,000 and opened one up as they were also denominated in stacks of $1000 and separated in the middle by a $5,000 band. I told the teller that I’d like to wire $75,000 to the Bellagio Hotel and Casino —I was headed to Vegas that weekend to play in some high stakes games which were running—and proceeded to pull out the necessary information to wire the money. I put the $5,000 on top and took the other $5000 and stuck it in my sport coat pocket so I’d have some walking around money for when I first arrived in Vegas, before I was able to get to the cage to collect my wire.I had lived in Vegas for a number of years, and it wasn’t unheard of for someone to win an amount like this and have it paid out in cash. Uncommon? A little. But certainly not unheard of. Except I wasn’t in Vegas, I was in a local branch in the suburbs of Kansas City. Where apparently a sub 30 year old doesn’t walk in very often with near $300,000 in cash bundled up in a old, blue, Columbia House duffel bag for a deposit.She instantly asked, “Where did you get all this money?” And then, “That’s a lot to send to a casino to gamble with.”To which I thought, “That’s none of your f**king business.”She must have been able to read the disdain on my face as she instantly excused herself and apologized. A couple minutes later when I had the cash all stacked up on the ledge of the teller window with the 75K off to the side and a slip filled out with the information for wiring the money to the Bellagio main cage, a man approached in a suit and tie and asked if I’d like a private room. I told him I didn’t really need one, that the money was all there, had already been counted, and was ready for deposit. I looked around now to notice several bank employees and customers staring at me but quickly looking away and going back to their business as they saw me looking around the bank.Apparently they don’t just take your word for it when you tell them how much it is, even when packaged up in nice, neat, 10K stacks and 50K bundles. The man in the suit and tie introduced himself as the branch manager and informed me that the money would have to be ran through the machine to be counted and to verify none of the bills were counterfeit. He asked me if I wouldn’t mind coming back to his office and waiting where they could discuss some deposit options with me and then offered me some coffee or something to drink as he motioned with his arms the direction to his office.He too asked me where I had gotten the money, and I was very careful not to mention anything about gambling or playing poker as I knew what an apprehensive issue it was in the financial industry at the time. The Wire Act didn’t prevent playing poker online, exactly, it prevented financial institutions from processing gambling transactions. And the Big Three poker sites in the U.S. hadn’t been shut down with their owners indicted for offering poker online, they had been shut down with the owners indicted for purchasing a bank in Utah where they processed the illegal transactions fraudulently under phony business names. So I told him I’d obtained it selling drugs with a smirk.He didn’t find it as funny as I did so I quickly told him I was kidding, then vaguely told him that I had gotten the money from a friend I had a business interest with, and if he checked my account history he would see that large wires and cash deposits like this weren’t extremely uncommon. He then asked me why I was wiring 75K to Bellagio, and I again smiled and told him it was none of their business and asked if they wanted to continue to do business together or not. He seemed a bit jolted by my standoffish attitude but also seemed to acknowledge that there wasn’t anything illegal about wiring the money to the Bellagio, in fact, Bank of America (a branch of which we currently resided), had a specific account to account transfer option that allowed money to be transferred internally, instantly between any BoA account holder and MGM property.After a brief bit of silence I broke up his dumbfounded look by saying, “look man, are you going to count the money and verify it or not. I’m kinda busy today.” He informed me that the money had been counted and was actually $900 dollars long of $281,000, which I’d put 5K in my pocket of the original $286,000 and to this day scratch my head wondering where/how that extra 900 found its way in there.He seemed to sense I was perplexed by the previous accounting error and said, “looks like you don’t need to go to Vegas, you’re getting lucky already.”I smiled and he informed me they would have to fill out all the necessary tax and legal compliance paperwork including a suspicious activity report (SAR) with FinCen.That was in 2021 and I’ve never heard anything from FinCen. Though I do pay my taxes as required by law and do claim professional gambler as my form of employment. I suspect they have a stack of SAR’s somewhere at FinCen on me that they’ve investigated a few times before as I’ve used some creative ways to repatriate gambling winnings over the years, everything from foreign bank accounts in Malta, to Bitcoins, to even using large bulk purchases of prepaid phone cards (don’t ask). For a period I was “randomly” selected to be searched at the airport EVERY. SINGLE. TIME. I flew anywhere for anything. But that has since stopped, which I can only imagine I owe a “Thanks, Obama,” for having the Department of Homeland Security and the DOJ scrub those lists.
How is this a scam? Friend got offered $40 (cash) to cash out a check for a stranger. The “to” line was blank and they told him to fill in his own name. How does this benefit the scammers once it gets deposited in his bank account? Who’s at fault?
Banks prvery quick ‘clearing‡ of checks so you can access the funds, but if you read the fine print the check hasn’t actually cleared until some considerable time later.So the Scam works like thisI pay you $40 to do me the favorI give you a check for $1000 for you to cash for me with the Payee blankYou fill in your name cash the check and see $1000 in you accountYou give me the $1000A week later the originating bank confirms the check is not valid and your bank reverses out the $1000Your bank charges you a bad check fee and suggests you contact me for paymentYou find out I have vanished up a net $960 of your money
How can I cash a money order if I fill it out wrong?
If it is a US PS Money order there should be no problem . The issuing Post office has a record of what was paid for the Money Order. If you bought the Money Order , your receipt will have the amount you paid. If it is a matter of the wrong name or information written on the Money order. Again bring it to the Post office they will issue a new one.
What are some ways to fill out a check for cash?
According to the UCC:A promise or order is payable to bearer if it:(1) states that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment,(2) does not state a payee, or(3) states that it is payable to or to the order of cash or otherwise indicates that it is not payable to an identified person.So four ways. On the payee line, write “Bearer” or “Cash”, or “Anyone”, or leave it blank.You can also make the check payable to yourself, and then cash it.
How could I avoid being traced if I stole $2 billion from a bank?
First, congratulations on a feat that would make the Ocean's 11 guys very proud!Second, I'm assuming you understand a few things, a) you have 2 Billion Dollars of dirty money, but you won't have $2 Billion of clean money, and b) you don't need all your funds at all times, and c) you can live much of your everyday life with some cash.Third, if those things are true, here's what you need to do:Step 1. You need to double time it down to your local CDL training facility and get yourself a CDL driver's license. You are going to need your Class A Commercial Driver's License with a T endorsement. Alternatively, you hire a personal driver with this license and endorsement. This won't be cheap as you'll have to get past suspicions and convince someone to work 24/7 for you, but $100K should do it. As well, you need to consider what happens if this person finds out what you are hauling around (hint, its your dollar dollar bills son). Your best bet is to find someone with a past you can use against them in case it comes to that (sex offenders are your best option here and there are many who drive semi-trailer trucks). Step 2. You need to grab a suitcase of your Benjamins and buy the following items:Semi-trailer truck. Yes, a 16 wheeler. Make sure the trailer you purchase has a lift jack on it and is the 53' long one. Don't skimp on your truck or your trailer, you'll be storing your cash here for longer than you probably want. As well, have them put "Cross Country Movers" in fancy type across the trailer. Well built pallets. Preferably the galvanized steel kind (not that you need them, but they look baller). You'll need 28 of these. Cardboard pallet boxes and plastic wrap. You can buy the big pallet boxes where one box fits on one pallet for ease. But you'll still need the plastic wrap to re-inforce it. Trust me on this point. Pallet Jack. These are the things you see moving pallets around Costco all the time. You'll be moving your pallets of cash with this home boy. Large moving boxes, Pillows and other bedding, King Size mattress. Home Depot sells large moving boxes 22" x 22" x 21", buy 20 of these. Write "bedding" or "bedroom" etc on the boxes. Then put your pillows and blankets and sheets in the boxes. They don't need to be stuffed full, but you need to put enough in each box it has some weight to it. You are going to load these boxes after you load after you load your cash to create a false wall of sorts. You'll need to tape the boxes together so they don't fall down. They will go 4 across and 5 high. This will leave a small opening where you can still access your cash. This is where you'll put your King size mattress. You are basically creating a sliding door with the mattress. You just stole 2 billion dollars but this is how you are rolling now Playa. Step 3. Load up your cash. This isn't trivial, each one of your pallets is going to weigh a little more than 1400lbs. But your pallets and your pallet jack have a load capacity of 5000lbs. So you are fine. Your boxes on the other hand will have real issues, so be sure to watch them carefully and wrap the $%&# out of them with your plastic wrap. As well, remember, you only need to fill them about 3/4 full. After you are all done, make sure your pallet jack is secured and you have a strap across the last row of pallets. You wouldn't want these things sliding out the back door! Put up your fake box wall and your mattress and close the door after securing them!NOTE: Now, you just stole 2 billion dollars, so you may already have a secure facility to hold your cash being a master criminal and all. But if experience has taught me anything its that you want to carry your money with you wherever you go. There is no better way to hide 28 pallets of unmarked $100 bills than how I describe above. Step 4a. Hit the road and start laundering your seed money. I hope you are ready to work hard because if you think stealing $2 Billion was hard, wait until you  try to clean it up!! Thanks to all these drug lords the U.S. Government is making it very hard to launder money now days. So let me tell you the ground rules:You can't make any financial transaction over $10,000. Obviously that includes bank deposits, but it also includes getting a cashiers check or even buying Gold or Diamonds or any other transaction you might think of. Seriously, nothing over $10,000. Thanks Reagan.You want to avoid any activity that may seem suspicious to anyone when you do a financial transaction under $10,000. In other words, don't deposit $9,000 and then come back an hour later and deposit another $9,000, etc. And don't say something dumb like, "you aren't going to report this to anybody, right?". People are required by law to report any suspicious activity or potentially suspicious activity. Thanks Clinton. Step 4b. So now that you understand the rules here's how this is going to go down, you are going to travel to the next town. After you get settled at the truck stop and you work out some local transportation you have two very important people to find. First, you need to find yourself a smurf (or two). In the states, the best smurfs are lawyers who are in their early 40s, not particularly successful but are making it and have that "mid-life crisis" look in their eyes. Divorce attorneys and civil defense attorneys are good bets to start with. Do a phone interview at first to get a feel, but then quickly setup an in-person meeting. Make sure to pay them their hourly fee upfront and only speak in hypotheticals. But basically you are going to ask them to make small deposits for you every other day for the next 2 and half months. You'll need to come up with a cover story (money you are trying to keep away from your greedy ex-wife, etc). But if they seem open to the idea, give them a briefcase with $250,000 plus their fee you negotiate (this will reasonably cost you between $20K and $50K). You'll mail them the deposit slips and banking institution. The second person you need to find is a coyote. Your best bet here is someone who is homeless. Alternatively, instead of a coyote you can forge a fake identity, but a coyote is just a much easier way to go.  Your coyote needs to be someone who has valid identification and a mailing address. Preferably someone who is chronically homeless, but not someone who is totally crazy. You can't raise any red flags. Anyway, after finding this person you are going to hire them for the day. You may also need to buy them a meal, a shower and a shave, and a new set of cloths. You are a billionaire now, so this shouldn't be a problem, so save your rejections and judgements. You will be opening a few bank accounts (the same number as you have smurfs). Its important you go with the coyote and prthe initial $1000 deposit as well as the email that will be used to access the online portal. The coyote uses their information to open the account, but you control it. Step 4c. Now that you have a couple bank accounts open and a couple people to make deposits you need to setup up your accounts to start regularly transferring money to your legitimate accounts. The way this works is you are trying to make it hard to trace where the money is going and from whom until it appears magically in your account wherever you decide to land. So, countries you need to send money through include Hong Kong, Switzerland, Singapore, Lebanon, the Cayman Islands, etc. Wherever the money lands it needs to be in a shell corporation where you can create an appearance of business. You of course are the owner of this business and are being paid well for the hard work you are doing.  Step 4d. Repeat 4a - 4c. The more smurfs you have depositing your money the better. After 10 weeks of traveling you should have at least 30 smurfs under employment. As well, you will have your first $250K of clean money. By week 20, if you don't bring any new smurfs on and don't reinvest your old smurfs with money, you'll have $7.5 Million in cleaned money at a cost of about $1.5 Million. Obviously with each smurf you employ the higher your exposure becomes, so be sure to hedge your exposure as much as possible (only contact them, change your phone with each new city, be very careful how you access your accounts online, never duplicate emails for each bank account, etc). You should only have to see them face to face one time. If they ever insist they need to see you again simply walk away forever. Yes, you forfeited some of your money, but better than going to jail pretty boy. Often people worry about the coyotes, but just don't. Even if the coyote tries to take money out of the account you'll know and can just abandon it. As well, you'll never have much over $20K in it at any given time. If you picked the right coyote you won't ever have to worry about them. Step 5. Start Some Legitimate Businesses. You've only just begun your life long journey of cleaning up this money. But having a few million to pour into legitimate business will help you and your traveling billion get clean. Focus on those businesses that are mostly cash and hard to audit. Consider owning a 24 hour laundry mat in every town you travel to. Restaurants are always mentioned as great business to launder money, but they are huge pains in the ass to do this. A laundry mat is low maintenance and easily makes as much money as any restaurant. Best of luck!!