The Internal Revenue Service requires that businesses report large cash transactions. This means any transaction or group of related transactions for cash amounts that are total $10,000.00 or more. If a customer's transactions hit this threshold, it is required that business owners fill out an IRS form 8300 as it assists law enforcement in its anti-money laundering efforts. This will provide an audit trail to stop tax evasion, drug dealing and other criminal activities.
Bravo provides you with a report in the "Reports" section called the "Large Cash Transactions" report. This report can be run for any given range of dates. By default it will show you all transactions that took place in the store that were for at least $10,000.00, or a group of related cash transactions that total over $10,000, making it quick and easy to identify these transactions effortlessly. This way, you can create and then submit the IRS 8300 forms needed for that range of dates and your store will stay federally compliant.
To run this report, select Reports from the Dashboard.
Then Select "Large Cash Transactions"?
A dialog box will appear that will allow you to format your report:
The dates default to a year, but you can enter any range you need. The report also defaults to $10,000.00. The reporting threshold for the IRS is $10,000.00
Once you click OK, you will see a report that looks like this:
This will help you to identify customers who have used large quantities of cash for sales, loans, payments, etc. This will allow you to remain compliant.