At Supercuts, I saw a sign saying that they would not accept $50 or $100 bills due to bogus currency circulating. Anyone know what would happen if such a thing was discovered? Treat it as similar to bad debt expense?
"Enda" wrote
A "sale" for $0 (because that is what you in fact got).
More correct would be to record it as a theft loss (because that IS what it was).
The bank will probably not return the bogus money to you, but hand it over to the Feds for investigation.
In my area, they swipe test (with those markers) even the 20's these days.
If you deal a lot with cash, consider getting some of those pens from your office supply store.
A yellow or green mark means it's good. A black or brown mark means it's bogus.
Thanks for the tip-off. How do you record a theft loss? Is their insurance for theft losses?
"Enda" wrote
Similar as bad-debt.
Yeah. It's called a 9 mil, but you can also obtain a 44 mag, 357, or a 38, as these too, provide some amount of prevention.
But seriously, to have a policy wiht such a small deductible would not be the best use of your money.
Buy a pen and mark every bill at the time of the sale. If it's bad - call the cops.
"Barrnabas Collins" wrote
They are basically counterfit detection pens, available at most office supply stores. Works by just placing a mark on the bill. Something to do with the paper type I think.
Total cost, maybe $10 or less for 2 pens.
How are you going to scan print the embedded security stripe for starters?
More appropriately, U.S. Treasury Department, Secret Service.
And of course there are these items:
My bank has a small box with a light (infrared?) in it. They simply place the bill in the box, and the security stripe glows a specific color for each denomination. It's very quick.
And no, I don't know where they bought the boxes or how much they cost. ;o)
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