I have been cruising different forums for the last few years and occasionally I run across a discussion regarding the documentation of guns when you have a C&R License.

1. One side says any guns you own before you obtained your C&R License need to be documented in your bound book. The other side says to keep a separate listing of guns owned prior to obtaining the license.
2. One side says any non C&R guns obtained once you have your license has to be documented in the bound book. The other side says keep it separate in a list.
3. One side says any C&R guns purchased once you obtain your license must be documented in the bound book even if the license was not used to obtain said gun. The other side says keep the C&R guns purchased without using the C&R License documented on a separate list.

I know what I read in the rules but all of the sudden I am talking to a friend of mine who was actually visited by the ATF and they gave him some different answers than my understanding of the rules.

For those that have a C&R what is your opinion about numbers 1-3 above?

This sums up what I found from scanning the ATF rules and opinions:

Once you are granted this license by the BATF (it is easy to get as long as your not a criminal or have mental issues.)
you are REQUIRED to keep a bound book of all your C&R purchases.

The BATF can request to see your bound book at any time (most likely they will contact you via letter or phone call
to setup a date - and you will need to comply). It is imperative you keep this record and accurately record all of your
transactions in it. There are some arguments as to the rules around the bound book but here is what I have been
able to gather (my rules are the most conservative to be safe).

1.) Must follow a specific format.
2.) Must be a physical log, electronic logs are not acceptable (although I think they are for regular FFL's and you
     can send in a form to BATF asking for a special disposition to use electronic records).
3.) Must be retained even if you give up your license.
4.) You must record any C&R purchase in the book from the time you have the license forward.

One good example is the Civilian Marksmanship Program (CMP). You can buy an Garand from them with no FFL
or FFL C&R. If you have a C&R, because the Garand is a C&R weapon YOU MUST record this in your bound
book even though you did not need your C&R to make the purchase (People have given me grief on this - do what
you want, but Surplus Rifle followed up with ATF and this is FACT, the only weapons you don't need to to record
are weapons not desginated C&R eligible period). You must also record any sale or "give away" of one of your
C&R weapons in the disposition portion of your bound book. Purchases or sales of modern firearms (not
designated as a C&R) do not need to be recorded in your log.

This was written in 2008, and since then, electronic records have been approved. 

http://beasurvivor.blogspot.com/2008/06/batf-bound-book-requirement-and-c.html

As per hawaii atf: ALL C&Rs