Annual Subscription Reimbursement Question
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Annual Subscription Reimbursement Question Hi, Would someone be so kind as to walk me through the steps I need to take in order to accurately record the Bivio subscription expense in Bivio? Basically, our membership came due and I paid for the membership out of my pocket and now each member is paying their portion of the fee back to the club. I just need to know the transactions that should be entered to show the members depositing money and then a check being written back to me for reimbursement of the expense. Hopefully this all makes sense. Thanks in advance for any help. Andy Dear Andy, Record the member contributions as member payments. Record the expense using the Expense button on the Accounting>Accounts screen. Put the number of the check you are writing to reimburse yourself in the remarks box on the expense entry form. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe On Fri, Jun 22, 2012 at 1:03 PM, Andrew Butler <abutler911@gmail.com> wrote: Hi, Hi Andy, The club check to reimburse you should be entered as an Expense (Accounting > Accounts > Expense) using the Deductible Expense category. This expense entry, by itself, ensures that each member pays their portion of the expense. As for "each member is paying their portion of the fee back to the club", these should be entered just like the routine monthly investments made by the members (Accounting > Members > Payments). However, there is no reason for the members to repay the club for their portion of an expense in this way (unless the club simply doesn't have enough cash to cover the expense). An expense entry (above) is all that's needed to ensure that each member pays their portion of an expense. It's fine to collect extra cash from members if paying an expense would reduce the cash held by the club to an undesirably low level. However there is no need to collect the same amount from each member and no need to collect something from every member. Again, an expense entry is what ensures that all members pay their portion of expenses. -Jim Thomas ----- Original Message ----- From: "Andrew Butler" <abutler911@gmail.com> To: <club_cafe@bivio.com> Sent: Friday, June 22, 2012 10:03 AM Subject: [club_cafe] Annual Subscription Reimbursement Question > Hi, > > Would someone be so kind as to walk me through the steps I > need to take in order to accurately record the Bivio > subscription expense in Bivio? Basically, our membership > came due and I paid for the membership out of my pocket and > now each member is paying their portion of the fee back to > the club. I just need to know the transactions that should > be entered to show the members depositing money and then a > check being written back to me for reimbursement of the > expense. Hopefully this all makes sense. Thanks in advance > for any help. > > Andy > > Okay - sounds simple enough. I think where I am getting confused is that our club uses a checking account at a local CU and we also have our brokerage account. If I am understanding you correctly, in this case I would record the expense in Bivio then have the brokerage account cut a check for the amount of the expense - these two transactions would reconcile the balances in Bivio and the brokerage, correct? Then I could just take the check the brokerage sends to the club, deposit it in the local CU and have the club write me a check out of the CU account. Would that take care of all the recording necessary for the deductible expense? I am probably making this more complicated than necessary. Dear Andy, You're right that it doesn't have to be that complicated. Despite the fact that you have club assets at two financial institutions (your bank and your brokerage), for the purposes of your club accounting, they are all part of a single pool of club assets. It is fine to record the expense as being paid from the Credit union as long as that is where you have the cash. You can record the member payments as being deposited into whichever account you actually deposit them into. You should be tracking both accounts in bivio. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe On Fri, Jun 22, 2012 at 3:30 PM, Andrew Butler wrote: Okay - sounds simple enough. I think where I am getting What is meant by "their portion"? Are they each paying the same amount regardless of their holdings? That calls for a slightly different entry, not recommended.. Easier not to do that, but as others have said, just enter the deductible expense as a reimbursement paid by Credit Union check.. Then every member is paying an amount proportional to club holding. Keep it simple. On Fri, Jun 22, 2012 at 2:43 PM, Laurie Frederiksen <laurie@bivio.biz> wrote: Dear Andy, -- Del: Back where the lawn is Green |
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