Folio Accounting
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Folio Accounting Our newly formed club has sent checks via their bill pay to Folio. How do we reconcile who sent what since your transaction history does not list the name of the person. One of the checks did not post to our account and Folio cannot tell us which one. Please help! Suggestion. Every member in our club is assigned a cents. i.e. Fred is given the cents of .05 so he writes his check for $50.05. Mary is assigned a cents of .08 so she writes her check for $50.08. When payments reach Folio you know exactly who the payments belong to. Hope this helps. Bill/St. Louis. Sent from my iPhone > On Mar 11, 2016, at 1:18 PM, Deborah Emerson <einvest20@gmail.com> wrote: > > Our newly formed club has sent checks via their bill pay to Folio. How do we reconcile who sent what since your transaction history does not list the name of the person. One of the checks did not post to our account and Folio cannot tell us which one. Please help! First: to prevent this problem in the future, assign a "penny" number to each member so you can tell the difference. The bivio website has a description of the penny system, but basically each member adds an assigned number of pennies that is unique to that member to each payment. Second: I would ask each member to check their cleared checks/payment transactions at their bank. The one that doesn't have a cleared check/transaction is the one Folio didn't process. Hope that helps. Jack Ranby, Treasurer Grants Partners Investment Club Use the penny system. Assign each member a different cent and Bivio will recognize them after a few tries will post it to the correct member. Lets say that you assign member John $0.04. Every time he sends in a payment it must end in $0.04. Bivio has an explanation on the website about it. John Rice ABODI Investment Club On Friday, March 11, 2016 11:18 AM, Deborah Emerson <einvest20@gmail.com> wrote: Our newly formed club has sent checks via their bill pay to Folio. How do we reconcile who sent what since your transaction history does not list the name of the person. One of the checks did not post to our account and Folio cannot tell us which one. Please help! We have Schwab and they also don't include check copies so we assign a number to each member starting with 1 and each member adds that amount of pennies to her check. As treasurer that has made it easy for me to identify to whom the payment belongs. We do not reuse the number, but I suppose that in few years they could be reused. Jean Wochna Dollars and Sense On Friday, March 11, 2016 11:18 AM, Deborah Emerson <einvest20@gmail.com> wrote: Our newly formed club has sent checks via their bill pay to Folio. How do we reconcile who sent what since your transaction history does not list the name of the person. One of the checks did not post to our account and Folio cannot tell us which one. Please help! Be cautious. Members sometimes forget to include their "assigned penny amount" or write it in one place on the check and not in the other. For example numerical amount shows $50.04 but word amount shows fifty & 00/100. Check each one before submitting them to broker. Liz On Friday, March 11, 2016 4:30 PM, Jean Wochna <jean.wochna@sbcglobal.net> wrote: We have Schwab and they also don't include check copies so we assign a number to each member starting with 1 and each member adds that amount of pennies to her check. As treasurer that has made it easy for me to identify to whom the payment belongs. We do not reuse the number, but I suppose that in few years they could be reused. Jean Wochna Dollars and Sense On Friday, March 11, 2016 11:18 AM, Deborah Emerson <einvest20@gmail.com> wrote: Our newly formed club has sent checks via their bill pay to Folio. How do we reconcile who sent what since your transaction history does not list the name of the person. One of the checks did not post to our account and Folio cannot tell us which one. Please help! |
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