I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
John Rice on
I would delete the payments and re-enter them as fees. I don't think that you can change them in the program..
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
Kevin Gillogly on
John,
I tried that initially but won't that try and allocate it over the number of partners. See only 2 partners are impacted in an 8 partner club.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
Bob Mann on
modify their payment so only the part that is an investment is recorded. In notes comment whole amount deposited and why only partial went to investment. Bi portion should go to suspense and payment to BI should be made against suspense.
Bob
On June 16, 2020 at 12:44 PM "Kevin Gillogly via bivio.com" <user*9886100001@bivio.com> wrote:
John,
I tried that initially but won't that try and allocate it over the number of partners. See only 2 partners are impacted in an 8 partner club.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
modify their payment so only the part that is an investment is recorded. In notes comment whole amount deposited and why only partial went to investment. Bi portion should go to suspense and payment to BI should be made against suspense.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
Kevin Gillogly on
Bob,
You wrote "modify their payment so only the part that is an investment is recorded".
I am officially lost. What part of the BI Club dues are "an investment"?? My first thought is "zero". Can you walk me through? I am so thoroughly confused now.
modify their payment so only the part that is an investment is recorded. In notes comment whole amount deposited and why only partial went to investment. Bi portion should go to suspense and payment to BI should be made against suspense.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
Laurie Frederiksen on
The answer to this question is that you cannot record expenses in your accounting that only apply to certain people. The only expenses that should be recorded in bivio are those that can be allocated to all members either equally or based on ownership percentage.
You absolutely should NOT record them as fees.
You really should not even be depositing the amounts into the clubs account.
If you already have, you'll need to record the amount deposited as a member payment and then record the payment to BI as a partial withdrawal of the same amount for the member it pertains to. Put a note in the comments section of the entries to describe what they are for.
Laurie Frederiksen Invest with your friends! www.bivio.com
modify their payment so only the part that is an investment is recorded. In notes comment whole amount deposited and why only partial went to investment. Bi portion should go to suspense and payment to BI should be made against suspense.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
Kevin Gillogly on
John,
Well that is locking the barn door after the horses are gone. I wrote that this happened BEFORE I became the Treasurer and is in the brokerage account and has been sent in to BI. So how to account for these two transactions NOW THAT THEY HAVE ALREADY OCCURRED. I know what to do going forward.
modify their payment so only the part that is an investment is recorded. In notes comment whole amount deposited and why only partial went to investment. Bi portion should go to suspense and payment to BI should be made against suspense.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
Kevin Gillogly on
Laurie,
Can I use the "suspense" account or scrap that idea too.
Thanks in advance.
Kevin
On Tue, Jun 16, 2020 at 1:02 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The answer to this question is that you cannot record expenses in your accounting that only apply to certain people. The only expenses that should be recorded in bivio are those that can be allocated to all members either equally or based on ownership percentage.
You absolutely should NOT record them as fees.
You really should not even be depositing the amounts into the clubs account.
If you already have, you'll need to record the amount deposited as a member payment and then record the payment to BI as a partial withdrawal of the same amount for the member it pertains to. Put a note in the comments section of the entries to describe what they are for.
Laurie Frederiksen Invest with your friends! www.bivio.com
modify their payment so only the part that is an investment is recorded. In notes comment whole amount deposited and why only partial went to investment. Bi portion should go to suspense and payment to BI should be made against suspense.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
Norman Gee on
I recorded the payments as a transfer to suspense account from brokerage account with notes. When the check was cashed a transfer back. No units were purchased. We only expense out the club portion of BI dues
Can I use the "suspense" account or scrap that idea too.
Thanks in advance.
Kevin
On Tue, Jun 16, 2020 at 1:02 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The answer to this question is that you cannot record expenses in your accounting that only apply to certain people. The only expenses that should be recorded in bivio are those that can be allocated to all members either equally or based on ownership percentage.
You absolutely should NOT record them as fees.
You really should not even be depositing the amounts into the clubs account.
If you already have, you'll need to record the amount deposited as a member payment and then record the payment to BI as a partial withdrawal of the same amount for the member it pertains to. Put a note in the comments section of the entries to describe what they are for.
Laurie Frederiksen Invest with your friends! www.bivio.com
modify their payment so only the part that is an investment is recorded. In notes comment whole amount deposited and why only partial went to investment. Bi portion should go to suspense and payment to BI should be made against suspense.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
Laurie Frederiksen on
Yes. Another way to record the entries is to record a Transfer From suspense to your brokerage account on the date you received the check.
Then, record a second transfer in the opposite direction (From Broker to Suspense) on the date you paid for the membership.
Again, document everything in the comments sections of the entries.
Note that both of these methods just record movement of cash in and out of your club account. There is no benefit to anyone (and more work for the club treasurer) of paying for individual BI memberships with the club account.
As John indicated, you should really just have members make out checks to BI and then send them in directly without depositing the funds in the clubs account.
Laurie Frederiksen Invest with your friends! www.bivio.com
Can I use the "suspense" account or scrap that idea too.
Thanks in advance.
Kevin
On Tue, Jun 16, 2020 at 1:02 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The answer to this question is that you cannot record expenses in your accounting that only apply to certain people. The only expenses that should be recorded in bivio are those that can be allocated to all members either equally or based on ownership percentage.
You absolutely should NOT record them as fees.
You really should not even be depositing the amounts into the clubs account.
If you already have, you'll need to record the amount deposited as a member payment and then record the payment to BI as a partial withdrawal of the same amount for the member it pertains to. Put a note in the comments section of the entries to describe what they are for.
Laurie Frederiksen Invest with your friends! www.bivio.com
modify their payment so only the part that is an investment is recorded. In notes comment whole amount deposited and why only partial went to investment. Bi portion should go to suspense and payment to BI should be made against suspense.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks
John Rice on
Sorry Kevin but you did not say that you were changing your club's policy. No need to YELL at me for saying what you need to do in the future. I can read lower case letters.
John
On Tue, Jun 16, 2020 at 10:22 AM Laurie Frederiksen <laurie@bivio.biz> wrote:
Yes. Another way to record the entries is to record a Transfer From suspense to your brokerage account on the date you received the check.
Then, record a second transfer in the opposite direction (From Broker to Suspense) on the date you paid for the membership.
Again, document everything in the comments sections of the entries.
Note that both of these methods just record movement of cash in and out of your club account. There is no benefit to anyone (and more work for the club treasurer) of paying for individual BI memberships with the club account.
As John indicated, you should really just have members make out checks to BI and then send them in directly without depositing the funds in the clubs account.
Laurie Frederiksen Invest with your friends! www.bivio.com
Can I use the "suspense" account or scrap that idea too.
Thanks in advance.
Kevin
On Tue, Jun 16, 2020 at 1:02 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The answer to this question is that you cannot record expenses in your accounting that only apply to certain people. The only expenses that should be recorded in bivio are those that can be allocated to all members either equally or based on ownership percentage.
You absolutely should NOT record them as fees.
You really should not even be depositing the amounts into the clubs account.
If you already have, you'll need to record the amount deposited as a member payment and then record the payment to BI as a partial withdrawal of the same amount for the member it pertains to. Put a note in the comments section of the entries to describe what they are for.
Laurie Frederiksen Invest with your friends! www.bivio.com
modify their payment so only the part that is an investment is recorded. In notes comment whole amount deposited and why only partial went to investment. Bi portion should go to suspense and payment to BI should be made against suspense.
I know this have been asked several times in the past but I
have to ask since I can't find the correct steps. I just
became Treasurer for the first time in about 10 years. We
had two partners pay their 2020 BI Membership Dues to the
club in March of this year. The previous club Treasurer
recorded it as "payments" and they got units. I know that's
not right. But how do I correct this? The club is acting a
vehicle for these partners to pay their dues. Some partners
are in other clubs and we have a Life Member of BI and some
BI Chapter Directors, so we all pay a different amount to BI
for our memberships. Can someone walk me through the steps
to correct these two transactions so I reconcile my club
accounting? Thanks