club_cafe: RE: Re: A wash expense??

iras1 on

In a message dated 10/24/02 2:51:56 PM Eastern Daylight Time, lynn@bivio.com writes:

Thank you Ira. Your original response didn't seem to
address what I was trying to accomplish. But I understand
what you are saying now.

Unfortunately, I don't like it! <G> I'm suppose to collect
monies that were specifically made the responsibility of the
members (in the bylaws). I'm suppose to follow those
payments and account for them in club recordkeeping. If
members are late in making these payments, it affects the
Paid-In amounts that I have to reconcile.

I'm not sure I understand. If someone has made the payment, their paid-in amount increases. If someone has not made the payment, their paid-in amount has not increased. When they make the payment, their paid-in amount increases. What is the difference between how you would track and reconcile a timely payment vs. a late payment?

Ira, some members pay $14 and some will be paying $25 due to
OPS. Some were individual members before joining the club,
and will NEVER be combining their dues with the club's. I
don't want to be responsible for keeping track of why some
membres' Paid-In capital changed and why some didn't.

Unfortunately, this can't be done in bivio (nor to my knowledge in the other popular accounting package). I have suggested that this be included on the wish list for future versions of the program, but when/if it is included is up to the powers at bivio.

I think I'd rather make a simple wash entry and be done with
it. Besides, it's not my responsibility, as club treasurer,
to make sure each member deducts all the right investing
expenses on their taxes. That's a job for their tax
preparer.

Sounds like a wash entry with a reminder note to your members at year end ("don't forget to deduct your personal NAIC dues") may be the easiest solution for now.

I don't agree with your last two sentences however. While it isn't your responsibility as treasurer to make sure your members take all their deductions, once the money passes into/through the club, it is your responsibility to correctly identify what is deductible. It may be best to just collect a bunch of checks made payable to NAIC for the various individual dues and include them in the envelope with the $40 club check.

If this is what you were trying to do all along, I apologize for the long digression. In this case, just enter a club expense for the individual dues that the club "fronted." Then enter the reimbursements, when received, as a "negative" expense to create the wash transaction.

Am I being a pest yet?! <G>

Never!!

Ira Smilovitz

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