I have a couple of members in our family investment club who
I would like to withdrawl from their account the amount of
their club dues since they have not paid the fee by check.

Can this be done with Bivio?

Thanks
Scott Gilbertson

Scott Gilbertson writes:
> I have a couple of members in our family investment club who
> I would like to withdrawl from their account the amount of
> their club dues since they have not paid the fee by check.
>
> Can this be done with Bivio?

You can enter a partial withdrawal for any member, but I'm not sure
that I understand the question. It may be you want to:

1) Enter a negative payment for the amount of the dues
2) Enter a positive fee for the dues
3) Write a check from the club for the dues

Our goal at bivio is to simplify your accounting, so you can get on
with investing. We would recommend you skip steps 1 & 2, and simply
write the check to the NAIC. It comes out of the same money pool, and
the amounts are probably trivial in comparison with the total assets
of your club.

Cheers,
Rob

Let me better clarify what I am trying to do. First of all
I agree, that the best solution is to have everyone write
their check for the NAIC. However, this is what I want to
do. I have already written a check for all 5 members to
cover our club fees for NAIC. 2 of the members did not
write me a check for their portion ($14.00). What I would
like to do is do a partial withdrawl of units equal to the
$14.00 that they owe the club cash account. When I try to
do this using partial withdrawl your interface wants to
designate "The account used to fund the cash portion of the
withdrawl". What I want is to cash in some of the amt of
valuation units they own to put $14.00 in our cash account.

Can this been done or accomplished in a different way?
Scott



Rob Nagler wrote:
> Scott Gilbertson writes:
> > I have a couple of members in our family investment club who
> > I would like to withdrawl from their account the amount of
> > their club dues since they have not paid the fee by check.
> >
> > Can this be done with Bivio?
>
> You can enter a partial withdrawal for any member, but I'm not sure
> that I understand the question. It may be you want to:
>
> 1) Enter a negative payment for the amount of the dues
> 2) Enter a positive fee for the dues
> 3) Write a check from the club for the dues
>
> Our goal at bivio is to simplify your accounting, so you can get on
> with investing. We would recommend you skip steps 1 & 2, and simply
> write the check to the NAIC. It comes out of the same money pool, and
> the amounts are probably trivial in comparison with the total assets
> of your club.
>
> Cheers,
> Rob

Scott Gilbertson writes:
> Can this been done or accomplished in a different way?

Yes, the most common way is to use "member fees", that is, capital
contributions that do not earn units. In this case, you want to
deduct $14 by making a negative payment for each of the non-paid-up
members (you can use the multiple payment form for this, just enter
negative numbers). You can use the Suspense or another account for
this transaction as it is merely an internal transfer within your
club. Then, enter a fee for a positive $14 for each of these members
(you use the multiple fee form for this). Use the same account as you
did for the negative payments.

To learn about fees versus payments:

http://www.bivio.com/hp/member-transactions.html

And to learn how to create an account:

http://www.bivio.com/hp/account-transactions.html

If you send a message to support@bivio.com we can give you exact
directions including links directly into your club.

Rob