Our club has been in existance over 10 years with many
treasurers. Our brokerage account shows approx. $400 more
than Bivio records. This same imbalance was present on
December 31, 2006 when the previous treasurer had made any
adjustments needed for taxes. I will give this year's
records careful scrutiny but I don't think that this gap is
going away. I would like to start off even in 2008. Any
suggestions for dealing with this that are legal?

Thanks,

Judith Greenberg

Judith, this suggests that previous treasurers have not verified their data
in bivio against the broker each and every month, and most especially, at
the end of each year. One of the first duties of the treasurer is to
confirm each month that your cash on hand and number of stocks in your
accounting data agrees with your broker, and if not, find the difference
then and reconcile it.

Since this is of long standing, and you cannot readily discover the source
of the discrepancy or when it occurred, perhaps a beginning balance entry to
your cash/broker account would work in the amount of the difference, after
you have reconciled all other items for the year. This would not be a
taxable item, and by raising the total worth of the club in bivio, the value
of all units would be increased, spreading the credit in accordance with
each members percent of ownership.

If someone has a more suitable solution, please chime in. Gene

On 12/24/07, Gene Rooks wrote:
> Since this is of long standing, and you cannot readily discover the source
> of the discrepancy or when it occurred, perhaps a beginning balance entry to
> your cash/broker account would work in the amount of the difference, after
> you have reconciled all other items for the year.

bivio recommends you use a non-deductible expense entry on 12/31/2006.
You can enter a negative or positive expense amount. Expense entries
correct your books in a "visible" way, because you can write a remark
explaining why the entry was made, and it shows up in the appropriate place
on reports. Since the entry were for 2006, it would not affect your taxes for
2007.

An opening balance entry is not the correct way to do this. You should only
use opening balances for the very first entry in your books. It doesn't make
sense to have an "opening" or "beginning" balance in the middle of your
transaction history so bivio does not allow you to do this.

Gene: bivio's software only allows you to make one opening balance entry
for this reason. One of the more common bugs we fix in ICLUBcentral data
is multiple opening balance entries. Treasurers usually have no idea how
they get there or why. Things get really screwed up when they are entered
and then they run the ICLUBcentral audit function.

Cheers,
Rob

Rob, you know more about how to accomplish this in bivio, of course. But,
rather than a non-deductible expense, she needs to enter an income figure,
as her broker has $400~ more than bivio shows, if I read her letter
correctly. Your suggestion to make it as of 12/31/06 seems a good one, to
keep from showing income in 2007 that didn't exist.

Merry Christmas, Gene

My suggestion woudl be one of tthree alternatives:
1) record transactions to treat the extra $400 as a member
contributions in 2007
2) record the transactions to treat the extra $400 as income
in 2007
3) cut a check for $400 and have a party

Judith B. Greenberg wrote:
> Our club has been in existance over 10 years with many
> treasurers. Our brokerage account shows approx. $400 more
> than Bivio records. This same imbalance was present on
> December 31, 2006 when the previous treasurer had made any
> adjustments needed for taxes. I will give this year's
> records careful scrutiny but I don't think that this gap is
> going away. I would like to start off even in 2008. Any
> suggestions for dealing with this that are legal?
>
> Thanks,
>
> Judith Greenberg

Gene, I am trying to bring my books into balance for the beginning of
2007. The actual difference now is that Etrade shows 216.83 more than
Bivio. Where do I enter this income figure into Bivio? Thank you.

Judith Greenberg

Gene Rooks wrote:

> Rob, you know more about how to accomplish this in bivio, of course.
> But, rather than a non-deductible expense, she needs to enter an
> income figure, as her broker has $400~ more than bivio shows, if I
> read her letter correctly. Your suggestion to make it as of 12/31/06
> seems a good one, to keep from showing income in 2007 that didn't exist.
>
> Merry Christmas, Gene
>
>
>

Judith, you need to follow Rob's advice on how to enter that item. I
believe he answered earlier on this thread. gene

I'll send details of the transaction Rob described earlier
in a private email.

Eric Dobbs
bivio Inc.

Judith Greenberg wrote:
> The actual difference now is that Etrade shows 216.83 more than
> Bivio. Where do I enter this income figure into Bivio?