It has been used for social activity costs and perhaps for
other clearly non-investment activity which the members
wanted to deal with on a pooled basis. Since bivio allows
for the import of that data it seems odd that it simply sits
there with no means to manage it.

Jim Kolster


IraS1@aol.com wrote:
> Simply put, you should not be using petty cash. If you can explain how your
> club uses it's petty cash account, we can provide more assistance.
>  
> Ira Smilovitz
>  
>
> In a message dated 02/23/08 10:06:08 A.M. Eastern Standard Time,
> jrkcek@bivio.com writes:
> I am
> relatively new to bivio.com having moved our club's
> records into the online
> accounting from Iclub's Club
> Accounting non-online software.  I am
> confused as to how to
> deal with the petty cash portion on bivio.com. 
> I don't see
> how one can make transaction into or out of the petty
> cash.
> Member deposits are possible only into either the club's
> bank
> account or brokerage account both of which reflect the
> assets of the club
> vs. the petty cash which should not be
> included in the club's
> assets.
>
> Hope someone can shed some light on this for
> me.
>
>
>
> Delicious ideas to please the pickiest eaters. Watch the video on AOL Living.

I am confused. Our club has a petty cash fund to pay for
memberships, software, tax advisor, etc. In the past when
this fund ran low we would all chip in (not as a unit
purchase) a certain dollar amount to cover costs.

If we want to get rid this fund, how are those expenses
tracked and allocated?

Thanks.
Barbie Hoag
(new to bivio)

Rip West wrote:
> There is nothing wrong with having a petty cash account
> that is part of the official records of the club. What you are talking about is
> what I call 'old-style' petty cash accounts. These were devised by NAIC, many
> years ago, to take care of non-deductible expenses, and they have created a mess
> ever since. Neither bivio or Club accounting allows you to use these 'old-style'
> accounts any more, although they do allow you to import them.
>  
> You could create a new account for this on the books, but
> you would have to figure out how to allocate it among your active members. Once
> you set it up, you can use it for anthing you like, including non-deductible
> expenses.
>
> Rip West
> Saint Paul, MN
>  

Barbie, the best practice is to pay all club expenses of investing and
education out of your regular club funds, allocated by membership share, and
all funds that members pay should be posted to buy them units. The reports
track and allocate the expenses just fine if you do that, and at present,
that isn't being done with a separate petty cash fund.

Gene Rooks, SWIM, Orlando