Family withdrawal

James P. Charles on

I made the mistake of writing a total withdrawal check for a
family of four who were all members. The bivio accouting
program is not allowing me to break up the withdrawal check
into individual members. What can I do and what about tax
time?

Rip West on

That brings up a very important consideration when doing a withdrawal. Never, never write the withdrawal check without doing the withdrawal entry first, to see how much the check should be for. In your case, I would perform 4 separate withdrawals, using the suspense account for the payments, and then record the one check you paid as a transfer from your checking account to Suspense.

Rip West
Saint Paul, MN

Mail