Member withdraw

Johnny Duncan on

Greetings,

I've been down this road once before and messed it up. Just
so I get it right this time, I have a member withdrawing. I
have the required paperwork to send to Scottrade and request
a check for the withdrawing member. As far as what the
amount of the check request should be, do I simply go to the
member section for the date of withdraw and request a check
for the amount shown for that member?

Last time, I withdrew the member, then requested the check
and since bivio is synched up with Scottrade, I had my
manual withdraw and then a debit I had to account for from
the Scottrade check.

Thanks in advance for your help.

Johnny

Rip West on

Hi Johnny,

The first thing you must do is to prepare the members withdrawal form. You get to this by going to Accounting|Members and selecting withdrawal. The transaction date should be the date of the check that will be issued, and the valuation date should be the date of the valuation that was used in valuing the account. The rest of the form is self-explanatory. The member's units will be removed as of the transaction date. You will have a slight hiccup when accountsync picks up the check being cleared in Scottrade when it is cashed. You will be asked to identify that transaction, and you can simply delete it.

An alternative solution, suggested by One Minute Treasurer, is to make a new cash account called 'Member Withdrawals'. After doing that, again go to the withdrawal form in bivio. The only difference will be that you should designate 'Member Withdrawal' as the account to use for the withdrawal. Now, when the notice comes from accountsync that this check has cleared, you will account for it by making that entry a transfer from Scottrade to Member Withdrawal.

No matter how you do it, you are still going to have to deal with the accountsync entry when the check clears. In the first case, you merely delete the entry. In the second case, you make it a transfer.

Rip West
Saint Paul, MN

Mail