Yearly Membership Fees
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Yearly Membership Fees Hello, I'm trying to determine how we should account for yearly membership fees each club member pays yearly using Bivio. Should we be entering these fees (fees/payments) into Bivio or should we just let the funds sit in our club back account? Any help would be greatly apreciated. Thank You, George Ramirez Hi George, Any cash you have in any of your club's accounts can be used to pay any expenses your club might have. Make sure to enter your member contributions as payments so each member receives the credit he deserves for them. When you pay your bivio subscription, enter it as an expense using the Expense button on the Accounting>Accounts page. Thank you and your club for using bivio! Laurie Frederiksen www.bivio.com If you are referring to each member's annual BI dues, you are probably best served by handling this outside of your club's books. Have each member make a check out to BI and send them in with your club's registration fee.
If you are referring to something else, all member contributions to the club, for whatever purpose, should be entered as a payment with the exception of those amounts which are paid as a penalty of some sort.
Ira Smilovitz
Join me at InvestEd 2010
Investor Education at Its BestTM Baltimore, MD August 6 - 8, 2010 http://www.investor-education2010.org/ In a message dated 03/11/10 09:48:05 Eastern Standard Time, emailgeorgeramirez@bivio.com writes:
Jorge, Of the many advantages to entering the Bivio fee on bivio, the one I like best is when you do your taxes, the amount will automatically be listed under deductible expenses on your clubs K-1 forms. Ellen On Mar 11, 2010, at 6:20 AM, Jorge Ramirez wrote:
Jorge--we think the matter of handling members annual dues and the club dues is something each club should decide on it's own. For a number of years, our members made extra contributions (total members and club dues divided equally by number of members) for which they received units. The club then issued the check to BI for the total. In the last few years with the down market and some excess cash, the club has paid the total without asking additional from the members. The first method gives the members units and a club expense, the second results only in club expense. Colin Wilson, Treasurer, Doc Stock Investment Club ----- Original Message ----- From: Jorge Ramirez <emailgeorgeramirez@bivio.com> To: club cafe <club_cafe@bivio.com> Cc: emailgeorgeramirez@gmail.com Sent: Thu, 11 Mar 2010 08:20:27 -0600 (CST) Subject: club_cafe: Yearly Membership Fees Hello, I'm trying to determine how we should account for yearly membership fees each club member pays yearly using Bivio. Should we be entering these fees (fees/payments) into Bivio or should we just let the funds sit in our club back account? Any help would be greatly apreciated. Thank You, George Ramirez |
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