Departing Member, bank xfer and withdrawal procedure
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Departing Member, bank xfer and withdrawal procedure We have a member who is withdrawing and we are paying the share out in cash. The member's bank account is linked to our brokerage account and they would like an electronic transfer. I am unsure of the cleanest way to do this. Should I do the electronic transfer, let accountsync pick it up, then do the withdrawal procedure at bivio? Hi Dana, Our suggestion is to create a dummy "suspense" account on your Accounting>Accounts page. You might call it something like "Pending Withdrawals". Then, use the withdraw button on the Accounting>Members page to enter the withdrawal. There is a button on the withdrawal page which will allow you to make sure you calculate the amount you owe correctly. Select the Pending Withdrawals account as the one that the withdrawal will be paid from. After you complete the withdrawal form, click on OK to accept the information. You will end up with a negative balance in the withdrawals account allowing you to track the withdrawal owed as a liability for the club. When the transfer goes through from your broker to the members account, you will receive an AccountSync "Identify Debit" notice. Identify this transaction as a Transfer from your broker to the Pending Withdrawals account. This will zero it out. This method also allows you to track the cash flow through your broker account as it actually happened. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Thank you very much. It looks like this will be perfect for us. Date: Tue, 5 Apr 2011 09:24:47 -0400 From: laurie@bivio.biz Subject: Re: [club_cafe] Departing Member, bank xfer and withdrawal procedure To: club_cafe@bivio.com Hi Dana, Our suggestion is to create a dummy "suspense" account on your Accounting>Accounts page. You might call it something like "Pending Withdrawals". Then, use the withdraw button on the Accounting>Members page to enter the withdrawal. There is a button on the withdrawal page which will allow you to make sure you calculate the amount you owe correctly. Select the Pending Withdrawals account as the one that the withdrawal will be paid from. After you complete the withdrawal form, click on OK to accept the information. You will end up with a negative balance in the withdrawals account allowing you to track the withdrawal owed as a liability for the club. When the transfer goes through from your broker to the members account, you will receive an AccountSync "Identify Debit" notice. Identify this transaction as a Transfer from your broker to the Pending Withdrawals account. This will zero it out. This method also allows you to track the cash flow through your broker account as it actually happened. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio |
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