Problem - Member WithdrawalI'm getting my knickers into a twist making a full cash withdrawal of a member. I thought I was correctly following the instructions in the One Minute Treasurer, but 1. I setup an account named "Member Withdrawal" 2. I clicked "Member Withdraw", selected the member ...

Re: club_cafe: Problem - Member WithdrawalHi Jay, <<1. I setup an account named "Member Withdrawal">. Right! << 2. I clicked "Member Withdraw", selected the member name & appropriate dates; no fee to enter; clicked Refresh and got the appropriate amount. >> Maybe not right. Did you select the Member Withdrawal ...

Re: [club_cafe] Departing Member, bank xfer and withdrawal procedureHi 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 ...

Re: Does anyone have penalties for withdrawing?There is no natural law governing your question "does the member have to leave the club?" The answer depends on what the members of the partnership and the treasurer are prepared to accept. My position personally would depend on the amount of the person's capital ...

Re: [club_cafe] What should be the valuation date for a full withdrawal?It's important to have the valuation date used to establish the value of a withdrawal close to the date on which you will actually pay the withdrawing partner (be that with cash or with transferred stock). For example, if your club establishes the value of ...

Correcting a WithdrawalYou can't edit a withdrawal but it is fine to delete it and re-enter it. Here are the steps you should follow: Print out the withdrawal report so you have a record of the parameters you originally used. (you can get to it from the ...

Re: club_cafe: Timing of withdrawals with doing taxes for 2002Ray G. Barnes writes: > We have three members withdrawing as of 12/31/02 which will > be their withdrawal valuation date. Does it matter if I run > the taxes before doing the withdrawal reports? Or should I > run the withdrawals before the taxes? ...

Re: [club_cafe] Cash WithdrawalThis is incorrect. The gain on a partial withdrawal is determined only tentatively at the time of withdrawal. If there is a potential gain at the time of withdrawal, that gain can be reduced by subsequent contributions of capital before the end of the tax ...

Re: Cash WithdrawalMy earlier reply in this thresd (quoted below) was too definitive in its use of "incorrect". A more appropriate choice would have been "incomplete". There are other ways to determine the taxable gain that might be more favorable to the member. The approach used by ...

Re: [club_cafe] Withdrawal FeesAndy, I believe the historical motive for a 3% withdrawal fee on cash withdrawals only was to recover the commission costs of selling stock to raise cash. With low commissions these days, I think it makes sense to limit withdrawal fees to actual costs (if ...

Re: [club_cafe] Partial withdrawalWe have had one partial withdrawal paid by stock transfer and did not have any problem. I'm not sure what Ira means by "dramatic distortions in the timing of tax payments". Capital gains tax for the withdrawing member is incurred when the transferred stock is ...

Re: [club_cafe] Making Payments to Active Members, not Withdrawals?I you have to sell stock to pay out a withdrawal (Partnership Agreement states, pay by check - no option for transfer of stock) then all members will share in paying the capital gain tax from their K-1. Isn't this how Bivio accounts for sales? ...

Withdrawing Members and Withdrawal ReportsThis is our club's first member withdrawal since signing up with Bivio. (We have used NAIC Club Accounting since our club's inception in 1996.) In the past when we had a member withdraw, there was a "withdrawal report" that I could generate, print and send ...

Re: club_cafe: Re: revoking withdrawal fee> BTW, the president is not a charter member and has no > problem with the 15%. She has no intention of ever leaving. In a sense she's right. The members who can arrange to still be around when the club eventually disbands can also ...

RE: [club_cafe] WithdrawalsIt is NOT the cost of preparing the withdrawal, it is the cost of the return itself. $100 divided by 50 members would be $2.00 per member, for example. The withdrawing member should share in that cost, hence the $5 fee. Each club would need ...