Account Transactions

If you are entering cash transactions which are not related to specific members or investments, you enter them on the Accounting>Accounts page. Transferring cash between accounts, recording expenses and recording money market interest are examples of Account Transactions. You'll find forms to record them if you click on the yellow buttons you'll see on your Account Summary and your Account Detail pages.

Here is what you'll need to enter the different types of transactions:

Transfer - Enter the date, the account from which the funds are being transferred, the account to which the funds are being transferred, the amount, and any appropriate remarks. Note: Transfers to or from the an "Off-book" Petty Cash Account to or from any other cash account are not permitted.

Interest - Enter the date, the amount interest paid to your club from this cash account, and any appropriate remarks. Note: Treat cash received as interest/dividends in the way that it is reported to you by your financial institution. In some cases a financial institution may offer several different types of money market accounts. The earnings from some may be reported to you as dividends and others as interest. It is important to report these earnings in the same manner as your financial institution so that your club tax return will reconcile with the 1099-DIV's and 1099-INT's that are submitted to you and the IRS at the end of the year

Dividends - Enter the date, the amount of any dividend paid to your club from this cash account, and any appropriate remarks. Note: Treat cash received as interest/dividends in the way that it is reported to you by your financial institution. In some cases a financial institution may offer several different types of money market accounts. The earnings from some may be reported to you as dividends and others as interest. It is important to report these earnings in the same manner as your financial institution so that your club tax return will reconcile with the 1099-DIVs and 1099-INTs that are submitted to you and the IRS at the end of the year.

Do not use this button to enter dividends you receive from your investments. Enter those using the income button on the Accounting>Investments page.

Income - Enter the date, the amount of any miscellaneous income received by the club, and any appropriate remarks. Note: Miscellaneous Income is derived from sources other than your club's investments or the deposit of member payments or fees. Sometimes clubs receive winnings from a portfolio contest. This is the type of income that should be entered as miscellaneous income.

Member deposits, whether fees or payments, must be entered on the Member Summary or the Member Detail pages. Income from individual investments must be entered on the Investment Detail, page.

Expenses - Verify that the proper cash account has been selected, enter the transaction date, enter the amount of any expenses paid from this account, select the appropriate category of expenses, select Allocate per Partnership Exception, if appropriate, and any appropriate remarks.

To verify the deductibility or non deductibility of an expense paid by the club you should refer to the section on Investment Expenses in IRS Publication #550.

Note: There are three types of transactions in bivio:

Make sure you select the appropriate transaction type.

For example, if you receive a dividend on a stock, you use the Investment Transactions page. If a member makes a payment into the club, you use the Member Transactions page.