Crediting Member for Pre-payments?
| HelpRegister |
Crediting Member for Pre-payments? Jan and Rita wrote.........
We tried using the 'nifty' feature of putting a member's
pre-payments into Suspense, but now cannot get the transfer of the monies
credited to their valuation. We can transfer from one account to the other as
treasurer, but this does not credit the member. If the member 'pays' the
amount it doesn't debit Suspense. How do we transfer from Suspense to Broker and
credit the member?
Let me explain by example, if you don't mind. Let's say that
Member X is going to miss the next 3 meetings. Member X normally
makes monthly payments to the club in the amount of $25. In January Member
X gives you a check for $75 to cover the February 1st, the March 1st, and
the April Fools Day payments. You deposit that money into the club's
brokerage account.
The question is, how do we enter these transactions into our
accounting software so that the brokerage account continues to reconcile
throughout the period and so this member gets credit for 3 separate $25 deposits
on the first of the next 3 months?
First, enter a transfer from the Suspense Account (or for that matter you
could create a new account in bivio called 'Advanced Payments') to your
brokerage account. Then, enter 3 payments for Member X. One
dated February 1st, one dated March 1st, and one dated April 1st.
When entering each of those payments be sure to select the Suspense Account (or
whatever account you used as a temporary place from which prepayments were
transferred), not your brokerage account, as the account into which
the payments were deposited. At the end of the 3 months,
Member X will have been credited with the 3 payments, as desired, and your
club cash accounts will reconcile with their actual balances throughout the
entire period.
Thanks for using bivio!
|
|
||||||