Our club is switching banks and the new one can only have one signature on checks vs. the two signatures we currently have. Just wondering how most of your clubs handle this. Thanks in advance.
Carolyn
Sheryl on
Carolyn: we require only 1 signature but have 2 people who can sign. With monthly reports from treasurer you are up to date....you have to trust someone!
Sent from my iPhone
On Apr 18, 2016, at 7:44 PM, Collins, Carolyn (C.) <ccolli12@ford.com> wrote:
Our club is switching banks and the new one can only have one signature on checks vs. the two signatures we currently have. Just wondering how most of your clubs handle this. Thanks in advance.
Carolyn
Laurie Frederiksen on
A good accounting practice is to have two different people involved with checks. The one who writes and signs them should be different than the one that records them in your club accounting.
That gives you a layer of checks and balances.
Laurie Frederiksen Invest with your friends! www.bivio.com
Our old procedure was to only require 2 signatures on checks above $500,
which was very rare. More recently, we changed to a Credit Union and now
have a debit card which we use for 95% of our expenses. We rarely write
checks anymore.
Subject: [club_cafe] writing checks - # of signatures
needed
Our club is switching banks and the new one can only have one signature on
checks vs. the two signatures we currently have. Just wondering how most
of your clubs handle this. Thanks in advance.
Our old procedure was to only require 2 signatures on checks above $500,
which was very rare. More recently, we changed to a Credit Union and now
have a debit card which we use for 95% of our expenses. We rarely write
checks anymore.
Subject: [club_cafe] writing checks - # of signatures
needed
Our club is switching banks and the new one can only have one signature on
checks vs. the two signatures we currently have. Just wondering how most
of your clubs handle this. Thanks in advance.
Carolyn
Dick Lewis on
I do, since I'm the treasurer. Of course, all potential expenses are
discussed in our monthly meeting, and documented in our minutes, prior to paying
any expense. Then, the following month, they are reviewed on the
Transaction Summary report. This works very well for us.
For our monthly meeting, I present 4 reports.
- Member Status
- Valuation Statement
- Transaction Summary
- Graphical view of our portfolio that I create in Excel (A picture is
worth 1000 words)
Our old procedure was to only require 2 signatures on checks above $500,
which was very rare. More recently, we changed to a Credit Union and now
have a debit card which we use for 95% of our expenses. We rarely write
checks anymore.
Subject: [club_cafe] writing checks - # of signatures
needed
Our club is switching banks and the new one can only have one signature on
checks vs. the two signatures we currently have. Just wondering how most
of your clubs handle this. Thanks in advance.
Carolyn
Sheryl on
I also provide brokers statement- the one page summary to prove my reports are what I say they are each month!
I do, since I'm the treasurer. Of course, all potential expenses are
discussed in our monthly meeting, and documented in our minutes, prior to paying
any expense. Then, the following month, they are reviewed on the
Transaction Summary report. This works very well for us.
For our monthly meeting, I present 4 reports.
- Member Status
- Valuation Statement
- Transaction Summary
- Graphical view of our portfolio that I create in Excel (A picture is
worth 1000 words)
Our old procedure was to only require 2 signatures on checks above $500,
which was very rare. More recently, we changed to a Credit Union and now
have a debit card which we use for 95% of our expenses. We rarely write
checks anymore.
Subject: [club_cafe] writing checks - # of signatures
needed
Our club is switching banks and the new one can only have one signature on
checks vs. the two signatures we currently have. Just wondering how most
of your clubs handle this. Thanks in advance.
Carolyn
Dick Lewis on
I capture the broker statement monthly but don't present that.
They're stored in .pdf format on my laptop and can be shown very easily if there
are questions. My reports are shown on a big, flat screen TV, which is
driven by the laptop. The bottom line is..... as treasurer's, we should be
in a position of being able to show any record necessary when / if there are any
questions. I can do that either with software files or hard copy if
necessary.
I probably go overboard with my procedures..... but that's my nature.
This also makes passing our annual audit very easy.
I do, since I'm the treasurer. Of course, all potential expenses
are discussed in our monthly meeting, and documented in our minutes, prior to
paying any expense. Then, the following month, they are reviewed on the
Transaction Summary report. This works very well for us.
For our monthly meeting, I present 4 reports.
- Member Status
- Valuation Statement
- Transaction Summary
- Graphical view of our portfolio that I create in Excel (A picture is
worth 1000 words)
Our old procedure was to only require 2 signatures on checks above $500,
which was very rare. More recently, we changed to a Credit Union and now
have a debit card which we use for 95% of our expenses. We rarely write
checks anymore.
Subject: [club_cafe] writing checks - # of signatures
needed
Our club is switching banks and the new one can only have one signature
on checks vs. the two signatures we currently have. Just wondering how
most of your clubs handle this. Thanks in advance.
Carolyn
Irina Clements on
I always wonder why clubs have a separate bank or credit union given the small volume of check/debit transactions my club has. We use the E*Trade sweep account. For the small interest a credit union/bank pays, and having two accounts (broker and bank/credit union) it makes it more transactions for the treasurer and more complexity for audit and...
Understand that best practice is two signatures, but every time transaction posts to bivio, verification of identical balance is stated at bottom of email to officers. My President, VP and Asst Treasurer all receive/monitor the bivio email. When I made an addition error on a manual post (something ridiculous like 2 + 2 = 5), I knew immediately because the balances didn't sync and I immediately knew to look for a mis-posting.
My club has checks and a debit card.
I keep the debit card and checks.
2015 4 debit transactions for the year
1) post office for the registered return receipt federal tax filing. 2) pay for bivio
3) cord for projector
4) bi membership
That's it. Is easier to use the debit than spend, copy receipt, and request reimbursement. And all is pre-authorized before I use it/write check.
2015 2 check transactions
1) partial withdrawal, and
2) a payment for club membership to Manifest Investing.
Jack Ellison on
We use Schwab and I capture the monthly report and post to "files" in Bivio so members can access at any time.
I capture the broker statement monthly but don't present that.
They're stored in .pdf format on my laptop and can be shown very easily if there
are questions. My reports are shown on a big, flat screen TV, which is
driven by the laptop. The bottom line is..... as treasurer's, we should be
in a position of being able to show any record necessary when / if there are any
questions. I can do that either with software files or hard copy if
necessary.
I probably go overboard with my procedures..... but that's my nature.
This also makes passing our annual audit very easy.
I do, since I'm the treasurer. Of course, all potential expenses
are discussed in our monthly meeting, and documented in our minutes, prior to
paying any expense. Then, the following month, they are reviewed on the
Transaction Summary report. This works very well for us.
For our monthly meeting, I present 4 reports.
- Member Status
- Valuation Statement
- Transaction Summary
- Graphical view of our portfolio that I create in Excel (A picture is
worth 1000 words)
Our old procedure was to only require 2 signatures on checks above $500,
which was very rare. More recently, we changed to a Credit Union and now
have a debit card which we use for 95% of our expenses. We rarely write
checks anymore.
Subject: [club_cafe] writing checks - # of signatures
needed
Our club is switching banks and the new one can only have one signature
on checks vs. the two signatures we currently have. Just wondering how
most of your clubs handle this. Thanks in advance.
Carolyn
Dick Lewis on
It's interesting to see the variations in procedures that different clubs
use. The bottom line is...... if it works for your members..... and the
treasurer is not overworked..... then all is well with the world.
I capture the broker statement monthly but don't present that.
They're stored in .pdf format on my laptop and can be shown very easily if
there are questions. My reports are shown on a big, flat screen TV,
which is driven by the laptop. The bottom line is..... as treasurer's,
we should be in a position of being able to show any record necessary when /
if there are any questions. I can do that either with software files or
hard copy if necessary.
I probably go overboard with my procedures..... but that's my
nature. This also makes passing our annual audit very easy.
I do, since I'm the treasurer. Of course, all potential expenses
are discussed in our monthly meeting, and documented in our minutes, prior
to paying any expense. Then, the following month, they are reviewed on
the Transaction Summary report. This works very well for us.
For our monthly meeting, I present 4 reports.
- Member Status
- Valuation Statement
- Transaction Summary
- Graphical view of our portfolio that I create in Excel (A picture is
worth 1000 words)
Our old procedure was to only require 2 signatures on checks above
$500, which was very rare. More recently, we changed to a Credit Union
and now have a debit card which we use for 95% of our expenses. We
rarely write checks anymore.
Subject: [club_cafe] writing checks - # of signatures
needed
Our club is switching banks and the new one can only have one signature
on checks vs. the two signatures we currently have. Just wondering how
most of your clubs handle this. Thanks in advance.
Carolyn
William C. Peterson on
Laurie is correct about having one person write checks (and
make deposits) and another record the transactions. Most
clubs, however, including the two that I belong to, allow
the Treasurer to handle both tasks. Insurance may be
obtained through BetterInvesting to cover the club in case
someone steals the club's funds. All expenditures must be
approved by the club membership and recorded in the minutes.
As for access to the records, Bivio allows a club to store
documents (such as bank statements) on the club's site, and
every club member can access the documents online. Club
members can also be allowed to view any report that Bivio
can produce.
BetterInvesting requires CHAPTERS to either have two
signatures on checks or to have one person sign them while
having a second record them. Of course, all expenditures
must be approved by the Board and recorded in the minutes.
Though chapters use do not use Bivio (they use QuickBooks),
they can also store documents in a restricted area of the
chapter's web page, and any Board member can access them
there. (The Treasurer should keep backup copies in another
location.)
Mike Jones on
My club members have access to Bivio and to our broker's website so I don't provide ANY reports at the meeting. They are responsible for reviewing our status (and theirs) before the meeting.
I don't distribute anything except for SSGs I am presenting. As for expenses, we write a check to Better Investing and another to Bivio each year. The only other checks I write are for withdrawing members. We figured we could nickel and dime ourselves by charging the club for copying handouts or we could each print what we want to distribute so the cost evens out.
By the way, when I created the account we use to access our broker, I selected all security questions that require non-numeric answers and made every answer the same. Now all we have to remember is the password and that one answer. Regardless of the security question it asks, the answer is identical.
Mike Jones
Wall$treet Wannabees
----------------------------------- I, for one, like Roman numerals.
-----------------------------------
From: Sheryl via bivio.com <user*7608900001@bivio.com> To: club_cafe@bivio.com Sent: Monday, April 18, 2016 2:19 PM Subject: Re: [club_cafe] writing checks - # of signatures needed
I also provide brokers statement- the one page summary to prove my reports are what I say they are each month!
I do, since I'm the treasurer. Of course, all potential expenses are
discussed in our monthly meeting, and documented in our minutes, prior to paying
any expense. Then, the following month, they are reviewed on the
Transaction Summary report. This works very well for us.
For our monthly meeting, I present 4 reports.
- Member Status
- Valuation Statement
- Transaction Summary
- Graphical view of our portfolio that I create in Excel (A picture is
worth 1000 words)
Our old procedure was to only require 2 signatures on checks above $500,
which was very rare. More recently, we changed to a Credit Union and now
have a debit card which we use for 95% of our expenses. We rarely write
checks anymore.
Subject: [club_cafe] writing checks - # of signatures
needed
Our club is switching banks and the new one can only have one signature on
checks vs. the two signatures we currently have. Just wondering how most
of your clubs handle this. Thanks in advance.
Carolyn
Jean Wochna on
We never write checks anymore. The only checks we deal with
are withdrawals and Schwab writes them. We maintain a very
low balance petty cash fund and make a special assessment
when our membership dues become due. Our normal petty cash
balance is usually less than $100 and all transactions are
posted immediately to the petty cash account. The treasurers
report shows all disbursements in the month they are made.