Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it’s asking “the account used to fund the cash withdrawal”.
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
Peter Dunkelberger on
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
Robin Travis-malbrough on
How do I add our bank account to sync in Bivio?
On Mar 18, 2024, at 1:58 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
Kevin Gillogly on
Robin,
You can't (that I know of). You would have to manually enter each bank transaction. That is what I have done with my club's account.
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
Dan Cohn on
I just did it...check the help page. They have instructions - very easy even for overly mature people.
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
--
Dan Cohn 404 862 5640
ira smilovitz on
AccountSync only works with brokerage accounts and only with the few brokers listed on the AccountSync help page.
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?