| Account Transactions allow a club officer to enter transactions related to a
club cash account. Transferring between accounts and recording
interest from your account are examples of Account Transactions.
You'll find these functions on your
Account Summary and your
Account Detail pages.
Here's the complete list 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.
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. Member deposits, whether as 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. Examples of
miscellaneous income would be income derived from classes or seminars
given by the club, from the sale of books or pamphlets produced by the
club, etc.
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
Expenses of Producing Income
and
Nondeductible Expenses.
of
IRS Publication #550.
Note:
There are three types of transactions on bivio: Account Transactions,
Member Transactions,
and
Investment Transactions.
Make sure you select
the appropriate transaction type. For example, if you receive a
dividend on a stock, you use the
Investment Transactions
page. Or, if a member
make a payment into the club, you use the
Member Transactions
page.
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