| A club officer may choose to enter opening balances for a
club rather than entering each and every transaction in a club's
history. This tool should be used by those clubs who have
been in existence for a number of years before coming to bivio
and have not been using iCLUBcentral® Club Accounting.
New clubs, those
that have started since January 1st of the current year, should not
use this method and should enter all
Member Transactions,
Investment Transactions,
and
Account Transactions
explicitly.
Note: By choosing to use Editing Opening Balances
your club will be unable to retrieve complete rate of return
information that includes the period prior to the switch-over date.
Opening balances may be entered into bivio when a club is first
created by clicking on the Editing Opening Balances button.
Opening balances may be entered later or edited by a club officer.
The Administrative Tools page contains a link to
the Editing Opening Balances page.
Switch-Over Date - Before entering opening balances a
switch-over date must be selected. This date is the date used to
determine all opening balances subsequently entered. For tax reasons,
the date selected may not be beyond the start of the current fiscal
year. Also, it is recommended that a club select a switch-over date
that corresponds to the start the club's fiscal year, normally January
1st.
Entering or editing opening balances is a three step process.
First, the Name
and Cash Balance, as of the switch-over
date, must be entered for each of your club's cash
Accounts.
Cash accounts which have a zero balance and are no longer used by the
club as of the switch-over date do not need to be entered. Also, any
accounts that pay tax free interest must be identified as such by
clicking on the box labeled Tax Free Interest/Dividend
next to the
applicable account. If the number of data entry fields are
insufficient to enter all of your club's active cash accounts click on
Add More Rows, as needed, to display a sufficient number of data
entry fields. When done, click on the button labeled
Next.
Second, the Ticker,
Acquisition Date,
the amount
Total Paid,
plus commissions (cost basis), and the number
of
Shares
of each block must be entered for each
Investment held by the club as of the switch-over date. If an
investment and it's ticker symbol is not included in the bivio
database click on
New Unlisted
to create new
Unlisted Investments.
Important Note: Each block of each investment held by the club as of
the switch-over date must be entered individually and NOT commingled.
When done, click on the button labeled "Next".
Finally, enter the
Name
of each member,
the amount
Total Paid
into the club by each member,
the cumulative amount of
taxable
Earnings Allocated
to each member, and the number of
Units
owned by each member as of the switch-over date.
Related help topics:
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