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Schwab vs Bivio statements for Annual Audit Steps

Today our club initiated its audit for 2019 following the guidelines of the Bivio Audit Party Weekend event and Club Audit Forms and Instructions.  However, we bogged down in audit steps 3-4 trying to verify income and expense statements from Bivio vs equivalent statements from Schwab (our trading platform).  We logged onto Schwab and could use transaction filters to generate the information and export to Excel, which seems the long way to go.  We are now asking if there are ‘canned’ reports that can be generated on Schwab which are better aligned to the Bivio reports.  For example, all Income for 2019, all Expenses for 2019, All transactions for 2019, etc.  Since this is our first audit with new club leadership, we are hoping someone has already solved this problem for us.

Hopefully,

Norm C Blizard for SCS Investment Club, Columbus IN

We also just concluded our final audit of 2019.  Our club does 2 audits per year.  As treasurer I download transaction reports from TDAmeritrade and bivio for the 6 month period.  I combine each data set into two spreadsheets sorted by date (I also greatly reduce the description/comments section via Excel replace function.)

The two member audit team then starts with deposits, checking monthly flow into TDA and then from TDA to bivio.  We then do expenses, dividends, buys, sells and interest, etc.

The only issue is the bivio transaction report bulks same day member deposits, e.g. deposits of $150.12 and $150.07 show total of 2 deposits of $300.19.  The screen view shows them individually.  We use the cents method to identify which partner made the direct deposit with TDA.  Until earlier this year we had Wells Fargo checking and savings accounts which complicated matters.  Now much simpler.  It took a little over an hour to audit the July through December data.

As treasurer, I do the same each month to reconcile while data is fresh.  Monthly I will also use the TDA statement.

Allen Simon

Forsyth County IntelliVestors

630-841-3561

From: club_cafe@bivio.com On Behalf Of Norm C Blizard via bivio.com
Sent: Tuesday, January 14, 2020 3:18 PM
To: support@bivio.com; club_cafe@bivio.com
Cc: 'Jeff Rauch' <Jeff.Rauch1948@icloud.com>; 'John Sadauskas' <jwsadauskas@hotmail.com>
Subject: [club_cafe] Schwab vs Bivio statements for Annual Audit Steps

Today our club initiated its audit for 2019 following the guidelines of the Bivio Audit Party Weekend event and Club Audit Forms and Instructions.  However, we bogged down in audit steps 3-4 trying to verify income and expense statements from Bivio vs equivalent statements from Schwab (our trading platform).  We logged onto Schwab and could use transaction filters to generate the information and export to Excel, which seems the long way to go.  We are now asking if there are ‘canned’ reports that can be generated on Schwab which are better aligned to the Bivio reports.  For example, all Income for 2019, all Expenses for 2019, All transactions for 2019, etc.  Since this is our first audit with new club leadership, we are hoping someone has already solved this problem for us.

Hopefully,

Norm C Blizard for SCS Investment Club, Columbus IN

In general, I don't think you will find "canned" reports to get those things at any broker.

What you will find at Schwab and other brokers is a history transaction list which you can adjust to show just certain periods of time and certain subgroups of transactions. In Schwab, if you select the Edit link when you go to the history page you can limit the types of transactions shown and you can export to a spreadsheet to do further sorting if you'd like:

image.png

In bivio, if you use a transaction ledger report, each entry is a link so if two payments were combined for one day, you can click on it and see the details of the amounts included in the total.

The Transaction ledger report is in the bottom section on the Accounting>Reports page.


Laurie Frederiksen
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On Tue, Jan 14, 2020 at 3:40 PM Allen Simon via bivio.com <user*33998800001@bivio.com> wrote:

We also just concluded our final audit of 2019. Our club does 2 audits per year. As treasurer I download transaction reports from TDAmeritrade and bivio for the 6 month period. I combine each data set into two spreadsheets sorted by date (I also greatly reduce the description/comments section via Excel replace function.)

The two member audit team then starts with deposits, checking monthly flow into TDA and then from TDA to bivio. We then do expenses, dividends, buys, sells and interest, etc.

The only issue is the bivio transaction report bulks same day member deposits, e.g. deposits of $150.12 and $150.07 show total of 2 deposits of $300.19. The screen view shows them individually. We use the cents method to identify which partner made the direct deposit with TDA. Until earlier this year we had Wells Fargo checking and savings accounts which complicated matters. Now much simpler. It took a little over an hour to audit the July through December data.

As treasurer, I do the same each month to reconcile while data is fresh. Monthly I will also use the TDA statement.

Allen Simon

Forsyth County IntelliVestors

630-841-3561

From: club_cafe@bivio.com On Behalf Of Norm C Blizard via bivio.com
Sent: Tuesday, January 14, 2020 3:18 PM
To: support@bivio.com; club_cafe@bivio.com
Cc: 'Jeff Rauch' <Jeff.Rauch1948@icloud.com>; 'John Sadauskas' <jwsadauskas@hotmail.com>
Subject: [club_cafe] Schwab vs Bivio statements for Annual Audit Steps

Today our club initiated its audit for 2019 following the guidelines of the Bivio Audit Party Weekend event and Club Audit Forms and Instructions. However, we bogged down in audit steps 3-4 trying to verify income and expense statements from Bivio vs equivalent statements from Schwab (our trading platform). We logged onto Schwab and could use transaction filters to generate the information and export to Excel, which seems the long way to go. We are now asking if there are 'canned' reports that can be generated on Schwab which are better aligned to the Bivio reports. For example, all Income for 2019, all Expenses for 2019, All transactions for 2019, etc. Since this is our first audit with new club leadership, we are hoping someone has already solved this problem for us.

Hopefully,

Norm C Blizard for SCS Investment Club, Columbus IN

Hello Cafe' and Laurie: Thanks for all your responses. Here is our plan going forward. Putting it out for review and comment from the experts.

  1. Export all 2019 Schwab transactions (ledger report) into Excel
  2. Export all 2019 Bivio transactions (ledger report) into Excel
  3. Set up filters for income, expenses, stock transactions, contributions, etc
  4. Filter and create (copy) separate tab sheets for each (income, expenses...)
  5. Sum each set of transactions (this is a checksum)
  6. Compare Excel and Bivio tab sheets (income to income, expense to expense, checksums...) per Bivio Audit checklist steps
  7. Highlight differences - correct during or after audit
  8. Email PDFs of each spreadsheet pair (income to income,... ) to Audit Committee
  9. Send out each daily and after discussion we can agree to go forward with next review step
  10. Lead auditor records comments onto master Bivio Audit Checklist
  11. Audit committee meets again for a signing ceremony and to wrap up details
  12. Scan final Bivio Audit Checklist report with signatures into a PDF
  13. Upload to Bivio club files folder

.... we can finish this in about a week if we review each pair of Bivio vs Schwab tab sheets (income, expenses) daily and do by email (I am much more comfortable doing this by email than by face to face meeting where we can get lost in the details).

Sound like a plan? I think we owe it to our partners to have a robust audit process.

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laurie Frederiksen
Sent: Tuesday, January 14, 2020 4:17 PM
To: nowis123789@gmail.com; The Club Cafe <club_cafe@bivio.com>
Cc: Jeff Rauch <Jeff.Rauch1948@icloud.com>; John Sadauskas <jwsadauskas@hotmail.com>
Subject: [club_cafe] Re: [bivio.com #233526] RE: [club_cafe] Schwab vs Bivio statements for Annual Audit Steps

In general,  I don't think you will find "canned" reports to get those things at any broker.  

What you will find at Schwab and other brokers is a history transaction list which you can adjust to show just certain periods of time and certain subgroups of transactions.  In Schwab,  if you select the Edit link when you go to the history page you can limit the types of transactions shown and you can export to a spreadsheet to do further sorting if you'd like:

In bivio, if you use a transaction ledger report,  each entry is a link so if two payments were combined for one day,  you can click on it and see the details of the amounts included in the total.

The Transaction ledger report is in the bottom section on the Accounting>Reports page.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend!  
www.facebook.com/bivio
Follow us on twitter!  
www.twitter.com/bivio
Follow Us on Google+

Click here to 
Subscribe to the Club Cafe email list.  Click here to  Unsubscribe

On Tue, Jan 14, 2020 at 3:40 PM Allen Simon via bivio.com <user*33998800001@bivio.com> wrote:

We also just concluded our final audit of 2019.  Our club does 2 audits per year.  As treasurer I download transaction reports from TDAmeritrade and bivio for the 6 month period.  I combine each data set into two spreadsheets sorted by date (I also greatly reduce the description/comments section via Excel replace function.)

 

The two member audit team then starts with deposits, checking monthly flow into TDA and then from TDA to bivio.  We then do expenses, dividends, buys, sells and interest, etc.

 

The only issue is the bivio transaction report bulks same day member deposits, e.g. deposits of $150.12 and $150.07 show total of 2 deposits of $300.19.  The screen view shows them individually.  We use the cents method to identify which partner made the direct deposit with TDA.  Until earlier this year we had Wells Fargo checking and savings accounts which complicated matters.  Now much simpler.  It took a little over an hour to audit the July through December data.

 

As treasurer, I do the same each month to reconcile while data is fresh.  Monthly I will also use the TDA statement.

 

Allen Simon

Forsyth County IntelliVestors

630-841-3561

 

From: club_cafe@bivio.com On Behalf Of Norm C Blizard via bivio.com
Sent: Tuesday, January 14, 2020 3:18 PM
To: support@bivio.com; club_cafe@bivio.com
Cc: 'Jeff Rauch' <Jeff.Rauch1948@icloud.com>; 'John Sadauskas' <jwsadauskas@hotmail.com>
Subject: [club_cafe] Schwab vs Bivio statements for Annual Audit Steps

 

Today our club initiated its audit for 2019 following the guidelines of the Bivio Audit Party Weekend event and Club Audit Forms and Instructions.  However, we bogged down in audit steps 3-4 trying to verify income and expense statements from Bivio vs equivalent statements from Schwab (our trading platform).  We logged onto Schwab and could use transaction filters to generate the information and export to Excel, which seems the long way to go.  We are now asking if there are 'canned' reports that can be generated on Schwab which are better aligned to the Bivio reports.  For example, all Income for 2019, all Expenses for 2019, All transactions for 2019, etc.  Since this is our first audit with new club leadership, we are hoping someone has already solved this problem for us.

Hopefully,

Norm C Blizard for SCS Investment Club, Columbus IN

Hi Norm,

It sounds like you have figured out a way to get lists of transactions that need to be compared.

You need to actually make all comparisons shown in the bivio audit steps. These will guide you through auditing your accounting as well as comparing transaction entries. You need to do both to have correct records.

For example, comparing transactions will show you an expense was entered in bivio as well as paid by your broker. Checking that it was allocated as your club has agreed will audit your accounting.

For another example, comparing transaction lists only will not show you that cost basis and capital gains are in agreement either.

The checks in the audit checklist are all important. They check more than just that the same transactions have been entered in bivio and your broker.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe


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