Communications
club_cafe
HelpRegister
audit question
I am preparing for our audit. The stocks are exactly the
same in brokerage account as bivio, but the cash balance is
off by approximately $1000. Bivio shows more but the
brokerage account must be right. Where would I start to
look in bivio for the discrepancy. I took over as treasurer
mid year and no audit was done last year (I know. Shame on
us). Any idea where to start? There is no chance the
previous treasurer took any money out for herself.

Hi Anne,

Fraud is only one of the reasons to do an audit. If cash balances are off, all of your club valuations are off which means all of your accounting and tax reporting is wrong.

To fix a cash balance discrepancy you need to follow these steps to find out what is causing it so you can fix the problem:

https://www.bivio.com/site-help/bp/Correcting_Your_Records_Help

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 Fri, Jan 17, 2020 at 4:14 PM ANNE WEEKS via bivio.com <user*6029900001@bivio.com> wrote:
I am preparing for our audit. The stocks are exactly the
same in brokerage account as bivio, but the cash balance is
off by approximately $1000. Bivio shows more but the
brokerage account must be right. Where would I start to
look in bivio for the discrepancy. I took over as treasurer
mid year and no audit was done last year (I know. Shame on
us). Any idea where to start? There is no chance the
previous treasurer took any money out for herself.

Look at transactions on the brokerage monthly statements or print out the cash management ledger. Then print a year or 2 of transactions from Bivio. Then compare the 2 working backwards to find when the discrepancy occurred. Bivio has all kinds of reports that can be printed.

It helps to have 2 people working on this.

Linda

The Pointe Players

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Laurie Frederiksen
Sent: Friday, January 17, 2020 4:54 PM
To: The Club Cafe
Subject: Re: [club_cafe] audit question

Hi Anne,

Fraud is only one of the reasons to do an audit.  If cash balances are off,  all of your club valuations are off which means all of your accounting and tax reporting is wrong.

To fix a cash balance discrepancy you need to follow these steps to find out what is causing it so you can fix the problem:

https://www.bivio.com/site-help/bp/Correcting_Your_Records_Help

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 Fri, Jan 17, 2020 at 4:14 PM ANNE WEEKS via bivio.com <user*6029900001@bivio.com> wrote:

I am preparing for our audit.  The stocks are exactly the
same in brokerage account as bivio, but the cash balance is
off by approximately $1000.  Bivio shows more but the
brokerage account must be right.  Where would I start to
look in bivio for the discrepancy.  I took over as treasurer
mid year and no audit was done last year (I know.  Shame on
us).  Any idea where to start?  There is no chance the
previous treasurer took any money out for herself.

Please consider picking two dates to reconcile, say Jan 1 &
June 30. If they don't the error is between those dates. If
those two dates reconcile then try the second have of the
year. Keep splitting the time covered in half until you find
the month the error occurred in.

I have attached instructions provided to me by one of the
bivio staff on how to reconcile an account as well as a
spreadsheet I use. When using the spreadsheet one only needs
to alter the 6 highlighted cells for that month.
TD-Ameritrade and bivo both are able to export their data so
hand entry is not necessary.

Besides showing that the cash is reconciled each month, the
spreadsheet also makes a monthly history of the transations.
I distribute a pdf of the spreadsheet each month to all the
members in our partnership.

Just a note. I would recommend working with Transaction lists rather than the Transaction ledger report when working on cash balance issues.

You an easily get to a transaction list for an account by going to Accounting>Accounts and clicking on its name.

That will open a page where you'll see all the transactions that have been entered in the account. They are are listed in order by date and there is a running cash balance column also.

The lists can easily be exported to spreadsheets if you want to work with them there.

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 Sat, Jan 18, 2020 at 6:25 AM Scott Freeman via bivio.com <user*1595500001@bivio.com> wrote:
Please consider picking two dates to reconcile, say Jan 1 &
June 30. If they don't the error is between those dates. If
those two dates reconcile then try the second have of the
year. Keep splitting the time covered in half until you find
the month the error occurred in.

I have attached instructions provided to me by one of the
bivio staff on how to reconcile an account as well as a
spreadsheet I use. When using the spreadsheet one only needs
to alter the 6 highlighted cells for that month.
TD-Ameritrade and bivo both are able to export their data so
hand entry is not necessary.

Besides showing that the cash is reconciled each month, the
spreadsheet also makes a monthly history of the transations.
I distribute a pdf of the spreadsheet each month to all the
members in our partnership.