Is there an easy way to record the transfer of stock to a member if the club agrees to give them shares of stock instead of cash when they request a withdrawal or leave the club?
We are discussing this as an option for our club.
Thank you.
Linda TerHaar on
Our club has transferred stock to members; following the bivio steps made the changes in our club account record.
Is there an easy way to record the transfer of stock to a member if the club agrees to give them shares of stock instead of cash when they request a withdrawal or leave the club?
We are discussing this as an option for our club.
Thank you.
--
PPlease consider the environment before printing this e-mail.
Is there an easy way to record the transfer of stock to a member if the club agrees to give them shares of stock instead of cash when they request a withdrawal or leave the club?
We are discussing this as an option for our club.
Thank you.
--
PPlease consider the environment before printing this e-mail.
--
PPlease consider the environment before printing this e-mail.
Laurie Frederiksen on
Transferring stock to pay a withdrawal is difficult to process correctly. This example goes through all the steps you need to take:
1. Only transfer shares that have gone up in value. It is in everyones best interest to sell the losers instead of transferring them.
2. Make sure the cost basis of all your shares of all of your stocks is correct in bivio before you proceed with the stock withdrawal entry.
3. Enter the withdrawal prior to transferring the stock. When you make the withdrawal entry, you will identify the shares to transfer. bivio will calculate their value on the date you've entered as the "Stock transfer valuation date" and will show you how much additional cash you owe. You will not be able to make a correct withdrawal entry until the withdrawal transaction and valuation dates have passed. So, for example, if a withdrawal is effective 9/13 with a valuation date of 9/12, the earliest date you could make a correct withdrawal entry using those dates would be 9/14.
4. The same date will be used for the "Stock transfer valuation date" that you use for the "Withdrawal Valuation date". This will establish the number of shares of each stock that the member will receive. The brokers price for shares on the date you actually make the transfer is a moot point and is not used to do the accounting for the withdrawal payout or to determine how much cash the member is also owed. Your broker does not do your member accounting for you. You do it using bivio.
5. If there is a fee charged by the broker for making the transfer, find out what it is ahead of time from them. If you are charging the withdrawing member that amount, enter it as a "Fee" when you enter the withdrawal.
6. Use the withdrawal report prepared when you enter the withdrawal to get the information to tell the broker exactly which lots of each stock to transfer.
7. Transfer stocks quickly once the withdrawal has been entered to avoid difficult complications.
8. Double check that the cost basis of each lot of your remaining stocks agrees with what the broker shows after the transfer to make sure that they did it correctly and that the broker and bivio records for cost basis still line up.
Laurie Frederiksen Invest with your friends! www.bivio.com
Is there an easy way to record the transfer of stock to a member if the club agrees to give them shares of stock instead of cash when they request a withdrawal or leave the club?
We are discussing this as an option for our club.
Thank you.
--
PPlease consider the environment before printing this e-mail.
--
PPlease consider the environment before printing this e-mail.
Penny Foy on
Thank you for the information.
Sent from my iPhone Penny Foy 319-432-1998
On Dec 15, 2021, at 8:24 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Transferring stock to pay a withdrawal is difficult to process correctly. This example goes through all the steps you need to take:
1. Only transfer shares that have gone up in value. It is in everyones best interest to sell the losers instead of transferring them.
2. Make sure the cost basis of all your shares of all of your stocks is correct in bivio before you proceed with the stock withdrawal entry.
3. Enter the withdrawal prior to transferring the stock. When you make the withdrawal entry, you will identify the shares to transfer. bivio will calculate their value on the date you've entered as the "Stock transfer valuation date" and will show you how much additional cash you owe. You will not be able to make a correct withdrawal entry until the withdrawal transaction and valuation dates have passed. So, for example, if a withdrawal is effective 9/13 with a valuation date of 9/12, the earliest date you could make a correct withdrawal entry using those dates would be 9/14.
4. The same date will be used for the "Stock transfer valuation date" that you use for the "Withdrawal Valuation date". This will establish the number of shares of each stock that the member will receive. The brokers price for shares on the date you actually make the transfer is a moot point and is not used to do the accounting for the withdrawal payout or to determine how much cash the member is also owed. Your broker does not do your member accounting for you. You do it using bivio.
5. If there is a fee charged by the broker for making the transfer, find out what it is ahead of time from them. If you are charging the withdrawing member that amount, enter it as a "Fee" when you enter the withdrawal.
6. Use the withdrawal report prepared when you enter the withdrawal to get the information to tell the broker exactly which lots of each stock to transfer.
7. Transfer stocks quickly once the withdrawal has been entered to avoid difficult complications.
8. Double check that the cost basis of each lot of your remaining stocks agrees with what the broker shows after the transfer to make sure that they did it correctly and that the broker and bivio records for cost basis still line up.
Laurie Frederiksen Invest with your friends! www.bivio.com
Is there an easy way to record the transfer of stock to a member if the club agrees to give them shares of stock instead of cash when they request a withdrawal or leave the club?
We are discussing this as an option for our club.
Thank you.
--
PPlease consider the environment before printing this e-mail.
--
PPlease consider the environment before printing this e-mail.
Florence Primrose on
Thanks, Penny. Flo Primrose
On Dec 18, 2021, at 12:46 PM, Penny Foy via bivio.com <user*35905200001@bivio.com> wrote:
Thank you for the information.
Sent from my iPhone Penny Foy 319-432-1998
On Dec 15, 2021, at 8:24 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Transferring stock to pay a withdrawal is difficult to process correctly. This example goes through all the steps you need to take:
1. Only transfer shares that have gone up in value. It is in everyones best interest to sell the losers instead of transferring them.
2. Make sure the cost basis of all your shares of all of your stocks is correct in bivio before you proceed with the stock withdrawal entry.
3. Enter the withdrawal prior to transferring the stock. When you make the withdrawal entry, you will identify the shares to transfer. bivio will calculate their value on the date you've entered as the "Stock transfer valuation date" and will show you how much additional cash you owe. You will not be able to make a correct withdrawal entry until the withdrawal transaction and valuation dates have passed. So, for example, if a withdrawal is effective 9/13 with a valuation date of 9/12, the earliest date you could make a correct withdrawal entry using those dates would be 9/14.
4. The same date will be used for the "Stock transfer valuation date" that you use for the "Withdrawal Valuation date". This will establish the number of shares of each stock that the member will receive. The brokers price for shares on the date you actually make the transfer is a moot point and is not used to do the accounting for the withdrawal payout or to determine how much cash the member is also owed. Your broker does not do your member accounting for you. You do it using bivio.
5. If there is a fee charged by the broker for making the transfer, find out what it is ahead of time from them. If you are charging the withdrawing member that amount, enter it as a "Fee" when you enter the withdrawal.
6. Use the withdrawal report prepared when you enter the withdrawal to get the information to tell the broker exactly which lots of each stock to transfer.
7. Transfer stocks quickly once the withdrawal has been entered to avoid difficult complications.
8. Double check that the cost basis of each lot of your remaining stocks agrees with what the broker shows after the transfer to make sure that they did it correctly and that the broker and bivio records for cost basis still line up.
Laurie Frederiksen Invest with your friends! www.bivio.com
Is there an easy way to record the transfer of stock to a member if the club agrees to give them shares of stock instead of cash when they request a withdrawal or leave the club?
We are discussing this as an option for our club.
Thank you.
--
PPlease consider the environment before printing this e-mail.
--
PPlease consider the environment before printing this e-mail.