Partial withdrawal
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Partial withdrawal We had a member do a partial withdrawal in the amount of $40,000 in Dec 2023. I believe I entered the withdrawal as instructed on the tutorial. In Accounting>Reports>Member Contributions and Withdrawals, it now shows his contribution in Q4 as -$40,000. It appears that it has subtracted this amount from his total contributions to the club. When looking at Accounting>Reports>Member Status prior to his withdrawal, his total contributions to the club were $18050 with a tax basis of $22,259. After executing the withdrawal, it shows his "total amount paid" as -$21,950 and his tax basis as zero. This is clearly wrong, isn't it? If yes, is someone able to guide me on how to correct it. Is it fine to delete the existing withdrawal transaction and start over? Any help would be much appreciated! Sounds like a job for the folks at Support@Bivio.com
On Sunday, February 25, 2024 at 06:58:09 PM CST, David Karbulka via bivio.com <user*26468500001@bivio.com> wrote:
We had a member do a partial withdrawal in the amount of
$40,000 in Dec 2023. I believe I entered the withdrawal as instructed on the tutorial. In Accounting>Reports>Member Contributions and Withdrawals, it now shows his contribution in Q4 as -$40,000. It appears that it has subtracted this amount from his total contributions to the club. When looking at Accounting>Reports>Member Status prior to his withdrawal, his total contributions to the club were $18050 with a tax basis of $22,259. After executing the withdrawal, it shows his "total amount paid" as -$21,950 and his tax basis as zero. This is clearly wrong, isn't it? If yes, is someone able to guide me on how to correct it. Is it fine to delete the existing withdrawal transaction and start over? Any help would be much appreciated! |
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