Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it’s asking “the account used to fund the cash withdrawal”.
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
Peter Dunkelberger on
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
Robin Travis-malbrough on
How do I add our bank account to sync in Bivio?
On Mar 18, 2024, at 1:58 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
Kevin Gillogly on
Robin,
You can't (that I know of). You would have to manually enter each bank transaction. That is what I have done with my club's account.
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
Dan Cohn on
I just did it...check the help page. They have instructions - very easy even for overly mature people.
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
--
Dan Cohn 404 862 5640
ira smilovitz on
AccountSync only works with brokerage accounts and only with the few brokers listed on the AccountSync help page.
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
--
Dan Cohn 404 862 5640
Robin Travis-malbrough on
Hello
As many others have experienced, Schwab makes it extremely hard for an investment club to handle a withdrawal/payout to an exiting partner. We opened a chase account as a work around and some partners have begun depositing their contributions into this account as well. Can I sync the chase account to Bivio or will I need to manually input the transactions into Bivio? We are a small club and there's not a ton of activity so it is doable.
On Apr 9, 2024, at 7:21 AM, Robin Travis-malbrough via bivio.com <user*38558700001@bivio.com> wrote:
How do I add our bank account to sync in Bivio?
On Mar 18, 2024, at 1:58 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
How do you expect Bivio to record the payment of the withdrawal if your bank account is not part of Bivio? I don't know quite what you mean about linking your bank account to bivio--I don't think that you can expect Bivio to link to your bank account. That is why the bank account is an audit nightmare because one can withdraw money from it (or put money in) and if one doesn't put the entries into Bivio the accounting for your club is massively messed up. So you have to put the bank account into Bivio and show the payment from the bank account to the withdrawing partner. Presumably, you will withdraw money from Schwab, deposit it into your bank account, and then pay the partner. i guess you could bypass putting the transaction through the bank in Bivio and just show it from Schwab to the partner, but that just leaves a piece of the Club activity out of the audit and tax process.
Our club has been in existence since June 2020. I had issues opening up our checking account up until recently (I was given the run around on what was needed to open the account in the past). I was able to successfully open our checking account and am directing members to deposit contributions into this account and we move funds over to Schwab to purchase our stock.
I am processing a withdrawal and will pay this partner her full withdrawal out of the checking account. On the withdrawal page it's asking "the account used to fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will it cause issues if we do not link the checking account?
Lee Weygandt on
E*Trade has always been very easy to deal with and it syncs with
Bivio seamlessly. I just paid out a withdrawal in stock and all it
took was a 10 minute phone call.
Lee
Market Miners Investment Club
On 12/30/2024 8:31 AM, Robin
Travis-malbrough via bivio.com wrote:
Hello
As many others have experienced, Schwab makes it
extremely hard for an investment club to handle a
withdrawal/payout to an exiting partner. We opened a chase
account as a work around and some partners have begun depositing
their contributions into this account as well. Can I sync the
chase account to Bivio or will I need to manually input the
transactions into Bivio? We are a small club and there's not a
ton of activity so it is doable.
How
do you expect Bivio to record the payment of the
withdrawal if your bank account is not part of Bivio?
I don't know quite what you mean about linking your
bank account to bivio--I don't think that you can
expect Bivio to link to your bank account. That is
why the bank account is an audit nightmare because one
can withdraw money from it (or put money in) and if
one doesn't put the entries into Bivio the accounting
for your club is massively messed up. So you have to
put the bank account into Bivio and show the payment
from the bank account to the withdrawing partner.
Presumably, you will withdraw money from Schwab,
deposit it into your bank account, and then pay the
partner. i guess you could bypass putting the
transaction through the bank in Bivio and just show it
from Schwab to the partner, but that just leaves a
piece of the Club activity out of the audit and tax
process.
Our
club has been in existence since June 2020. I had
issues opening up our checking account up until
recently (I was given the run around on what was
needed to open the account in the past). I was able to
successfully open our checking account and am
directing members to deposit contributions into this
account and we move funds over to Schwab to purchase
our stock.
I am processing a withdrawal and will pay this partner
her full withdrawal out of the checking account. On
the withdrawal page it's asking "the account used to
fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will
it cause issues if we do not link the checking
account?
pooh1346@aol.com on
I absolutely agree. I just did a total withdrawal for a member and it took no time at all, and the ETrade associate was so easy to work with and patient
Lynn
On Monday, December 30, 2024 at 08:54:33 AM EST, Lee Weygandt via bivio.com <user*16990500001@bivio.com> wrote:
E*Trade has always been very easy to deal with and it syncs with
Bivio seamlessly. I just paid out a withdrawal in stock and all it
took was a 10 minute phone call.
Lee
Market Miners Investment Club
On 12/30/2024 8:31 AM, Robin
Travis-malbrough via bivio.com wrote:
Hello
As many others have experienced, Schwab makes it
extremely hard for an investment club to handle a
withdrawal/payout to an exiting partner. We opened a chase
account as a work around and some partners have begun depositing
their contributions into this account as well. Can I sync the
chase account to Bivio or will I need to manually input the
transactions into Bivio? We are a small club and there's not a
ton of activity so it is doable.
How
do you expect Bivio to record the payment of the
withdrawal if your bank account is not part of Bivio?
I don't know quite what you mean about linking your
bank account to bivio--I don't think that you can
expect Bivio to link to your bank account. That is
why the bank account is an audit nightmare because one
can withdraw money from it (or put money in) and if
one doesn't put the entries into Bivio the accounting
for your club is massively messed up. So you have to
put the bank account into Bivio and show the payment
from the bank account to the withdrawing partner.
Presumably, you will withdraw money from Schwab,
deposit it into your bank account, and then pay the
partner. i guess you could bypass putting the
transaction through the bank in Bivio and just show it
from Schwab to the partner, but that just leaves a
piece of the Club activity out of the audit and tax
process.
Our
club has been in existence since June 2020. I had
issues opening up our checking account up until
recently (I was given the run around on what was
needed to open the account in the past). I was able to
successfully open our checking account and am
directing members to deposit contributions into this
account and we move funds over to Schwab to purchase
our stock.
I am processing a withdrawal and will pay this partner
her full withdrawal out of the checking account. On
the withdrawal page it's asking "the account used to
fund the cash withdrawal".
Do I have to link the checking account in Bivio? Will
it cause issues if we do not link the checking
account?
Justin Schell on
> Can I sync the chase account to Bivio or will I need to manually input the transactions into Bivio?
bivio doesn't support AccountSync with Chase bank accounts, but transactions can be imported if they are available for export from your account in OFX (or QFX) format. If so, you would go to Accounting > Accounts and click on the "transactions" link in the row for your Chase account. From there, click on the "Import OFX" link.
Justin
Robin Travis-malbrough on
Thank you Justin.
> On Jan 2, 2025, at 7:49 PM, Justin Schell <jschell@bivio.biz> wrote:
>
>
>>
>> Can I sync the chase account to Bivio or will I need to manually input the transactions into Bivio?
>
> bivio doesn't support AccountSync with Chase bank accounts, but transactions can be imported if they are available for export from your account in OFX (or QFX) format. If so, you would go to Accounting > Accounts and click on the "transactions" link in the row for your Chase account. From there, click on the "Import OFX" link.
>
> Justin
Diana Evans on
I appreciate this situation and just want to make certain my club did this correctly. A member asked for an amount be taken out of her share. It was a large amount. We had enough in cash to pay her, a check was written from the broker. Will we have to do anything else before tax time 2025?
ira smilovitz on
If you didn't do so already, you must create a withdrawal report for the member. When you prepare your 2024 tax return, give her a copy of the report with her K-1. The withdrawal report may indicate that some/all of the withdrawal is taxable. It all depends on how much she withdrew relative to her tax basis in the club.
I appreciate this situation and just want to make certain my club did this correctly. A member asked for an amount be taken out of her share. It was a large amount. We had enough in cash to pay her, a check was written from the broker. Will we have to do anything else before tax time 2025?
John Rice on
Ira, I give the person withdrawing a withdrawal report when they do the withdrawal but not when I do the taxes. Why give them another withdrawal report when I do the taxes? The K-1 is what tells them what is taxable income.
If you didn't do so already, you must create a withdrawal report for the member. When you prepare your 2024 tax return, give her a copy of the report with her K-1. The withdrawal report may indicate that some/all of the withdrawal is taxable. It all depends on how much she withdrew relative to her tax basis in the club.
I appreciate this situation and just want to make certain my club did this correctly. A member asked for an amount be taken out of her share. It was a large amount. We had enough in cash to pay her, a check was written from the broker. Will we have to do anything else before tax time 2025?
ira smilovitz on
The reason for giving them a second withdrawal report when the tax return is prepared is that sometimes the withdrawal report changes between the withdrawal date and the end of the year. This happens when a transaction dated prior to the withdrawal is entered into the data after the initial withdrawal is processed (full withdrawal). With a partial withdrawal, subsequent contributions from the member can affect the amount of the partial withdrawal that is taxable.
Ira, I give the person withdrawing a withdrawal report when they do the withdrawal but not when I do the taxes. Why give them another withdrawal report when I do the taxes? The K-1 is what tells them what is taxable income.
If you didn't do so already, you must create a withdrawal report for the member. When you prepare your 2024 tax return, give her a copy of the report with her K-1. The withdrawal report may indicate that some/all of the withdrawal is taxable. It all depends on how much she withdrew relative to her tax basis in the club.
I appreciate this situation and just want to make certain my club did this correctly. A member asked for an amount be taken out of her share. It was a large amount. We had enough in cash to pay her, a check was written from the broker. Will we have to do anything else before tax time 2025?