I'm posting this a day early, since I'm going to be out of the office tomorrow, here's hoping that the weather at least stays seasonal.
This is a bit of a long note, because it's divided up between the desktop and the online accounting. Normally we would send out one half of the not or the other, but since it's being presented here in full, I'm making links to jump to the Desktop or Online sections. There are any number of reasons to re-do a withdrawal, from a typo, to a last minute change on the books, but whatever the case, it's good to know how to handle this when it needs to be done. Before you use those links above to jump ahead, also make sure to read the three reminders about withdrawals:
First, when you enter withdrawals in the desktop (Club Accounting 3) or online club accounting programs (Club Accounting Online at myICLUB.com), make sure that the Transaction Date (CA3) or Announcement Date (myICLUB.com) date does not fall on the same date as a valuation. Make sure to start at least one day after the valuation used to figure the member withdrawal amount. Note that if you have multiple cash withdrawals, these can be entered on the same day, so long as you follow the rest of these guidelines.
Second, make sure no other types of transactions are entered on the same date as a withdrawal; ignoring this will cause problems when completing your taxes at the end of the year.
Third, special care needs to be given to withdrawals involving stock. If two withdrawals involve the same stock going to different members, these withdrawals must be entered on separate days. Club Accounting will not handle the transaction correctly otherwise.
Club Accounting 3
Removing a a member still showing up after a withdrawal involves three main steps:
1. Remove the original withdrawal
2. Re-enter the withdrawal
3. Update your club records.
REMOVING THE ORIGINAL WITHDRAWAL:
1. First, print out Withdrawal Distribution reports:
a. Go to Reports > Member Withdrawal Report for the withdrawn member(s).
b. Print out the reports for each member in question.
c. Make sure to Highlight or Circle the Net Proceeds on the withdrawal report; this is how much the member actually took out of the club.
d. Keep the report(s) handy; you will use them to make sure the re-entry of the withdrawal is correct.
2. Second, remove the withdrawal:
a. Go to Members > Edit Transactions.
b. Check the " Show Inactives " box, and select the member in question.
c. Change the start date to be the date of the withdrawal transaction.
d. Click OK to see the withdrawal transaction.
e. Click the withdrawal transaction to select it.
f. Click the button " Delete Selected Transactions ", and then Click OK on the confirmation box that comes up.
NOTE: Depending on how far back the withdrawal is, it may take a few minutes for Club Accounting to process the removal. During this time, it will not respond to any input; this is normal.
When the withdrawal has been removed, the screen will refresh itself; the withdrawal will no longer appear.
3. Third, note and remove any extra transactions:
a. If there are any end-of-year Earnings Distribution transactions showing up after the member withdrawal date, delete them as well using the same process mentioned above.
b. If there are any other transactions listed, make note of the transaction details and then delete them. It is very important to make note of the details, as you will need to make sure to re-enter these club transactions once the member withdrawal is complete.
RE-ENTERING THE WITHDRAWAL
1. Entering Basic Information:
a. Go to Members > Withdraw Member.
b. Choose the member, and fill in the withdrawal date, the selection for a Full or Partial withdrawal, and if the withdrawal is a two-step withdrawal or not (if it is a two-step, make sure to fill in the Payout Date as well.
c. Click OK to continue
2. Confirming Withdrawal Amounts:
a. Looking at the Withdrawal report, take the figure that appears as Net Proceeds.
b. Looking at the withdrawal transaction screen, take the figure that is the Amount Withdrawn.
c. Subtract Net Proceeds from Amount Withdrawn.
d. The resulting figure will be the new withdrawal fee. NOTE: If the member was originally overpaid, this figure may be NEGATIVE.
3. Entering Withdrawal Amounts:
a. Enter the Withdrawal Fee figure from above in the Withdrawal Fee box.
b. Select " Cash " or " Cash/Stock or Stock " for Type of withdrawal
c. Select the Cash account to use.
d. Click OK to continue.
e. If you are including Stock, fill in the number of shares of Stock withdrawn, click OK and OK again to confirm the withdrawal; if not, click OK on the confirmation screen to finish the withdrawal. UPDATING CLUB RECORDS
When you have completed the member withdrawal, the last step will be to make sure if you need to do any final cleanup.
1. If there were any transactions other than Distribution of Earnings for the member showing up after the withdrawal date, make sure to re-enter them in to the program at this time. If not, the last thing to check is the Distribution of Earnings.
2. If the member withdrew during the current calendar year, this means that there have been no Distribution of Earnings transactions since the member has withdrawn, and you do not need to do anything else.
3. If the member withdrew in a previous calendar year, you will need to re-do any Distribution of Earnings in the year that they left, and for any year since then that has ended.
a. Go to Tools > Allocate Income and Expenses.
b. Choose the year that the member left the club, and click OK.
c. When Club Accounting has completed the Allocation, it will alert you to this. Click OK on the alert box to finish the Distribution, and be returned to the Club Home page.
d. Repeat the previous three steps for each year that has ended since the member withdrew from the club.
When you have completed this, the member will now be fully withdrawn from the Club Accounting Program.
Club Accounting Online at myICLUB.com
Removing a a member still showing up after a withdrawal involves three main steps:
1. Remove the original withdrawal
2. Re-enter the withdrawal
3. Update your club records.
REMOVING THE ORIGINAL WITHDRAWAL:
1. First, print out Withdrawal Distribution reports:
a. Go to Reports > Withdrawal Distribution Report.
b. Print out the reports for each member in question.
c. Make sure to Highlight or Circle the Net Proceeds on the withdrawal report; this is how much the member actually took out of the club.
d. Keep the report(s) handy; you will use them to make sure the re-entry of the withdrawal is correct.
2. Second, remove the withdrawal:
a. Go to Accounting > Members > View/edit transactions.
b. Change the start date to be the date of the withdrawal transaction.
c. Click the SUBMIT button.
d. Find the withdrawal transaction in the list.
e. Click the withdrawal transaction to select it. NOTE: If the withdrawal appears as two transactions (Withdrawal announced/valued and then Withdrawal Paid) make sure to select the first, Withdrawal announced/valued .
f. On the details screen, click DELETE and then CONFIRM DELETION to remove the withdrawal.
NOTE: Depending on how far back the withdrawal is, it may take a few minutes for Club Accounting to process the removal.
When the withdrawal has been removed, you will be returned to the Accounting > Members page.
3. Third, note and remove any extra transactions:
a. If there are any end-of-year Earnings Distribution transactions showing up after the member withdrawal date, delete them as well using the same process mentioned above.
b. If there are any other transactions listed, make note of the transaction details and then delete them. It is very important to make note of the details, as you will need to make sure to re-enter these club transactions once the member withdrawal is complete.
RE-ENTERING THE WITHDRAWAL
1. Confirming Withdrawal Amounts:
On the withdrawal report, find the Net Withdrawal Amount, and note it here______________. This will be used when entering the withdrawal to see if you need to put in any sort of a withdrawal fee.
2. Entering The Withdrawal:
a. Go to Accounting > Members > Withdrawal.
b. On the first screen, choose the member from the drop-down list, select a Full or Partial withdrawal, and enter the announcement and payout date (if it is not a two-step, just use the same date for both boxes). c. If this is a cash and stock withdrawal, use the check-box to indicate this.
d. Click CONTINUE.
e. The next screen will show the withdrawal value as determined by club accounting. If this is different than the Net Withdrawal Amount noted above in section 1, enter the difference as a withdrawal fee.
NOTE: If the withdrawal value is smaller than the Net Withdrawal Amount noted in section 1, make sure to enter the withdrawal fee as a NEGATIVE number.
f. Click SUBMIT. If this is a cash only withdrawal, it is now complete, and you can skip to the UPDATING CLUB RECORDS section. If there are stocks involved, there are two more screens to go.
g. The next screen will ask you to enter the price per share and the total number of shares of each stock involved in the withdrawal. The default price used is as of the last valuation; this is the most common method described in club bylaws, but if you aren't sure, check your club rules.
h. The next screen will ask you to choose which block the shares will come from. Most brokers will sell shares from the oldest block first, so Club Accounting defaults to this. Again, if you aren't sure, check with your broker.
i. When you have selected the block(s) to take the shares from, click SUBMIT.
j. The last screen will show the withdrawal details; if any of them appear incorrect, you can click DELETE from here, and start again.
UPDATING CLUB RECORDS
When you have completed the member withdrawal, the last step will be to make sure if you need to do any final cleanup.
1. If there were any transactions other than Distribution of Earnings for the member showing up after the withdrawal date, make sure to re-enter them in to the program at this time. If not, the last thing to check is the Distribution of Earnings.
2. If the member withdrew during the current calendar year, this means that there have been no Distribution of Earnings transactions since the member has withdrawn, and you do not need to do anything else.
3. If the member withdrew in a previous calendar year, you will need to re-do any Distribution of Earnings in the year that they left, and for any year since then that has ended.
a. Go to Accounting > Utilities > Allocate Income and Expenses.
b. Choose the year that the member left the club, and click OK.
c. When Club Accounting has completed the Allocation, it will alert you to this. Click OK on the alert box to finish the Distribution, and be returned to the Club Home page.
d. Repeat the previous three steps for each year that has ended since the member withdrew from the club.
When you have completed this, the member will now be fully withdrawn from Club Accounting Online.