As with almost every post I make, this one was brought on by a recent call. Well, a couple of recent calls to be honest. There are different reasons; from what's written into the club rules, to a delay in transferring stock from a broker. Whatever the case, it can sometimes be necessary to pay a member off over more than one month. Since the accounting system wasn't originally built for that, we've put together some how-to's on doing multiple payout withdrawals for the desktop and Online Accounting.
Keep in mind, the member will still be recorded as leaving the club as of the initial Withdrawal date; the only thing these steps do is provide a method to space the payments over time.
For Club Accounting 3:
As far as making the initial entry in club Accounting, the main thing to keep in mind is that you will be making the withdrawal from the Suspense account.
Entering the Withdrawal:
a. Go to Members > Withdraw Member.
b. Choose the member, and fill in the Transaction and Payout dates. In this case, use the same date for both the Transaction and Payout.
c. Click OK to continue.
d. Enter any penalties, or fees, and choose either Cash or Cash/Stock or Stock.
e. Choose Suspense as the Cash Account.
This will complete the withdrawal.
Recording the payments:
a. Go into Transactions > Enter New > Transfer Cash
b. Put in the date that you want to use (it's up to the club to decide if it should be the date the check was sent, or the date it was cashed)
c. Enter the amount of the payment.
d. Enter the transfer from the Bank or Broker INTO Suspense.
e. Make any notes or comments, and then press SUBMIT.
f. Repeat these 5 steps each time you need to record a payment on that withdrawal.
For Club Accounting Online:
As far as making the initial entry in club Accounting, the main thing to keep in mind is that you will be making the withdrawal from the Suspense account.
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 (In this case, use the same date for both announcement and payout).
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. Make any adjustments to the withdrawal fee, if needed.
f. Choose Suspense from the Account drop-down menut, and the click SUBMIT. If this is a cash only withdrawal, it is now complete, and you can skip to the next section, on recording the payments. 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.
Recording the payments:
a. Go to Accounting > Cash Accounts > Transfer
b. Put in the date that you want to use (it's up to the club to decide if it should be the date the check was sent, or the date it was cashed)
c. Enter the amount of the payment.
d. Enter the transfer from the Bank or Broker INTO Suspense.
e. Make any notes or comments, and then press SUBMIT.
f. Repeat these 5 steps each time you need to record a payment on that withdrawal.