While it's not unusual for a club to need to sell some securities when paying out a member, there are times when, for one reason or another, the club may need to pay the member out using more than one check. Since neither system was designed for members to be paid out in installments, doing so requires a bit of extra work. In that case, the following steps can be helpful for making this sort of entry:
For Club Accounting 3:
Entering the Withdrawal:
1. Go to Members > Withdraw Member.
2. Choose the member, and fill in the Transaction and Payout dates. In this case, use the same date for both the Transaction and Payout.
3. Click OK to continue.
4. Enter any penalties, or fees, and choose either 'Cash' or 'Cash/Stock or Stock' as the type of withdrawal.
5. Choose Suspense as the Cash Account.
6. Click OK, and then OK again to confirm the withdrawal details.
7. This will complete the initial part of the withdrawal.
Recording the payments:
1. Go into Transactions > Enter New > Transfer Cash
2. 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)
3. Enter the amount of the payment.
4. Enter the transfer from the Bank or Broker INTO Suspense.
5. Make any notes or comments, and then press Submit.
6. Repeat these 5 steps each time you need to record a payment on that withdrawal
For Club Accounting Online:
Entering The Withdrawal:
1. Go to Accounting > Members > Withdrawal.
2. 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).
3. If this is a cash and stock withdrawal, use the check-box to indicate this.
4. Click Continue.
5. The next screen will show the withdrawal value as determined by club accounting. Make any adjustments to the withdrawal fee, if needed.
6. Choose Suspense from the Account drop-down menu, and the click Submit. If this is a cash only withdrawal, it is now complete, and you can skip to the next section, Recording the payments. If there are stocks involved, there are two more screens to go.
7. 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, checks your club rules.
8. 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.
9. When you have selected the block(s) to take the shares from, click Submit.
10. 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:
1. Go to Accounting > Cash Accounts > Transfer
2. 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)
3. Enter the amount of the payment.
4. Enter the transfer from the Bank or Broker INTO Suspense.
5. Make any notes or comments, and then press Submit.
6. Repeat these 5 steps each time you need to record a payment on that withdrawal.