Similar to my last post, I may find myself preaching to the choir, but I've had several questions this week revolving around the basic steps of performing a withdrawal in club accounting. As such, I'm posting up this note as a bit of a refresher. There are three sections:

1. Guidelines common to both the desktop and online accounting.
2. The basic steps for desktop Club Accounting
3. The basic steps for myiclub.com online accounting. 

First, a few guidelines common to both accounting systems:

1) Since withdrawals have such a large effect on the accounting records, they cannot occur on a valuation date, which is designed to set the club value.
2) If you want to use a specific valuation, the best way to do this is to date the withdrawal one day AFTER the valuation.
3) If possible, NO OTHER TRANSACTIONS should be dated on the day of the valuation, OR the day of the withdrawal. Ignoring this rule may cause problems at tax time or later.
4) Do not put the Transaction Date on 12/31 OR 01/01 of a year.
5) If you have more than one withdrawal and it is only cash – you can have as many occur on the same day as needed. If you have more than one withdrawal and it involves stock, only one should occur per day. Therefore, 1/3, 1/4 , 1/5, for the transaction dates. NOTE: on those days, the same rules apply: NO ACTIVITY.

Club Accounting 3

Step 1. Enter the valuation date.
a. Click on VALUATIONS on the left side.
b. highlight NEW VALUATION on the main screen.
c. Choose a date and download prices. Click OK. Then OK again.

Step 2. Next, enter basic information.
a. Go to Members > Withdraw Member.
b. Choose the member, then choose a transaction date ONE DAY AFTER the above valuation (step 1)
NOTE: If you leave the payout date blank, you can always go to Members > Complete Pending withdrawal, when you know the payout date.
c. Click OK to continue
c. Withdrawal type: For stock/cash, you must choose PARTIAL Withdrawal.
d. Click OK to continue.
e. On next page, if there are penalties, do NOT use Percent Penalty, manually calculate.
NOTE: If you have chosen Partial above, make sure to select Type of Withdrawal (cash/stock if you are withdrawing stock as well). When you click OK, you will be given the option to choose the stock and price per share on withdrawal.
f. Once finished, click OK.

When you have completed this, the member will now be fully withdrawn from the Club Accounting Program.

myICLUB.com

Step 1. Enter the valuation date.
a. Click on ACCOUNTING > SECURITIES (left side). In the list of options, choose Create Valuation.
b. Enter a date for the Valuation on the main screen.
c. Choose a date and download prices. Click OK.

Step 2: Withdraw the member.
a. Go to ACCOUNTING > MEMBERS > Withdrawal.
b. Choose the member, then choose an announcement date ONE DAY AFTER the above valuation (step 1)
NOTE: If you leave the payout date blank, you can always go to ACCOUNTING > MEMBERS > Complete Pending withdrawal, when you know the payout date.
NOTE II: If you are including Stock, check the box on this page.
c. Click CONTINUE
d. Fill out the amount. If there is a FEE, do not use the percentage, manually calculate it. When you are finished, click CONTINUE.
NOTE: If you selected STOCK in the withdrawal, you will then be prompted for shares and market price.

When you have completed this, the member will now be fully withdrawn.