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Joe Craig
Ellicott City, MD
StockCentral Administrator
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| 05/17/2007 12:20 PM |
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Gene Rooks will be conducting a workshop for club treasurers beginning Monday, June 4. The workshop will be held in our Classroom forum.
Gene will be tackling frequently ask questions ask the treasurers. If you'd like to ask a question, you can do it now by adding it to the thread in The Classroom. Gene will start answering questions on Monday, June 4. |
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Joe |
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Jane Tift
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| 06/18/2007 2:09 AM |
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How do I subscribe to the Iclub Treasurer's forum list? Do they have an archive?
Thanks,
Jane Tift, Treasurer
Texas Tickers |
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Gene Rooks
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| 06/18/2007 9:00 AM |
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Jane, many of the folks who monitor and respond on
the Club Treasurer's list managed by BI also monitor and answer on StockCentral,
either here in the Clubhouse, or in the Classroom, so fire away.
But if you do want to search the archives or use
the other list, you can reach it here to register if you haven't done so in the
past. http://lists.betterinvesting.net/read/?forum=club-treasurers. Log
in using your e-mail address.
Gene Rooks, Space Coast Chapter
Gene Rooks
generooks@cfl.rr.com |
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Robert Wilkinson
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| 06/20/2007 7:54 PM |
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Hello friends,
Our club is in the process of disbanding. We are on Club Accounting Onliine.
Do I need to be concerned or (should I be concerned at all) about a 'Distributed earnings' which appears on our CAO, dated 12/31/2006. I have always followed (for 2 years) the instructions not to enter any transaction on 12/31 of any year.
I can provide more details if necessary; but essentially Scottrade has given us $01 more than I input (and it appears that $01 has something to do with the entry on 12/31/2006 (did I mention I did not make that entry?).
I have requested help from IClub Central and also called Our chapter president. (no replies as of now).
Thanks for any and all advice you may give.
Robert |
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Gene Rooks
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| 06/20/2007 8:11 PM |
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Robert, don't sweat a penny, in the first place,
but the reason you don't make any other entry on 12/31 is just so the
Distributed Earnings entries can take place from your tax preparation without
getting thrown off by anything else. You could go to
Accounting>Utilities, look for the Rounding Decimals option and run that, it
might clear your penny. I'm sorry to hear you are disbanding, I do hope
your members will stay connected with our investing community here on
StockCentral.
Gene Rooks
generooks@cfl.rr.com |
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Robert Wilkinson
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| 06/22/2007 12:25 AM |
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Hello again Gene,
I have a further concern regarding the disdbanding of our club.
I believe we have received all interest due our club from Scottrade (dated: 6/19/2007); however we are due a dividend (approx. $0.06) from Southwest Airlines (ex-dividend date: 6/5/2007). We sold Southwest on: 6/7/2007.
Also, we are certainly due interest on our bank (credit union) account (due: 6/30/2007).
2 out of 4 members are very eager to get their disbursement. All monies are now in our bank (credit union) account (as of: 6/21/2007; also closing expenses have been entered as of: 6/21/2007.
What would be the best way to proceed, going forward?
Thanks again,
Robert |
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Gene Rooks
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| 06/22/2007 1:52 PM |
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Robert, the dividend you know you are to receive
you can post, and use the correct ex-dividend date for it. Is there any
way to estimate the interest you may receive on your credit union account?
You could also pre-post that if you can. If everything else has been
entered, make your final valuation dated after these last two entries.
Leave your withdrawal til the final one. You can then go ahead and make
the announcement date of your other withdrawals the day after your final
valuation, and payout the others. Do your WD last and urge all to be
cashed to stop accruing interest. If actual interest received varies
from your estimate, in order to close out both your accounting and
your financial accounts to zero, I believe it would be OK for you to
actually receive this small amount from the bank without redoing any other
withdrawals. You do need to enter it in the accounting, though,
dated prior to the final valuation, so all allocations will agree with your
1099's. You may need to redo your withdrawal to clear this amount in
the software. Remember the IRS doesn't care about pennies, they
accept rounding things up to a dollar. If you run into a snag, please
write back.
Gene
Gene Rooks
generooks@cfl.rr.com |
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