Login
Welcome Guest! To enable all features please Login. New Registrations are disabled.

Notification

Icon
Error

Options
Go to last post Go to first unread
Pawche  
#1 Posted : Monday, January 14, 2019 10:47:29 PM(UTC)
Pawche

Rank: Administration

Posts: 174

Thanks: 1 times
Was thanked: 24 time(s) in 23 post(s)
I covered this topic before but thought I would revisit the topic since poor records give clubs extra stress at tax time and I had several recent support calls from clubs with past mistakes.
One of the most time consuming and complex tasks I do at ICLUBcentral is some forensic accounting. This occurs when a club has an accounting problem that was not found quickly. In some cases the error occurred more than a year before the club sought help.
Here are some things to look for when auditing the club accounting records.
Cash balances in your records and broker/bank reconcile.
The number of shares owned reconciles with your broker statement.
The total value of the club as reported on the Valuation Statement and Member Status Report match.
The portfolio cost basis as reported on the Valuation Statement and the Investments line of the Income Statement/Balance Sheet report.

ICLUBcentral does have a section of their web site devoted to annual audits. Here is the URL for an annual audit. https://www.iclub.com/clubs/ICLUBtherapist/therapist_article.asp?name=t_20001218.
Avoid the pain of finding a past error. It can be time consuming, frustrating and energy draining.


Russell Malley

Wanna join the discussion?! Login to your forum account. New Registrations are disabled.

Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Powered by YAF.NET | YAF.NET © 2003-2020, Yet Another Forum.NET
This page was generated in 0.052 seconds.