Running Effective Meetings How can investment club meetings be interesting, organized, educational and inclusive? Click here to read more. Club Reports Explained Suggested Practices
Club Expenses Should money to pay for club expenses (NAIC Membership, BI subscriptions, accounting software, etc.) be treated differently than money for investment in stocks? Click here to read more. Allocation of Expenses Should club expenses be allocated to members equally (10% to every member in a ten member club) or in proportion to the level of ownership (20% to a member who owns 20% of the total club units). Does it sometimes make sense one way and sometimes the other? Does your partnership agreement need wording to permit either of these? Click here to read more. Reimbursement of Expenses If club members pay for club expenses with personal fundsl, they need to be reimbursed. Click here to learn how to reimburse such expenses with club units (avoiding the need for the club to write a reimbursement check). Club Fees In what circumstances is it appropriate to charge members a fee (ask members to contribute money to the club that doesn't purchase club units). Do non-refundable fees make sense? Click here to read more. CommentsA discussion of the subject of Petty Cash would appear to be appropriate. The petty cash account feature of version 2 of the accounting program had been used to record nondeductible expenses that are kept outside the club's other assets as explained in the glossary of the version 2 manual. I just converted to version 3 of the accounting program and to my supprise the valuation report no longer showed any petty cash account. So I looked at the glossary section of the version 3 manual which states "Petty Cash An amount of money received from a member for which the accounting must be kept completely separate. Petty Cash contributions are no longer supported." Now what do I do? The manual should have provided some guidance. This is very fustrating when I have to provide a report to the members in two days. No wonder clubs are disbanding when the treasurer quits. I feel like it is just not worth it. I hope somone can help on this. dbrown@tscnet.com
Comment on this Page Last Modified 2007-06-08 |
Hide Tools |
A note on Petty Cash
Clubs have historically misused Petty Cash, applying it towards BetterInvesting dues, software payments, and investing research fees, effectively listing their deductible club expenses as non-deductible. As recommended by Treasurers and our accounting advisors, we have removed Petty Cash in Club Accounting 3.
Because many Treasurers had Petty Cash accounts, we included a Petty Cash report to list your historical transactions and list exactly how much you have in the account now. Petty Cash was never listed in the club's totals, so there is no other change in your club's information.
To enter a non-deductible expense, such as a group dinner or party supplies, just enter TRANSACTIONS > EXPENSE and select NON-DEDUCTIBLE.