myICLUB Support

How do I start a club at myICLUB.com and get my club online?

There are two steps involved in setting up an online club: creating your user account and creating your online club.

1. Create your myICLUB.com username and password
• Go to https://www.myICLUB.com.
• Click on Sign up for a new account.
• In the Name field, enter YOUR name (not the name of the club).
• In the Email field, enter your email address.
• In the Username field, enter the username you would like. Note that this username is for you and you alone, not for the rest of the club. In addition, it must be unique. Chances are names like "Fred" and "Dan" are already taken. "Fred2112" or "DanClubName" probably are open for you to use.
• In the Password field, enter the password you would like. Keep in mind that capitalization counts. We recommend a password that is at least 8 characters long and hard to guess (not your name, dog's name, your birthday...).
• Re-enter the password to confirm.
• In the Security Question section, enter a question our system can automatically ask you if you lose your password. Ideally, the answer should be something only you know.
• Read the terms of service.
• Check the box next to Yes, I have read and I agree to the preceding terms of service and understand the privacy policy.
• Click Sign up.

You now have a new user account! It's time to create your online club.

2. Create your myICLUB.com web site

After you have finished creating your user account, you can create your online club. Please note that if you are creating a club for trial purposes, it will be the same club you purchase -- don't create a new club when you want to purchase a subscription!

In the Your Clubs page, you should now have a club listed, the Demo Club. This is for demonstration purposes only. You get to create your own club.

• Click Form a new myICLUB.com club to continue.
• Enter your club's name and your Taxpayer ID (EIN) number. The EIN is optional and can be entered later. Note that your club name, like your user name, must be unique. Women of Worth and Profit Minders has already been taken, but Profit Minders of Schenectady (at this time) has not.
• Click Continue
• Follow the on-screen instructions for getting your existing data into myICLUB.com.

You're done! You have a user account and an online club. To log in for the future, just go to https://www.myICLUB.com and enter your username and password.

I have a club in myICLUB.com, now how do I get my club members online?

You do not have to inform your club members of their passwords. Instead, you will need to issue an email invitation for each member, and in accepting the invitation and going through the sign-up process, each member will create their own user identity and password. You can do this after importing your data or on the left-hand column of the People page.

To invite your club members online:

• Log in to your myICLUB.com account at https://www.myICLUB.com
• Click on the red People tab at the top of the screen.
• Next to each member's name should be their email address. Click Invite online to send the invitation.
• If the member does not have an email address listed, click Edit profie to enter their email address.
• You have sent out the invitation. It is now up to the member to read their email, follow the instructions, and join you online. We recommend reminding members at the next meeting that you have just sent out their invitations.

How do I run an audit?

myICLUB.com automatically performs an audit any time you enter any financial transaction, from a member payment to buying or selling a stock.Because the automatic audit is a built-in feature of myICLUB.com, there is no manual audit function.

I'm having password or site access problems.

If your password or username isn't working for some reason, you can simply recover it at the password recovery page. That page is located at https://www.myICLUB.com/recover. This feature will simply email you a new password once you answer your security question.

If your password isn't working AND you changed your email address such that the email stored on the site isn't current, you will need to contact an officer of your club so they can change your email address to the current one. Then you'll be able to use the password recovery feature located at https://www.myICLUB.com/recover.

How do I inform my club members of their new passwords

You do not have to inform your club members of their passwords. Instead, you will need to issue an email invitation for each member, and in accepting the invitation and going through the sign-up process each member will create their own user identity and password. You can do this after importing your data or on the left-hand column of the People page.

Though somewhat different than what you may be used to, this new system has many advantages. First of all, no one but that member has to know what their password is. Second, a unique username system allows members to post messages, vote online, receive email announcements, and customize their privacy settings more easily. Third, this is enormously helpful in speeding up response times to support inquiries, because we are then able to identify just who is asking and what problem they are having. Fourth, a member can belong to multiple clubs with just one username and password.

How do I save a file to the File Storage section?

Note: These steps assume that the file will be on the desktop; if it is not, ignore the direction to look for the file there, and instead choose the actual location of the file.

• While signed in to myICLUB.com, go to the File Storage section.
• In the File Storage section, click on the ADD NEW FILE link
• On the next page, click the CHOOSE FILE button to open the Upload File window
• Click DESKTOP on the left hand side of this window.
• In the main part of the Upload File window, find and double-click on the file in question; this will return you to the Add New File page.
• If you feel that the name of the file is not descriptive enough, enter a short description in the File Description box.
• Use the drop-down menu to choose the folder in the File Storage section that you would like the file to go into.
• Click UPLOAD to have the file copied from your computer to the File Storage section in your online club.

How do I save a file from the File Storage section onto my computer?

• While signed in to myICLUB.com, go to the File Storage section.
• Any time you see a small black arrow next to a heading, that means there are files available; click any of the arrows to show the available files.
• When you find the file that you want, click on it. For most browsers, this will bring up a window asking to either save or open the file. If not, try right-clicking on the file name instead, and choose either the option to open or save the file.
• If you choose to open the file, Windows should download the file, and then shortly open the program. If not, try the file again, but choose the option to save the file (we always suggest saving to the desktop)
• If you have the file, and double-clicking does not open the correct program, try opening the program first, and then selecting to open the file.

What happens when I click "delete" on a member profile?

When you hit 'delete' on a member profile, you are removing a member from the club web site and canceling that user's ability to see the online club records. If the member you are deleting has units (a financial stake) in the club, you must step through a full withdrawal before being allowed to mark them inactive. If the member you are deleting has no units in the club, the member can be removed without going through a full withdrawal. All members of the club that have at one point had a financial stake in the club but have subsequently withdrawn will show up as former members in a special area of the People page.

How can I import my accounting records from the desktop version?

At the bottom left-hand corner of the Accounting screen (you get to this section via the red Accounting tab on the top navigation bar) you should see a link that says Import Accounting Records under the Utilities menu. Clicking on that should bring you to the import function screen.

How do I change a stock symbol?

• When you have logged into your club web site, go to the Accounting area.
• In the Accounting area, go to the Securities section by clicking on a stock symbol.
• Go into the Security Settings area. Then choose the company whose name has changed.
• Click on Edit and then enter the NEW stock symbol.
• The program will change the name and then will be able to obtain the price updates.

How do I disband our investment club?

Users of the Investment Club Tax Printer programs for Club Accounting 3 or myICLUB.com are able to generate what is known as a "short-year" final parntership return. If the club disbands during a year (instead of at the end of a year), the previous year's Club Tax Printer can be used to create final partnership tax forms. Once you have followed the disbanding directions below, run the Tax Printer. It will detect that the club has dissolved, and will prepare final returns for the period starting January 1, of the year the club is disbanding, and ending with the date that operations ceased. If the program does not ask if you want to run a short-year return, or if it merely regenerates the prior year's forms, it is likely that you still have securities or cash still on the books. All accounts must be zeroed out before you can generate a short-year return. Note: You will have to manually insert the beginning and ending dates on all schedules produced by the Tax Printer.

NOTE: While there is not a specific date during the year when the prior year's forms can no longer be used, there are some guidelines set by the Internal Revenue Service about partnerships that consider closing before the end of a year. IF THE CURRENT TAX YEAR FORMS ARE AVAILABLE BY THE DEADLINE TO FILE THE SHORT-YEAR RETURN, A PARTNERSHIP IS REQUIRED TO USE THE CURRENT YEAR YEAR FORMS.

Our accounting advisor offers the following advice on what this means for clubs:

• If a club disbands in December, their deadline is April 15 of the following year. Tax forms should always be available by then so these clubs should always wait to use the new year forms.
• A November dissolution has a deadline of March 15. Forms are usually ready by mid January to early February. These clubs should wait for the new year forms to file their returns.
• An October dissolution has a deadline of February 15. Most years forms will be available by this date. If large tax law changes are enacted, forms may not be available by February 15. While this is uncommon, it has happened in the past.

Based on this, we recommend that clubs considering disbanding in the last quarter should wait until the new year to file, and use the forms for the appropriate year. To be safe, those dissolving in October can file for a five-month extension using Form 7004 in the event that Form 1065 is not ready by February 15.

Two other things to keep in mind:

1. File in a timely manner. It is better to file on time and later make a correction if necesary than to file late and hope nobody notices.
2. If the tax law changes, a dissolving partnership must follow the law in effect for the year they dissolve no matter which forms they use. For example, a club dissolving in April 2011 would need to use 2011 tax law regulations even if using the 2010 forms. Significant law changes can be a problem for customers using the previous year tax printer to file their final return. This is because that tax printer will not include the tax law changes needed to file an accurate return for the following year.

One recent example is the split of dividends into qualifying and non-qualifying. Long-standing clubs may remember when capital gains were dividend into three categories (long-term, medium-term and short-term) and a year or so later back to the current two categories. In those cases, the previous year's tax printer would not produce an accurate final return for a dissolved club on the previous year's forms.

Before completing a short year return, be sure that you have have received all income from your club's holdings (especially any dividends, or account interest). If you do not, you may end up getting a dividend or other income after you've already disbanded the club and handed out the checks. If this happens, you may have to re-do the entire process of disbanding the club, changing how much you paid each partner, and refile your final return.

Your club is officially disbanded when you write the checks and all accounts are completely closed, not when the vote takes place.

Keeping the above information in mind, there are two ways to dissolve the club and distribute the proceeds among club members; the "Cash Only" method and the "Cash and Stock Transfer" method. If there are gains on some of your unsold shares, there may be tax advantages to the Cash and Stock Transfer method; please consult your tax adviser. Please be advised that after you disband your club, the Internal Revenue Service requires you to file your final tax return by the 15th day of the 4th month after operations have ceased. The return will cover the period from the start of the year up to the date that operations ceased.

Regardless of the method your club uses, we strongly suggest to print copies of the following reports for your records:

• The withdrawal distribution report for each member.
• A copy of the valuation statement that was used to disband the club.
• A copy of the Income and Expense report and the Balance Sheet.
• A copy of the Transaction Report for the entire year to date.
• A copy of each member’s Individual Valuation Units Ledger from the time each member joined the club.
• A copy of the Individual Security Ledger for each stock that you sold or distributed to members.

I. Cash Only Withdrawals Method

1. Sell all Securities.
2. Enter all "Sell" transactions into Club Accounting.
3. Record all final/closing expenses.
4. Enter a valuation for the day after all sells and final/closing expenses have been entered.
5. Print a Member Status Report on the last valuation date.
6. Withdraw all members one day after the last valuation date. Do not charge any withdrawal fees. You can use the same date for announcement and payout.
7. Print the Withdrawal Distribution Reports.

II. Cash and Stock Transfer Withdrawals Method

1. Sell all Securities that are not to be transferred.
2. Enter all "Sell" transactions into Club Accounting for those Securities sold.
3. Record all final/closing expenses.
4. Enter a New Valuation. Use a date after the last sell transactions were entered.
5. Print a Members Status Report for the valuation date in Step 4.
6. Withdraw all members who are receiving CASH ONLY after the valuation date in step 4. Do NOT charge any withdrawal fees. These withdrawals can all have the same date, which should be one day later than the last valuation. The announcement date and payout date should be the same.
7. Enter any "Stock" withdrawals after all "Cash Only" withdrawals are entered.
8. Club accounting (all versions) will not accept two stock withdrawals on the same day, therefore each withdrawal with a stock transfer must be entered on a different date. Enter the first stock withdrawal on the date after the valuation date.
   Note: previous instructions indicated that a new valuation should be produced for each member withdrawal using stock. This is no longer true.
9. Enter the next stock withdrawal. Date the withdrawal for the next day. Again, announcement and payout dates will be the same.
10. Continue until the last withdrawal is entered, then print Withdrawal Distribution Reports.

If the club uses the Tax Printer software, and you have followed the NOTE at the beginning of this email, print the club's 1065 and K-1's for all the members for the final year, using the Tax Printer for the prior year. Make sure to check the "final return" box on Form 1065 manually.

III. Producing the Final Forms

1. Click on the Taxes tab in myICLUB.com.
2. Click the Run button.
3. Scroll down near the bottom of the page, and click the Regenerate button.
4. At the top of the next page, put a check mark in the box stating the club has disbanded. The year listed may be the previous year; this is normal, and will not effect the proper generation of the final tax forms.
5. When the tax forms have been generated, you will be returned to the page that shows up after clicking the Run button; the forms that you download will look the same, except that they will only include information from January of the current year up to the club closing date.