This page is designed to be used if the club is switching from doing it's book-keeping on a system other than one of ICLUB's previous accounting programs. It allows the club to enter share and price information for a security without having any effect on the club account balances.
Unless otherwise directed by ICLUBcentral support, this page should ONLY be used to enter beginning balances for the securities owned by the club on the switchover date.
Scenarios for stock purchases, sales or splits:
Suppose you bought 100 shares of Good Foods on 1/6/96; there was a reinvestment of dividends in the form of 10 shares on 12/16/96, and you bought 50 more shares on 2/3/97. In this case, you would enter three Beginning Balance transactions for Good Foods:
One for 100 shares
One for 10 shares
One for 50 shares.
Each Beginning Balance transaction would show the number of shares in the block, the cost of the shares (the amount of the dividend minus any charges for the reinvested dividend shares), and a block number assigned by Club Accounting.
Suppose, however, that you sold 25 of the 100 original shares before the switchover date; the Beginning Balance transaction for that block would show 75 shares instead of 100 shares, and the cost shown would be reduced accordingly.
Suppose also that you received a 2-for-1 stock split in Good Foods on 3/8/97. You can choose between two ways to record the stock split:
Use Securities > Stock Split to enter a Stock Split transaction for the split date (3/8/97). Enter 2 for 1 in the split ratio fields. In this case, you will receive 160 additional shares. This will appear in the Shares Added field. The Resulting in shares field will have 320 displayed.
Another way to enter a stock split is to adjust the number of shares in each previous block to reflect the added shares. In case of a 2-for-1 split, you would double the number of shares in each block the club owned before the split date. The first block with 100 shares purchased would be entered as 200 shares in the beginning balance transaction.
