Using the Record Opening Balances option from the Accounting > Utilities page takes you through a four step process to choose the switchover date of the club, then enter beginning balance information for Stocks, Accounts, and Members. These steps can be repeated multiple times, so if you have a large number of stock transactions to enter, you may find it easier to enter all of the beginning balance for one stock, comeplete the Wizard, and then re-run it as needed for each following stock. This note gives an overview of the various sections; for more specific examples, please also see the notes for the individual Securities, Members, and Cash Account Beginning Balance transactions.

Things you should have on hand before starting this process:

1. For each security still owned on the switchover date (12/31/yyyy), find:
1. The name, account number, type of security (stock, mutual fund, federal tax free, etc.) and ticker symbol.
2. All information about each block of shares of each security owned by the club on the switchover date. This includes buys, stock splits, mergers, and reinvested distributions.
2. For each member still active on the switchover date, (12/31/yyyy), find:
1. Their name, address and other identification information.
2. The total investment in the club and total taxable earnings reported for the members over the past years, in other words, the member's tax basis in the club. (Each member's tax basis is equal to the sum of the contributed capital plus all earnings distributed to that member.)
3. The total number of units owned by each member on the switchover date.
3. For each cash account still used by the club on the switchover date (12/31/yyyy), find the balance in the account. You also need to know if the interest received on your Broker account is tax-free.

Step One

The first page asks you to enter a beginning balance date; while you can use any date, the system is built to assume that you will be starting on 12/31 of a given year.

Step Two

This page asks you to enter beginning balance information for any stocks that the club had as of the switchover date. If the club has sold some shares from earlier blocks, or has had blocks go through a stock split, please see the page on Entering Beginning Security Balances.

Step Three

This page asks you to enter Account balances as of the switchover date.

Step Four

This page asks you to enter Paid in, Earnings and Unit Beginning Balance figures for members. For members that have taken a partial withdrawal, please see the page on Entering Beginning Member Balances.