Complete Journal Ledger

Complete Journal Ledger Report

The Complete Journal/Ledger is a double-entry ledger of transactions that change the value of the club. The report shows all transactions during the period you specify.

Transactions that change the value of the club are all transactions except stock dividends, mergers, and reinvested returns of capital.

Because this report is a double-entry ledger, each transaction must balance to zero. That is, each transaction must have the same amount entered as a credit as is entered as a debit.

Use this detailed report to check the balances shown in other reports. You can check the Paid in plus earnings columns in the Members Status Report, the Net Profit in the Distribution of Earnings Statement, the figures in the Income and Expense Statement and Balance Sheet against the figures in this report.

Print this report as needed.

If the report date is an earnings distribution date, the totals for the three earnings columns (Dividends Received, Misc. Received, and Gain on Sales) should each be zero. If they are not, then the earnings were not fully distributed. You can cause this condition by making changes during the distribution period after running the Distribute task.

Complete Journal Ledger Report Options

  • Report Date – the last date to be included in the report. The default date is the current date. You can edit this field to contain the date you want.
  • Start Date – The default start date is one (1) year before the report date. Edit this field to contain the date you want.

Complete Journal Ledger Report Description

The DR and CR headings indicate whether a positive value in that column represents a debit (DR) or a credit (CR). Negative values appear in parentheses ().

Each row of the report details a specific transaction. The information for each transaction is:

  • Date – Date of the transaction.
  • Type – Type of transaction.
  • Remarks – Comments associated with the transaction.
  • Cash DR – Change in the balance of the cash accounts.
  • Investment DR – Change in the total cost of securities.
  • Paid in by members CR – Change in the tax basis of members' accounts.
  • Dividends and interest received CR – Dividends and interest received (both taxable and tax-free).
  • Misc. received CR – Income and expenses entered by the user. Gain on Sales CR - Short-term and long-term capital gains received.
  • Gain on sales CR – short-term and long-term capital gains received
  • Unrealized gains CR – This account is a balancing account used to keep the capital (total members' cost basis) removed during a withdrawal to be exactly equal to the cost basis of assets removed during the withdrawal.
    Any full withdrawal will likely cause a change in the Unrealized Gains section of the balance sheet. It is a rare full withdrawal where the capital removed by the member is exactly equal to the assets removed to fund the withdrawal. It is therefore rare for a full withdrawal, even all cash ones, not to change the Unrealized gains account.
    • If a negatve amount shows in the column, it indicates that members have made a profit from their club investment when they withdrew.
    • If you want to double-check this figure, look at the member's withdrawal report, and compare the Cash Received (and Member's adjusted basis in stock withdrawn, if shares were given as part of the withdrawal) to the Tax Basis prior to withdrawal. The difference between those figures should match the Unrealized Gains figure. 
  • The figures in this column do not have a direct tax consequence to the remaining members. There are no realized gains as a result of the transfer. People who are partners at the time of the transfer will eventually realize a gain from the shares transferred that had a gain, but this is deferred until these members fully withdraw from the club, and is only "realized" as an increased capital gain from what they *would have* seen if shares had been sold instead of transferred as part of a withdrawal, or if no other withdrawals had happened during the life of the investment club.