How to re-do a withdrawal in desktop Club Accounting 3

Sometimes after entering a withdrawal you may find that the transaction needs to be re-done.

This can happen for reasons as benign as a typo to as deliberate as a transaction happening in the club between the time that a valuation is run for the member withdrawal and the actual withdrawal itself. Before re-entering a withdrawal, keep the following guidelines in mind:


When you enter a withdrawal, make sure that the Transaction Date date does not fall on the same date as one of your club's saved valuation dates. Make sure to start at least one day after the date of the valuation used to figure the member withdrawal amount.

Multiple withdrawals can be entered on the same date, unless two or more members are taking stock, and want shares in the same company. If you have two withdrawals, and one member wants Home Depot, while the other wants Lowes, the withdrawals can be on the same date. If both members want Apple though, the withdrawals must be entered on a separate date. Regardless of which case applies, you do not need to enter new valuations for these withdrawals, the system will continue to use the value from the saved valuation report.

Whenever possible, make sure no other types of transactions are entered on the same date as a withdrawal; ignoring this may cause problems when completing your taxes at the end of the year.

Do not put the Announcement Date on 12/31 -OR- 01/01 of a year

With this in mind, here are the specific steps for re-entering the withdrawals:


Removing a a member still showing up after a withdrawal involves three main steps:

  1. Remove the original withdrawal
  2. Re-enter the withdrawal
  3. Update your club records.


REMOVING THE ORIGINAL WITHDRAWAL:

  • First, make a backup of your current club records:
    • In Club Accounting, go to the File menu, and choose Export.
    • On the Export window, click Browse.
    • On the Browse For Folder window, we suggest to select Desktop, at the top of the list.
    • Once you have the location selected, Click OK to return to the Export Data window.
      Click OK to Export the data, and OK again to return to the Club Accounting program. When this is complete, you can proceed.

  • Second, print out Withdrawal Distribution reports:
    • Go to Reports > Member Withdrawal Report.
    • Print out the reports for each member in question.
    • Make sure to Highlight or Circle the Net Proceeds amount on the withdrawal report; this is how much the member actually took out of the club.
    • Keep the report(s) handy; you will use them to make sure the re-entry of the withdrawal is correct.

  • Third, remove the withdrawal:
    • Go to View > Members
    • Click Edit Transactions.
    • Check the Show Inactives box, and select the member in question from the drop-down menu.
    • Change the start date to be the date of the withdrawal transaction. If you are working on a two-step withdrawal, make sure to use the Announcement Date, not the Payout Date.
    • Click OK to see a list of member transactions.
    • Click the withdrawal transaction to select it. NOTE: If you are working on a two-step withdrawal, make sure to find the Withdrawal announced/valued entry, not the Withdrawal Paid entry. Incorrectly deleting the Withdrawal Paid transaction for a two-step withdrawal is the most common reason for not being able to re-enter a member withdrawal.
    • Click the Delete Selected Transactions button near the bottom of the window, and then click OK on the confirmation box that comes up.

When the withdrawal has been removed, you will be returned to the Edit Member Transactions screen.


Last, note and remove any extra transactions: 

If any Member Deposit or Member Fee transactions listed for the member(s) show up dated latter than the Transaction Date, make note of the transaction details and then delete those transactions as well. It is very important to make note of the details, as you will need to make sure to re-enter these club transactions once the member withdrawal is complete.



RE-ENTERING THE WITHDRAWAL

1. Confirming Withdrawal Amounts:

On the withdrawal report, make sure you have circled or otherwise noted the Net Withdrawal Amount, and the account that the withdrawal was paid from. This will be used when entering the withdrawal to see if you need to put in any sort of a withdrawal fee.

2. Basic Information:

  • Go to ViewMembers
  • Click Withdraw Member.
  • Choose the member, then fill in the Transaction and Payout dates. NOTE: If you are entering a partial withdrawal, leave the payout date blank.
  • Select the type of withdrawal (full or partial), and click OK.

3. Calculating Amounts

  • On the next screen, compare the Net Withdrawal Amount from the original withdrawal report to the Amount Withdrawn. If needed, and difference between these amounts can be entered as a withdrawal fee. NOTE: If the member was originally overpaid, this figure may be NEGATIVE.
  • Select " Cash " or " Cash/Stock " for Type of withdrawal.
  • Select the Cash account to use.
  • Click OK to continue.
  • If you are including Stock, fill in the number of shares of Stock withdrawn, click OK and OK again to confirm the withdrawal; if not, click OK on the confirmation screen to finish the withdrawal.
    UPDATING CLUB RECORDS

When you have completed the member withdrawal, the last step will be to make sure if you need to do any final cleanup.

1. If there were any transactions other than Distribution of Earnings for the member showing up after the withdrawal date, make sure to re-enter them in to the program at this time. If not, the last thing to check is the Distribution of Earnings.

2. If the member withdrew during the current calendar year, this means that there have been no Distribution of Earnings transactions since the member has withdrawn, and you do not need to do anything else.

3. If the member withdrew in a previous year, make sure to re-do that year's allocation. If the member withdrew further back in the club's history, make sure to also re-do each allocation, up to the end of the most recently ended year.

a. Go to Tools > Allocate Income and Expenses
b. Choose the year that the member left the club, and click OK. 
c. When Club Accounting has completed the Allocation, it will alert you to this. Click OK on the alert box to finish the Distribution, and be returned to the Club Home page. 
d. Repeat the previous three steps for each year that has ended since the member withdrew from the club. 

When you have completed this, the withdrawal record will be fully corrected.