The Cash Accounts section displays a summary of cash accounts, including the balance in each account as of a specified date. Editing the date and clicking Submit will show the summary for any date you enter.
To quickly change the name of an account, or to delete it, click the Pencil button, or the Traash Can button, in the Edit column. Please note that only accounts with no transaction history can be deleted. Even if the account shows a 0.00, it can only be deleted if there are no transactions associated with the account.
myICLUB.com creates at least three (3) cash accounts for a club's use: Bank, Broker, and Suspense. Accounts can be re-named as needed or you can create any other cash accounts that you need.
myICLUB.com treats Bank, Broker, and Suspense type accounts the same way. Transactions in these accounts affect the club's total value and usually have tax consequences.
myICLUB allows you to set two different default accounts; one based on cash and other security transactions, the other for Member transactions.
To do so, click the button in the Mark Default column, for the account that you want to set as the default, and then click the Submit button. The account that you choose will be moved to the top of the list of accounts, and will become the default when entering the specified transactions.
If your club has changed accounts in the past, or simply does not want to have unused accounts listed, click the check-box in the Mark Inactive column, next to the account that you do not want to see any longer. Please note that this can only be done for accounts that have a 0.00 balance. If you have an otherwise inactive account that is not at a 0.00 balance, we sugegst to use one of the transaction types listed below, to bring the balance to 0.00
Marking an account inactive does not remove the transaction history for the account; it only makes it so that the account is not listed on any reports, and can not be selected for transactions.
If you change your mind, and want to show the account(s) again:
BetterInvesting and ICLUBcentral recommend that you do not use Petty Cash accounts or any other account that is not intended to be included in club value and other calculations. If you create and use an account named Petty Cash, Club Accounting Online will treat it just like any other cash account. Any money in the Petty Cash account will be included in the calculations of unit and club value and performance. If your club started using online accounting before 8/1/2004, or previously used version 1 or 2 of our desktop accounting program, we recommend that you bring the account balance to 0.00 on the site (using one or more of the transactions listed below), mark the account inactive, and discontinue using it.