Learning Club Accounting By  Instructor Contact information BetterInvesting Event Location
Who am I? <ul><li>Your Name Why you are here today </li></ul>
Welcome to Club Accounting
NCA2 and CA3 Compared <ul><li>Desktop Application </li></ul><ul><li>Windows 2000 and XP </li></ul><ul><li>All printing is ...
Pricing <ul><li>NOCA subscribers who own NCA2 also get the member upgrade price of $99. </li></ul><ul><li>Additional licen...
Maintenance <ul><li>Maintenance is  REQUIRED </li></ul><ul><ul><li>Customer  with  maintenance </li></ul></ul><ul><ul><ul>...
Maintenance <ul><li>New and Upgrade users get  one (1) free year  of Maintenance </li></ul><ul><li>This year is added to a...
Congratulations! <ul><li>You have been elected Treasurer of your investment club </li></ul>
What will you use? <ul><li>By Hand </li></ul><ul><li>Paid outside consultant </li></ul><ul><ul><li>Bookkeeper </li></ul></...
Club Accounting 3
Requirements <ul><li>Windows 2000, Windows XP </li></ul><ul><li>600 MHz Processor </li></ul><ul><li>128 MB RAM </li></ul><...
Requirements <ul><li>Don’t meet the requirements?  There’s a few options: </li></ul><ul><ul><li>Upgrade </li></ul></ul><ul...
<ul><li>Equal Shares </li></ul><ul><li>vs.  </li></ul><ul><li>Valuation Units </li></ul>
Equal Shares vs. Valuation Units <ul><li>A club formed, intending to keep all members  equal financial participants </li><...
What Equal Shares  doesn’t  cover <ul><li>A member’s late payment </li></ul><ul><li>Financial emergencies </li></ul><ul><l...
A member’s late payment <ul><li>Some members pay on time.  Some do not. </li></ul><ul><li>Is it fair? </li></ul><ul><li>Al...
Financial emergencies <ul><li>Despite the best planning, emergencies happen </li></ul><ul><li>How does the partner remain ...
Increased or decreased individual payments <ul><li>Some members can afford to pay more </li></ul><ul><li>Some members want...
Prospective New Members <ul><li>Members paid $50/month for the last 5 years </li></ul><ul><li>Should new members pay in $3...
Equal Shares vs. Valuation Units <ul><li>Equal is not necessarily fair  </li></ul><ul><li>Equality is difficult to maintai...
So what is a Valuation Unit? <ul><li>NCA uses Unit Value just like most Mutual Funds use Net Asset Value  </li></ul><ul><l...
So what is a Valuation Unit? <ul><li>Net Asset Value </li></ul><ul><li>-------------------------------  =  Valuation ($) <...
Calculating Unit Value  (An example) <ul><li>Initially, units are set at $10/unit </li></ul><ul><ul><li>12 people contribu...
Calculating Unit Value <ul><li>Every transaction is tracked this way: </li></ul><ul><ul><li>Dividends </li></ul></ul><ul><...
<ul><li>Reviewing the Treasurer’s Duties </li></ul>
Your work follows the calendar <ul><li>Monthly </li></ul><ul><ul><li>Deposits, valuations, print reports… </li></ul></ul><...
Monthly Tasks <ul><li>Prepare for Meeting Wizard </li></ul><ul><ul><li>Add new members </li></ul></ul><ul><ul><li>Member d...
Yearly Tasks <ul><li>Year-end Tasks Wizard </li></ul><ul><ul><li>Member deposits </li></ul></ul><ul><ul><li>Withdraw membe...
Yearly Tasks <ul><li>FILE WITH IRS </li></ul><ul><li>Use Federal and State Tax Printer software </li></ul><ul><li>Obtain l...
As needed <ul><li>Members </li></ul><ul><ul><li>Withdrawals </li></ul></ul><ul><li>Securities </li></ul><ul><ul><li>Buy / ...
<ul><li>Starting Your Investment Club </li></ul>
Startup Methods <ul><li>New Club  </li></ul><ul><ul><li>Starting from scratch </li></ul></ul><ul><ul><li>Use the New Club ...
Go to Club Accounting
<ul><li>A Year in Your New Club </li></ul><ul><li>We’ll start in May, so we end with Tax Season </li></ul>
<ul><li>May </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Backup your club’...
<ul><li>June </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Edit transaction...
<ul><li>July </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Transfer money t...
<ul><li>August </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Enter interest...
<ul><li>September </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Sell stock ...
<ul><li>October </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Enter stock s...
<ul><li>November </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Withdraw mem...
<ul><li>December </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Purchase Clu...
<ul><li>January </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Remind the cl...
<ul><li>February </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Year-end wiz...
<ul><li>March </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Backup club’s d...
<ul><li>April </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Make sure you’v...
Audit Committee <ul><li>Verify CA entries to Broker & Bank Statements </li></ul><ul><li>Compare Broker/Bank Statements wit...
Tax Printer <ul><li>Pre-sales begin in December </li></ul><ul><li>Congress approves forms yearly </li></ul><ul><ul><li>App...
Federal Tax Information <ul><li>1-800-TAX-FORM (1-800-829-3676) </li></ul><ul><li>IRS Publications (www.irs.gov) </li></ul...
Filing with the IRS <ul><li>Use Form 1065 / Schedule K-1 </li></ul><ul><li>Obtain latest version for tax year </li></ul><u...
Make it easy on yourself <ul><li>Have an assistant Treasurer </li></ul><ul><li>Train the club members </li></ul><ul><li>Us...
Where to get  accounting  help <ul><li>BI Investment Club Accounting Handbook </li></ul><ul><li>Local Chapter contacts </l...
Where to get  software  help <ul><li>Software manual </li></ul><ul><ul><li>http://www.iclub.com/support/downloads.asp </li...
Technical Support <ul><li>ICLUBcentral’s Technical Support handles product-related questions  </li></ul><ul><li>Must have ...
Technical Support <ul><li>Web-based Support </li></ul><ul><ul><li>www.iclub.com /support </li></ul></ul><ul><li>Telephone ...
Thank You  from   Your   BetterInvesting Chapter and ICLUBcentral for your Participation
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© Copyright 2002 ICLUBcentral – All rights reserved

  1. 1. Learning Club Accounting By Instructor Contact information BetterInvesting Event Location
  2. 2. Who am I? <ul><li>Your Name Why you are here today </li></ul>
  3. 3. Welcome to Club Accounting
  4. 4. NCA2 and CA3 Compared <ul><li>Desktop Application </li></ul><ul><li>Windows 2000 and XP </li></ul><ul><li>All printing is built-in </li></ul><ul><li>Uses NOCA’s accounting engine </li></ul><ul><li>Wizards for common tasks </li></ul><ul><li>Automatic audit </li></ul><ul><li>Reconciliation </li></ul><ul><li>Export reports in Word, Excel, PDF </li></ul><ul><li>Web application </li></ul><ul><li>Windows 98, 2000, and XP </li></ul><ul><li>Required helper programs to print </li></ul><ul><li>Does not match NOCA </li></ul><ul><li>No guided help </li></ul><ul><li>Manual audit </li></ul><ul><li>No reconciliation </li></ul><ul><li>No exports, just cut and paste </li></ul>Club Accounting 3 Club Accounting 2
  5. 5. Pricing <ul><li>NOCA subscribers who own NCA2 also get the member upgrade price of $99. </li></ul><ul><li>Additional licenses, for a second treasurer, are $47 </li></ul><ul><ul><li>Covered under club’s current Maintenance contract </li></ul></ul><ul><ul><li>Purchase requires a Treasurer with CA3 in the club </li></ul></ul><ul><li>Upgrades are from NCA2 to CA3. NCA1 customers purchase a new user copy. </li></ul>$219 $169 New User $149 $99 Upgrade Non-member Member
  6. 6. Maintenance <ul><li>Maintenance is REQUIRED </li></ul><ul><ul><li>Customer with maintenance </li></ul></ul><ul><ul><ul><li>Updates – all IRS Tax changes </li></ul></ul></ul><ul><ul><ul><li>Automatic stock quotes </li></ul></ul></ul><ul><ul><ul><li>Technical Support </li></ul></ul></ul><ul><ul><ul><li>Club Accounting Online </li></ul></ul></ul><ul><ul><li>Customers without maintenance </li></ul></ul><ul><ul><ul><li>No updates, stock quotes, or exports </li></ul></ul></ul><ul><ul><ul><li>Cannot save data </li></ul></ul></ul>
  7. 7. Maintenance <ul><li>New and Upgrade users get one (1) free year of Maintenance </li></ul><ul><li>This year is added to any existing accounting maintenance agreement </li></ul><ul><li>Maintenance is $49/year </li></ul>
  8. 8. Congratulations! <ul><li>You have been elected Treasurer of your investment club </li></ul>
  9. 9. What will you use? <ul><li>By Hand </li></ul><ul><li>Paid outside consultant </li></ul><ul><ul><li>Bookkeeper </li></ul></ul><ul><ul><li>CPA </li></ul></ul><ul><li>Using a Computer </li></ul><ul><ul><li>Spreadsheet Program (Excel, Lotus, etc) </li></ul></ul><ul><ul><li>Club Accounting Software (CA3) </li></ul></ul><ul><ul><li>Online Club Accounting (NOCA) </li></ul></ul>
  10. 10. Club Accounting 3
  11. 11. Requirements <ul><li>Windows 2000, Windows XP </li></ul><ul><li>600 MHz Processor </li></ul><ul><li>128 MB RAM </li></ul><ul><li>20 MB Drive Space </li></ul><ul><li>CD-ROM Drive </li></ul><ul><li>Internet </li></ul><ul><li>800 x 600 screen </li></ul><ul><li>Windows XP </li></ul><ul><li>1 GHz Processor </li></ul><ul><li>256 MB RAM </li></ul><ul><li>20 MB Drive Space </li></ul><ul><li>CD-ROM Drive </li></ul><ul><li>Internet </li></ul><ul><li>1024 x 768 screen </li></ul>Minimum Recommended
  12. 12. Requirements <ul><li>Don’t meet the requirements? There’s a few options: </li></ul><ul><ul><li>Upgrade </li></ul></ul><ul><ul><ul><li>Windows 98 is 7 years old – an eternity </li></ul></ul></ul><ul><ul><ul><li>Windows XP is the proven standard </li></ul></ul></ul><ul><ul><li>Go online </li></ul></ul><ul><ul><ul><li>Online Club Accounting (www.naic-club.com) </li></ul></ul></ul><ul><ul><ul><li>Win95, Win98, WinME, Macintosh </li></ul></ul></ul>
  13. 13. <ul><li>Equal Shares </li></ul><ul><li>vs. </li></ul><ul><li>Valuation Units </li></ul>
  14. 14. Equal Shares vs. Valuation Units <ul><li>A club formed, intending to keep all members equal financial participants </li></ul><ul><li>Worthwhile objective </li></ul><ul><li>Bookkeeping is simpler </li></ul><ul><li>Everyone has an equal say in the operation of the club </li></ul><ul><li>There are drawbacks that may not be evident at first, but which become serious as the club matures </li></ul>
  15. 15. What Equal Shares doesn’t cover <ul><li>A member’s late payment </li></ul><ul><li>Financial emergencies </li></ul><ul><li>Increased or decreased individual payments </li></ul><ul><li>Prospective new members </li></ul>
  16. 16. A member’s late payment <ul><li>Some members pay on time. Some do not. </li></ul><ul><li>Is it fair? </li></ul><ul><li>Allowing the use of club money for an additional month (or more!) </li></ul><ul><li>Granting the same benefits as members who pay on time? </li></ul>
  17. 17. Financial emergencies <ul><li>Despite the best planning, emergencies happen </li></ul><ul><li>How does the partner remain equal? </li></ul><ul><li>If they cannot pay, should they leave the club? </li></ul>
  18. 18. Increased or decreased individual payments <ul><li>Some members can afford to pay more </li></ul><ul><li>Some members want to pay less </li></ul><ul><li>Life changes can force the decision </li></ul>
  19. 19. Prospective New Members <ul><li>Members paid $50/month for the last 5 years </li></ul><ul><li>Should new members pay in $3000 to get started? </li></ul><ul><ul><li>It’s even more – your club has been successful </li></ul></ul><ul><ul><li>The member needs to pay for your earnings, too </li></ul></ul><ul><li>Members can leave over time </li></ul><ul><ul><li>Barriers to entry aren’t healthy </li></ul></ul>
  20. 20. Equal Shares vs. Valuation Units <ul><li>Equal is not necessarily fair </li></ul><ul><li>Equality is difficult to maintain </li></ul><ul><li>Equal shares can limit club growth </li></ul><ul><li>… and it’s just not necessary! </li></ul><ul><li>The Club Accounting software provides a standardized solution, making Valuation Unit accounting relatively painless. </li></ul>
  21. 21. So what is a Valuation Unit? <ul><li>NCA uses Unit Value just like most Mutual Funds use Net Asset Value </li></ul><ul><li>It tracks of the value of 1 share or unit of the club </li></ul><ul><li>Unit Value is set arbitrarily at the start of the club, usually $10/unit </li></ul><ul><li>After the first valuation, the unit value changes based on the club’s transactions </li></ul>
  22. 22. So what is a Valuation Unit? <ul><li>Net Asset Value </li></ul><ul><li>------------------------------- = Valuation ($) </li></ul><ul><li>Total Number of Units </li></ul><ul><li>Keeps track of ownership in club </li></ul><ul><li>Changes by the amount of money invested or withdrawn from the club </li></ul><ul><li>Value increases or decreases as the club’s investments increase or decrease </li></ul>
  23. 23. Calculating Unit Value (An example) <ul><li>Initially, units are set at $10/unit </li></ul><ul><ul><li>12 people contribute $30/person to buy stock X </li></ul></ul><ul><ul><li>Total = $360 </li></ul></ul><ul><ul><li>Since Unit Value is $10 => 36 total shares in club </li></ul></ul><ul><li>Then, the stock value goes up to $405 </li></ul><ul><ul><li>$405 / 36 shares = $11.25/unit </li></ul></ul><ul><li>If each member contributes $30 next month </li></ul><ul><ul><li>Each member buys $30/$11.25 = 2.67 shares more </li></ul></ul><ul><ul><li>There are now 68 shares in club (30+12*2.67) </li></ul></ul>
  24. 24. Calculating Unit Value <ul><li>Every transaction is tracked this way: </li></ul><ul><ul><li>Dividends </li></ul></ul><ul><ul><li>Buys </li></ul></ul><ul><ul><li>Sells </li></ul></ul><ul><ul><li>Withdrawals </li></ul></ul><ul><ul><li>Interest </li></ul></ul><ul><ul><li>Splits </li></ul></ul><ul><li>This quickly becomes a lot of number crunching </li></ul><ul><ul><li>… but that’s why you’ve got a computer! </li></ul></ul>
  25. 25. <ul><li>Reviewing the Treasurer’s Duties </li></ul>
  26. 26. Your work follows the calendar <ul><li>Monthly </li></ul><ul><ul><li>Deposits, valuations, print reports… </li></ul></ul><ul><li>Yearly </li></ul><ul><ul><li>Close the books </li></ul></ul><ul><ul><li>Allocate income and expenses </li></ul></ul><ul><ul><li>File Federal and State taxes </li></ul></ul><ul><li>As needed </li></ul><ul><ul><li>Spinoffs, mergers, splits, withdrawals... </li></ul></ul>
  27. 27. Monthly Tasks <ul><li>Prepare for Meeting Wizard </li></ul><ul><ul><li>Add new members </li></ul></ul><ul><ul><li>Member deposits </li></ul></ul><ul><ul><li>Enter new transactions </li></ul></ul><ul><ul><li>Reconcile books </li></ul></ul><ul><ul><li>Security valuations </li></ul></ul><ul><ul><li>Print reports </li></ul></ul><ul><li>Wrap Up Meeting Wizard </li></ul><ul><ul><li>Add new members </li></ul></ul><ul><ul><li>Member deposits </li></ul></ul><ul><ul><li>Enter new transactions </li></ul></ul>
  28. 28. Yearly Tasks <ul><li>Year-end Tasks Wizard </li></ul><ul><ul><li>Member deposits </li></ul></ul><ul><ul><li>Withdraw members </li></ul></ul><ul><ul><li>Enter final transactions </li></ul></ul><ul><ul><li>Reconcile accounts </li></ul></ul><ul><ul><li>Year-end valuation </li></ul></ul><ul><ul><li>Print Reports </li></ul></ul><ul><li>Purchase Federal and State Tax Printer software </li></ul><ul><ul><li>www.iclub.com </li></ul></ul>
  29. 29. Yearly Tasks <ul><li>FILE WITH IRS </li></ul><ul><li>Use Federal and State Tax Printer software </li></ul><ul><li>Obtain latest version for tax year </li></ul><ul><li>Verify all member SSN’s & Club Tax I.D. </li></ul><ul><li>Keep a duplicate for club records </li></ul><ul><li>Prepare 3 copies of Schedule K-1 for each member </li></ul><ul><ul><li>One copy of each to the IRS </li></ul></ul><ul><ul><li>One to each member </li></ul></ul><ul><ul><li>One of each for club records </li></ul></ul>
  30. 30. As needed <ul><li>Members </li></ul><ul><ul><li>Withdrawals </li></ul></ul><ul><li>Securities </li></ul><ul><ul><li>Buy / Sell </li></ul></ul><ul><ul><li>Dividends – Regular, Reinvested, or Money Market </li></ul></ul><ul><ul><li>Split / Merger / Spinoff </li></ul></ul><ul><li>Cash </li></ul><ul><ul><li>Income / Expense / Interest </li></ul></ul><ul><ul><li>Charges by Company / Foreign Tax Paid </li></ul></ul><ul><ul><li>Charitable Donations </li></ul></ul><ul><ul><li>Cash Transfer </li></ul></ul>
  31. 31. <ul><li>Starting Your Investment Club </li></ul>
  32. 32. Startup Methods <ul><li>New Club </li></ul><ul><ul><li>Starting from scratch </li></ul></ul><ul><ul><li>Use the New Club Wizard </li></ul></ul><ul><li>Existing Club </li></ul><ul><ul><li>Gather your paperwork OR export your old data </li></ul></ul><ul><ul><li>Use the New Club Wizard </li></ul></ul>
  33. 33. Go to Club Accounting
  34. 34. <ul><li>A Year in Your New Club </li></ul><ul><li>We’ll start in May, so we end with Tax Season </li></ul>
  35. 35. <ul><li>May </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Backup your club’s data </li></ul>May Go to Club Accounting
  36. 36. <ul><li>June </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Edit transactions </li></ul><ul><li>Backup club’s data </li></ul>Jun Go to Club Accounting
  37. 37. <ul><li>July </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Transfer money to broker </li></ul><ul><li>Buy a security </li></ul><ul><li>Backup club’s data </li></ul>Jul Go to Club Accounting
  38. 38. <ul><li>August </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Enter interest </li></ul><ul><li>Buy more stock </li></ul><ul><li>Enter merger </li></ul><ul><li>Backup club’s data </li></ul>Aug Go to Club Accounting
  39. 39. <ul><li>September </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Sell stock </li></ul><ul><li>Backup club’s data </li></ul>Sep Go to Club Accounting
  40. 40. <ul><li>October </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Enter stock split </li></ul><ul><li>Backup club’s data </li></ul>Oct Go to Club Accounting
  41. 41. <ul><li>November </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Withdraw member </li></ul><ul><li>Backup club’s data </li></ul>Nov Go to Club Accounting
  42. 42. <ul><li>December </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Purchase Club Accounting Federal and State Tax Printers </li></ul><ul><li>Backup club’s data </li></ul><ul><li>Don’t do your taxes yet…you don’t have all the paperwork! </li></ul>Dec Go to Club Accounting
  43. 43. <ul><li>January </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Remind the club when they’ll get their tax forms – in March </li></ul><ul><li>Backup club’s data </li></ul>Jan Go to Club Accounting
  44. 44. <ul><li>February </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Year-end wizard </li></ul><ul><li>Audit committee </li></ul><ul><li>Run the Tax Printer software </li></ul><ul><li>Distribute forms and reports to the club </li></ul><ul><li>Backup club’s data </li></ul>Feb Go to Club Accounting
  45. 45. <ul><li>March </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Backup club’s data </li></ul><ul><li>Deliver tax forms </li></ul>Mar Go to Club Accounting
  46. 46. <ul><li>April </li></ul><ul><li>Pre-meeting wizard </li></ul><ul><li>Post-meeting wizard </li></ul><ul><li>Make sure you’ve filed your taxes! </li></ul><ul><li>Backup club’s data </li></ul>Apr Go to Club Accounting
  47. 47. Audit Committee <ul><li>Verify CA entries to Broker & Bank Statements </li></ul><ul><li>Compare Broker/Bank Statements with Transactions (using the reconcile function) </li></ul><ul><ul><li>1099-B - Proceeds from Broker Transactions </li></ul></ul><ul><ul><li>1099-Div - Dividends & Distributions </li></ul></ul><ul><ul><li>1099-Int - Interest Income </li></ul></ul><ul><ul><li>1099-Misc - Miscellaneous Income </li></ul></ul><ul><ul><li>1099-OID - Original Issue Discount (Bonds) </li></ul></ul><ul><ul><li>Details of Buys / Sells / Mergers / Splits / Other </li></ul></ul>
  48. 48. Tax Printer <ul><li>Pre-sales begin in December </li></ul><ul><li>Congress approves forms yearly </li></ul><ul><ul><li>Approved as early as November, as late as the beginning of February </li></ul></ul><ul><ul><li>Software released AFTER forms approved </li></ul></ul><ul><ul><li>Watch the web site at www.iclub.com </li></ul></ul>
  49. 49. Federal Tax Information <ul><li>1-800-TAX-FORM (1-800-829-3676) </li></ul><ul><li>IRS Publications (www.irs.gov) </li></ul><ul><ul><li>IRS Publication 541 (Partnerships) </li></ul></ul><ul><ul><li>IRS Publication 550 (Investment Income & Expense) </li></ul></ul><ul><li>IRS instructions for Tax Forms </li></ul><ul><ul><li>Federal form 1065 (Partnership Tax Return) </li></ul></ul><ul><ul><li>Form 1065 - Schedule D </li></ul></ul><ul><ul><li>Form 1065 - Schedule K </li></ul></ul><ul><ul><li>Form 1065 - Schedule K-1 </li></ul></ul>
  50. 50. Filing with the IRS <ul><li>Use Form 1065 / Schedule K-1 </li></ul><ul><li>Obtain latest version for tax year </li></ul><ul><li>Verify all member SSN’s & Club Tax I.D. </li></ul><ul><li>Keep a duplicate for club records </li></ul><ul><li>Prepare 3 copies of Schedule K-1 for each member </li></ul><ul><ul><li>One copy of each to the IRS </li></ul></ul><ul><ul><li>One to each member </li></ul></ul><ul><ul><li>One of each for club records </li></ul></ul>
  51. 51. Make it easy on yourself <ul><li>Have an assistant Treasurer </li></ul><ul><li>Train the club members </li></ul><ul><li>Use the same valuation date every month </li></ul><ul><li>Limit the days members can deposit </li></ul><ul><li>Use consistent and fair rules for withdrawals </li></ul><ul><li>Use the wizards </li></ul>
  52. 52. Where to get accounting help <ul><li>BI Investment Club Accounting Handbook </li></ul><ul><li>Local Chapter contacts </li></ul><ul><li>BI Accounting web site </li></ul><ul><ul><li>http://www.betterinvesting.org </li></ul></ul><ul><li>Treasurers List </li></ul><ul><ul><li>http://lists.better-investing.org </li></ul></ul><ul><li>BI Wiki </li></ul><ul><ul><li>http://biwiki.editme.com/ </li></ul></ul>
  53. 53. Where to get software help <ul><li>Software manual </li></ul><ul><ul><li>http://www.iclub.com/support/downloads.asp </li></ul></ul><ul><li>ICLUBcentral Technical Support </li></ul><ul><ul><li>http://www.iclub.com/support </li></ul></ul><ul><li>Treasurers List </li></ul><ul><ul><li>http://lists.better-investing.org </li></ul></ul><ul><li>BI Wiki </li></ul><ul><ul><li>http://biwiki.editme.com/ </li></ul></ul><ul><li>Local Chapter contacts </li></ul><ul><ul><li>http://www.betterinvesting.org </li></ul></ul>
  54. 54. Technical Support <ul><li>ICLUBcentral’s Technical Support handles product-related questions </li></ul><ul><li>Must have two items </li></ul><ul><ul><li>A licensed Club Accounting product </li></ul></ul><ul><ul><li>An active Maintenance Contract </li></ul></ul><ul><ul><ul><li>Software updates </li></ul></ul></ul><ul><ul><ul><li>Online Stock Quotes </li></ul></ul></ul><ul><ul><ul><li>12 months of Technical Support </li></ul></ul></ul>
  55. 55. Technical Support <ul><li>Web-based Support </li></ul><ul><ul><li>www.iclub.com /support </li></ul></ul><ul><li>Telephone Support </li></ul><ul><ul><li>617-661-2582 </li></ul></ul><ul><ul><li>9:30 AM to 6:00 PM Eastern Time </li></ul></ul><ul><ul><li>Monday through Friday </li></ul></ul><ul><li>Renew your Maintenance Agreement </li></ul><ul><ul><li>Call BI at 1-877-275-6242 </li></ul></ul>
  56. 56. Thank You from Your BetterInvesting Chapter and ICLUBcentral for your Participation

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