Blog Simplifies Transaction Entry for Club Treasurers


Another small enhancement will be a big help when investment club treasurers enter transactions.

For investment clubs with multiple financial institution accounts (such as an account at a bank and an account with a brokerage firm), having a single "default" account may not match well with the treasurer's workflow. Many clubs deposit member checks exclusively into their bank account, while buying and selling securities exclusively from their brokerage account. In these cases, if the treasurer forgets to change the default to the correct account when entering a transaction, then account balances will be incorrect.

To assist in these situations, now allows a separate default account to be set for all Member Transactions, while another default account can be set for Cash and Securities Transactions. The default accounts must be set in Accounting > Cash Accounts and will persist until changed. Clubs that have not set a default account in the past will continue to see the accounts on the transaction entry screen listed chronologically by date that the account was created.

Even if a club has only one financial account (such as a brokerage account with checkwriting privileges), the club administrator should still set the default accounts in Accounting > Cash Accounts.

Note: These two default designations will not work universally, since some "cash transactions," such as interest or expenses, could potentially be recorded in either a bank or brokerage account. Given that member payments and investment-related transactions are likely to be the most common types of entries that treasurers make, allowing for the designation of default accounts for these types of payments should cover the bulk of the treasurer's transaction entry. is the world's most popular tool for investment club accounting and operations. Sign up for a free trial to see for yourself why thousands of investment clubs choose to manage their club's books and operations.

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