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Automate Member Payments to Your Investment Club |
7/31/2025 |
Introducing myICLUB's new tool for recognizing member e-payments.
Club members often like to pay dues by electronic transfers or e-payments. Sadly, banks and brokerages prevent identifying deposits by member.
myICLUB’s new Member Payment Cents Method makes it easy to match members and payments. In myICLUB’s Accounting Utilities, the treasurer assigns a unique cents value (from .01 to .99) to each member. Members then add their assigned amount to all of the monthly dues payments that they make, and treasurers can then effortlessly identify all incoming member deposits. BrokerSync will also automatically identify payments when importing transactions.
Clubs using this method may need to adjust their operating agreements. Yes, when this method is used some members will contribute a few cents more than others, but anyone who is concerned can simply add another dollar to their payment!
myICLUB.com 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 myICLUB.com to manage their club's books and operations.
For more on tools for investment club accounting, operations, and tax preparation, please visit https://www.myICLUB.com.