How to enter a limit stock purchase into myICLUB

The myICLUB system was not built to handle limit orders, so these steps require some familiarity with using the system beyond just the regular Buy and Sell transactions.

In our example, the limit purchase is for 10 shares at $350.00 when the stock is selling at $385.00

Enter a Transfer in the Cash Accounts section of myICLUB, from your brokerage account in the amount of $3,500 (10 shares x $350) to the Suspense account. In the Comments field, add a description of the limit order that has been placed at the brokerage.

If the Suspense account doesn't exist, create it from Accounting > Cash Accounts > Create a new cash account.

To transfer, go to Accounting > Cash Accounts > Transfer. In this case, the Source would be the Brokerage account, with the Destination being the Suspense account.

Now, on the Valuation Statement and elsewhere, the money will show up as being "reserved" ("held in suspense") for the limit order and remind the members to not spend the money while the limit order is still pending. When you prepare your monthly Valuation, you might add a Note that the money in the Suspense account is currently being held back for a limit order that has been placed.

If the limit order expires or is cancelled, you can simply delete the original transfer OR transfer it back from Suspense to the brokerage account.

If the limit order is filled, enter a Buy transaction and select Suspense as the account from which funds were drawn to pay for the purchase. You can transfer any leftover funds back to the brokerage account at this time (OR you could edit the original transfer to be in the exact amount of the purchase so that it zeroes out after the buy transaction).