Income Statement & Balance Sheet

Club Accounting Online displays the Income Statement & Balance Sheet as a pair. Together, they summarize the ledger totals shown in the Complete Journal/Ledger. Club Accounting Online produces the report for a single calendar year.

Use this report to provide a summary of the club's realized profits (earnings), and the status of the club's assets and equities. The report can be generated for the end of a specific year, by using the Year drop-down menu, or for a specific range of dates, by filling in the From and To dates, and then clicking the Submit button.

 Income Statement

Income Section

  • Dividends - Total dividends (cash and reinvested). Includes dividends for securities and the Bank, Broker and Suspense accounts.
  • Interest / Tax Free Interest - Total interest (cash and reinvested). Includes interest received on securities and the Bank, Broker, and Suspense accounts.
    Tax-free interest
  • Short term Capital Gain / Long term Capital Gain / Five Year Capital Gain- Total of Short, Long or Five year STCG (cash and reinvested).
  • Miscellaneous Income - Total miscellaneous income recorded in the cash accounts.
  • Total Income - Total of all of the income items.


Expenses section

  • Expenses / Non-investment Expenses – Investment or non-investment expenses recorded in the cash accounts.
  • Foreign Taxes – Foreign taxes paid.
  • Charitable Donations – Charitable donations.
  • Total Expenses – Total of all of the expense categories
  • Net Profit - Total income minus expenses


Balance Sheet Description

Assets section

This section shows the balance in each cash account and the total of all investments. The Investments line of the Balance sheet report should match the Cost basis of the securities at the end of the year (assuming the report is being viewed for a prior year). This figure should match up with the Total Investment figure in the Complete Journal/Ledger report, as well as the total of the security Total Cost column on the Valuation Statement, if you created one for 12/31 of the given year.

  • Total Assets - total cash value of the club's cash accounts and cost basis of the securities held on the report date.


Liabilities +Equity Section

  • Capital Account - Members - the total basis of the active members. This figure is the same as the “Total Paid in by Members” column in the Complete Journal/Ledger. It is also the same as the “Total Paid In Plus Earnings” column in the Members Status Report.
  • Unrealized Gains + Unallocated Earnings – This account is a balancing account used to keep the capital (total members' cost basis) removed during a withdrawal to be exactly equal to the cost basis of assets removed during the withdrawal.
    Any full withdrawal will likely cause a change in the Unrealized Gains section of the balance sheet. It is a rare full withdrawal where the capital removed by the member is exactly equal to the assets removed to fund the withdrawal. It is therefore rare for a full withdrawal, even all cash ones, not to change the Unrealized gains account.
    If you see a negatve amount, it indicates that members have made a profit from their club investment when they withdrew.

If you want to double-check this figure, look at the member's withdrawal report, and compare the Cash Received (and Member's adjusted basis in stock withdrawn, if shares were given as part of the withdrawal) to the Tax Basis prior to withdrawal. The difference between those figures should match the Unrealized Gains figure.

the unrealized gains due to the transfer of stock to a withdrawn member. This figure is the same as the “Total Unrealized Gains” column in the Complete Journal/Ledger.
Total – the total of all liabilities and equity. This figure should match the “Total Assets” in the Assets section. It is the sum of the member capital accounts and the unrealized gains.