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How to add monthly club subscriptions


To manage unit transactions such as member subscriptions, withdrawals or historical unit transactions you can do so using the UNIT VALUATION SYSTEM link within the CLUB section as illustrated in the following screen shot:

Investment club 32.png

This help section discusses how to add unit transactions for club members, using the 'add subscriptions' button. The 'add/edit' button under the 'view transactions' section, provides the maximum flexibility when managing Unit Transactions, however for ease of use the 'add subscriptions' button should be used for managing monthly club member subscriptions.

One of the very powerful advantages that timetotrade offers, is the ability to see the state of your accounts at any point in time, simply by adjusting the 'end date'. This functionality also extends to the Unit Valuation System, as you have the ability to change the 'end date' and view the historical unit value for the selected date.

An IMPORTANT point to note: when working with Unit Valuations on the 'uvs' tab it is important to remember that the selected 'end date' determines not only the displayed unit value but also the unit value used to calculate and allocate subscriptions. So it is very important that the 'end date' is chosen correctly.

Another IMPORTANT point: once you have added member subscriptions the unit value and units purchased with that subscription are set and will NOT be automatically amended if you then have to make retrospecitve changes to the income/expenditure or investments tabs (for example, you forgot to enter a dividend payment).

To add the monthly unit subscription carry out the following steps:

Step 1: Set the 'end date' to date when the club member subscriptions are added

Whenever you work with unit transactions, it is important that you firstly set the 'end date' to the date the historical unit transaction occurred. The system will then allocate units based on the unit value at that 'end date'. In this example, we are going to add the club member subscriptions on the 2nd of April 2007 therefore we will set the 'end date' to 2 Apr 07 as illustrated in the following screen shot:

Uvs 7-1.png

Step 2: click on the 'add subscriptions' button

To add the club member subscriptions click on the 'add subscriptions' button as illustrated in the following screen shot:

Uvs 7-2.png

Step 3: Add the club member subscriptions

If you have previously entered unit transactions for each club member, all of the fields will be automatically pre-populated as shown in the following screen shot (the first time you use the 'add subscriptions' feature, you will need to input data into some of the fields, however thereafter they are automatically updated each month)

The 'amount' field is pre-populated with the same subscription value as used in the previous month. The amount can be overwritten if needed.

UVS 7-3.png

If all of the information is correct, click on the 'add subscriptions' button. When finished click on the 'cancel' button.

To exclude a club member from the monthly unit subscription, un-tick the check box associated with their name. The 'date' field is automatically progressed each month to the same date that was used in the previous month, therefore it is good practice to use the same date each month for entering club member subscriptions.

An IMPORTANT point to note: the pre-populated 'unit value' is the unit value as at the selected 'end date' and NOT the date shown in the 'date' field; if you change the 'end date', the unit value will change accordingly.

In the above example, if we had set the 'end date' to say, 31st May 2007 the unit value used to calculate the unit distribution would have been the unit value as at 31st May 2007, even though the date shown in the 'date' field is 2nd April 2007.

Another IMPORTANT point to note: once you have added member subscriptions the unit value and number of units associated with that subscription are set, and will NOT be automatically amended if you then have to make retrospective changes to the income/expenditure or investments ledgers.

For example, you have allocated your monthly member subscriptions and then realise that you have forgotten to include some dividend income in the investments ledger, which you then retrospectively enter. The unit value associated with the member subscriptions you have already input will then be inaccurate and not reflect the extra dividend income. So, if needed you can change the unit value used for historical unit transactions, by editing the historical unit transactions and using the re-calculated unit values.

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