Create a Club Accounting Structure
We hightly recomend using myICLUB.comThe treasurer is ultimately responsible for club record keeping. However it is highly recommended that each member of the club become somewhat familiar with the process which is easy to do using the myICLUB.com online club accounting and portfolio management platform.
Treasurer and Assistant Treasurer
Investment club accounting can be divided into two positions: the treasurer and assistant treasurer.
The Club Treasurer maintains records of club’s financial affairs.
- Handles the recording of all transactions in the journal or club accounting software.
- Prepare monthly valuation statements
- Prepares distribution reports and tax returns
- Handles all funds paid into or withdrawn from the club.
- Contacts the broker to make purchases, sales or transfers of stock.