Stock Gifts

Ann Pennant:

Hi

I can’t tell, but does RE have the GL accounts for brokerage fees and gain/loss set up for when you sell the stock?

Thanks

Ann


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Cathleen Mai:

So when you go to the Records/ Fund/ GL Distributions you should have the highlighted accounts, see attached.

I guess you know this, but just in case - you can check the distribution of the gift before actually posting to the GL under View/View GL distribution in the gift record.

 

JoAnn Strommen:

Michele, I don't do the posting - finance does but I would say that the posting is all done at once. I enter the gift and 'sell' it two minutes later. When finance posts it is just one process.

JoAnn Strommen:

Yes, our broker sells it immediately. When I said I sell it, I mean the process of changing it from a stock/property gift to a stock/property sold. 


With a volatile stock market there can be and often are some gains/losses from the time our broker gets the gift from the donor and sells it for us.

JoAnn Strommen:

It's been quite awhile since I had to process a stock gift so I just pulled up a record for a gift. The gift record when I look at the Sold Stock/Prop Information shows the stock sale, broker fees, other details and and at the bottom of the window a Loss amount. For us, it looks like it is all recorded on the RE side.


My memory fails on all the details, sorry. 

Michele Thompson:

Happy New Year!


We are perplexed on entering stock gifts in RE they are not coming over right to FE. So a few questions as I don't think we are doing it correcly. We have been entering the stock gift with the date we receive it, hitting save and then putting the sale in then posting. It am wondering if this is messing up the FE posting. Our accounts are not balancing. This may be a two party question, RE and FE, but maybe someone works closely enough like we do that you might have the answers.


1.  When you receive a stock gift, do you enter it and post it? THEN when you sell it post that? 


We are finding that the gains/losses are not posting correctly in FE. Is it the way we are posting or how we have the accounts set up for the funds? We have tried so many different ways. As you can see, when the stock gift was made and on Dec. 21  the money is debiting into the Merrill Lynch Acct and crediting Stocks. The problem here is that we received the stock on 12/21 and we sold iton 1/8 which is the date we put into RE. BUT for some reason (maybe because we entered the gift and sale on the same day THEN posted) it isn't hitting the accounts correctly. We wrote the check from ML for $20,082 and the $465 should stay in the ML account as a gain. But when you look they cancel each other out and the gain doesn't stay in the account. The credit of $465 to the checking account is correct so that our deposit is correct, but we aren't seeing the gain stay in the ML account. Is this because we should post the sale first before we sell it? SOOO confused and my Finance Manager is going nuts trying to get her accounts to balance.




Thank you so much for your help!


Michele