Our Schwab account is a corporate brokerage account set up to receive donations of stock, stock dividends and/or royalties received from holdings of mineral assets.
Donated stock/securities and any derived dividends may be categorized toward a current pledge, future pledge or to the Capital Fund.
It is common practice to sell donated stock soon after it is donated. In recording the sale, funds will be transferred from the Schwab securities account into the Schwab Cash & Money Market account.
The procedure is a bit involved!!! Until it is properly documented find a previous occurrence such as the one from the Smith-Hanna's to the “capital campaign” as well as to “future tithing”. Perform/record the same actions/transactions involving the sale of securities.
Run an Account QuickReport for the acct# 11020 Schwab Investor Account and take note of the date of the last transaction.
Login to account “fccuccfw” on Schwab.com and browse to “Accounts>Transaction History”
Access recent activity (see Figure 1) by specifying a date following the date noted in Step 1, above.
Print the results to a PDF as a basis for transactions to be recorded in QuickBooks.
Record interest earned as follows:
Identify and edit the last Interest JE transaction in QuickBooks
Click on “More>Copy” at the bottom of the transaction
Change the date, detail description and the amount to match the interest earned (see Figure 2) and “Save and Close”
Figure 1: Schwab Transaction History
Figure 2: Earned Interest Journal Entry
The following example represents royalties received from Mewbourne Oil assets that were donated as part of the Capital Campaign so any derived royalties need to be designated to the Capital Fund. Other cash donations received into Schwab may in fact need to be categorized as tithes toward operations.
Run an Account QuickReport for the acct# 11020 Schwab Investor Account and take note of the date of the last transaction.
Login to account “fccuccfw” on Schwab.com and browse to “Accounts>Transaction History”
Access recent activity (see Figure 3) by specifying a date following the date noted in Step 1, above.
Print the results to a PDF as a basis for transactions to be recorded in QuickBooks.
If it is available, click on the “Details” link associated with the Funds Received and print the check image to a PDF.
Record the cash received as follows:
Identify and edit the last funds Sales Receipt (in this case from Mewbourne) in QuickBooks
Click on “More>Copy” at the bottom of the transaction
Remove any existing attachments and attach the PDF of the check image PDF just created
Change the date, detail description and the amount to match the interest earned (see Figure 4) and “Save and Close”
Figure 3: Schwab Transaction History
Figure 4: Mewbourne Oil Company Sales Receipt
Login to account “fccuccfw” on Schwab.com and browse to “Move Money>Transfers & Payments”. Click on “Online Transfers”.
Select “Cash only”, transfer from “Corporate 7701-1878”, transfer to “SIMMONS BANK 5525753”, specify a cash amount of $1 less than than the “Cash available”, Frequency of “One-time” and the earliest transfer date available, then click on “Continue” (see Figure 5). Review the transfer for correctness and click on “Submit”.
On the summary confirmation displayed, click on “Print this page for your records” and save the PDF as “Schwab Transfer Cash to Simmons_yymmdd.pdf” where yymmdd corresponds to today’s date.
Run an Account QuickReport for the acct# 11020 Schwab Investor Account.
Identify and edit the last JE associated with a transfer from Schwab to Simmons
Click on “More>Copy” at the bottom of the transaction
Remove any existing attachments and attach the PDF of the confirmation PDF from step 3, above
Change the date and the credit/debit amounts to match the cash transferred and “Save and Close” (see Figure 6)
Figure 5: Schwab Funds Transfer
Figure 6: Cash Transfer Journal Entry
