warlord at MIT.EDU
Tue May 1 13:48:07 EDT 2007
Quoting Steve Kelem <steve at kelem.net>:
> After several long talks with ING, I found that only one of the three
> numbers is accurate: how much money I put in. The price is rounded,
> as are the number of shares.
That's..... unfortunate. That means you have to guess, which is still
probably better than trying to make adjustments. But it's really bogus
of ING to do this to you. I'd recommend you move your funds somewhere
else and boycott them for not providing you accurate numbers. (Assuming
you have the freedom to do this).
> What is "SCU"?
The denominator. I'm trying to find an expansion of the acronym
but I'm failing. I think it's something like "Smallest Commodity Unit".
> Derek Atkins said the following on 04/30/2007 03:03 PM:
>> rlu53417 at earthlink.net writes:
>>> What stops you from doing your own share calculation up front instead
>>> of relying on their bad numbers?
>>> On Sat, Apr 21, 2007 at 10:45:30PM -0700, Steve Kelem wrote:
>>>> The problem is that for ING Retirement accounts, the # shares in
>>>> transactions don't add up to the amount
>>>> in their summary lines. One of the ING reps said it's because
>>>> internally they compute # shares to 6 decimal points, but tell
>>>> their customers about only 3 of those decimals, so the numbers
>>>> "may not add up." For example, the sum of # shares in
>>>> transactions comes to 73.003 shares, but the ING summary shows
>>>> 73.000 or 73.006 shares.
>>>> So that I can reconcile my Gnucash representation of this account,
>>>> I need to add dummy transactions.
>>>> My question is "What's the best form for this dummy transaction?"
>> Yeah, I'd go back and try to recompute the actual share amounts
>> instead of trying to "fudge" it later. You can even set gnucash to
>> use 6 digits, but then you might need to guess exactly how many shares
>> you're getting. Are the PRICES accurate? You only need two of the
>> three values to be accurate: #shares, price, $value. The third can
>> be computed. But note that GnuCash only stores #shares and $value,
>> so you should change the commodity SCU to increase it to 6 decimal
>> places if you choose this route. But this is the route I suggest.
Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
Member, MIT Student Information Processing Board (SIPB)
URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
warlord at MIT.EDU PGP key available
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