Trading Accounts
Les
lelliott5 at gmail.com
Tue Feb 13 04:41:30 EST 2018
Good advice David.
I have always just used my broker reports for tax purposes. I guess I
never really relied on GC for such reporting. I use GC to keep track of
my day-to-day transactions; inputing from paper receipts as I receive
them. Also reconciling bank and brokerage accounts at month end.
Les
On 02/12/2018 08:27 PM, David Carlson wrote:
> Be sure to compare what Gnucash generates to what your broker reports
> to the government. Gnucash has trouble calculating the net gain that
> the IRS wants to see.
>
> Many of us still use spreadsheet s to compare to the brokerage reports
> that are sent to the IRS.
>
> David C
>
> On Feb 12, 2018 2:27 PM, "Les" <lelliott5 at gmail.com
> <mailto:lelliott5 at gmail.com>> wrote:
>
> I ran a balance sheet for 2016 and compared the two. Everything
> looks the same until I reach the equity account. Here is where
> the difference occurs (and I completely missed it initially). In
> the GC file without the use of Trading Accounts, I have unrealized
> gains, whereas in the GC file using Trading Accounts, I have
> trading gains.
>
> I think I need to start using Trading Accounts, if I want to
> obtain a more accurate set of accounts.
>
> For what it is worth, I have been relying on my brokerage accounts
> to determine gains and losses for tax purposes.
>
> I am thinking about copying my production GC file to my test
> computer and run balance sheet and income and expense for ye 2017
> and compare. I think it will be significant.
>
>
> Les
> p.s.: I did read the the link from Christopher.
>
>
> On 02/12/2018 12:05 PM, David Carlson wrote:
>> If you read Christopher's links, they go into the theory behind
>> the development of trading accounts.
>>
>> I personally do not need them for my use, so I am not conversant
>> with how they work.
>>
>> I think that you may need them, based on the fact that you are
>> looking into using them, but I cannot help with details.
>>
>> Perhaps another user that does use them can chime in (hint Hint)
>>
>> David C
>>
>> On Mon, Feb 12, 2018 at 11:12 AM, Les <lelliott5 at gmail.com
>> <mailto:lelliott5 at gmail.com>> wrote:
>>
>> I use, in addition to USD. AUD, HKD, CAD, CNY and SGD. I buy
>> in tranches for average cost. So, not sure that means I have
>> complicated trades but I make sure I never have any orphan
>> accounts. I checked my test file for capital and it did not
>> list any. Although, at the bottom of my accounts list, there
>> is a list of currencies and exchanges with totals for each.
>> But, again, there isn't any difference in income and expenses.
>>
>> Les
>>
>> On 02/12/2018 08:18 AM, David Carlson wrote:
>>
>> UnfOrtumately I cannot read the article that zchristofer
>> cited from my
>> clunky Tablet ant tablet really messes up mystery
>> composition skills.
>>
>> I think that if you have always correctly calculated
>> every capital gain in
>> every closing transaction and never had any ambiguously
>> matched lots there
>> will not be any overall difference with or without
>> trading accounts.
>>
>> I would guess trading accounts help the most for users
>> with more
>> complicated trades.
>>
>> I am sure that you would need to drill down to the
>> capital gains and
>> incomes in closing transactions to see where the T A
>> could make a
>> difference.
>>
>> David C
>>
>>
>>
>> On Feb 12, 2018 6:53 AM, "Christopher Lam"
>> <christopher.lck at gmail.com
>> <mailto:christopher.lck at gmail.com>>
>> wrote:
>>
>> Hi Les
>>
>> Really interesting question, with a simple and a
>> complicated answer.
>>
>> Simple answer: I think Trial Balance would differ if
>> you deal with
>> multiple currencies or stock (i.e. multiple
>> conversions with differing
>> dates and prices).
>>
>> Complicated answer:
>>
>> https://www.mathstat.dal.ca/~selinger/accounting/tutorial.html
>> <https://www.mathstat.dal.ca/%7Eselinger/accounting/tutorial.html>
>>
>> https://www.mathstat.dal.ca/~selinger/accounting/gnucash.html
>> <https://www.mathstat.dal.ca/%7Eselinger/accounting/gnucash.html>
>>
>> C
>>
>> On 12/02/18 20:41, Les wrote:
>>
>> I have a "test" laptop with GC 2.6.17 running the
>> latest Linux Mint. I
>> opened GC and tried using Trading Accounts, did
>> check and repair, noted the
>> totals of assets, liabilities, income and expense
>> before and after. There
>> was no difference. I then ran a Income and
>> Expense report for year 2016
>> (which is the same as my production GC and
>> compared the two. Again there
>> was no difference in totals between the two GC files.
>>
>> So, exactly what does Trading Accounts actually
>> do? I noticed that when
>> viewing a stock transaction using auto-split
>> view, there are added lines
>> showing trading: currencies and trading: exchange
>> and stock symbol, that
>> does not appear without trading accounts.
>>
>> Thanks,
>>
>> Les
>>
>>
>> On 02/12/2018 04:41 AM, David Carlson wrote:
>>
>> It would be more fun to make a test copy of
>> an existing file! 😁
>>
>> David C
>>
>> On Feb 12, 2018 4:13 AM, "Les"
>> <lelliott5 at gmail.com
>> <mailto:lelliott5 at gmail.com> <mailto:
>> lelliott5 at gmail.com
>> <mailto:lelliott5 at gmail.com>>> wrote:
>>
>> Thanks, Adrien, David & Christoph for
>> your replies. I think
>> opening a new GC file and testing
>> Trading Accounts is a good idea.
>>
>> Regards,
>>
>> Les
>>
>>
>> On 02/12/2018 01:40 AM, Christoph R wrote:
>>
>> And run “Actions -> Check & Repair
>> -> Check & Repair All” to
>> add the needed splits to existing
>> transactions.
>>
>> Gruß,
>> Christoph
>>
>> Am 12.02.2018 um 01:27 schrieb
>> David Carlson
>> <david.carlson.417 at gmail.com
>> <mailto:david.carlson.417 at gmail.com>
>>
>> <mailto:david.carlson.417 at gmail.com
>> <mailto:david.carlson.417 at gmail.com>>>:
>>
>> I think that if you want to stop
>> using trading account s
>> it is difficult to
>> turn them off.
>>
>> I would set up a test file to
>> try them on until you decide
>> whether you like
>> them.
>>
>> David C
>>
>> On Feb 11, 2018 5:39 PM, "Adrien
>> Monteleone"
>> <adrien.monteleone at gmail.com
>> <mailto:adrien.monteleone at gmail.com>
>>
>> <mailto:adrien.monteleone at gmail.com
>> <mailto:adrien.monteleone at gmail.com>>>
>> wrote:
>>
>> Yes, you can add trading
>> accounts (or any other
>> accounts) as needed to your
>> current file.
>>
>> Regards,
>> Adrien
>>
>> On Sun, Feb 11, 2018 at 4:18
>> PM, Les
>> <lelliott5 at gmail.com
>> <mailto:lelliott5 at gmail.com>
>> <mailto:lelliott5 at gmail.com
>> <mailto:lelliott5 at gmail.com>>>
>> wrote:
>>
>> I have been using GC for
>> several years, and
>> although I trade stocks, I
>> have never used the
>> "Trading Accounts" option.
>> Can I just start using
>>
>> it,
>>
>> or would I need to start
>> a new GC file?
>>
>> Thanks,
>>
>> Les
>>
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