Non-Resident Alien Income Tax.

[aviator]

Hi Mark,

I get several transactions for fees withholding Non-Resident Alien Income Tax. When imported using QFX, FM assigns a distribution type of Account Fees which is incorrect. Instead, I believe the distribution type should be Foreign Tax. Is there a way to "tell" FM how to classify these distribution types?

Thanks.

[Mark]

Hi aviator,

Sorry, no. The mapping is fixed, depending on the transaction code in the importing file. If you'd like to post a sample transaction I can take a closer look. Take a look in your "xmldump.txt" file right after an import. You can post the relevant transaction here. For help finding that log file, read the bottom of this page:

http://www.fundmanagersoftware.com/tintrtv.html

[aviator]

OK, below is a snippet of data copied from the most recent xmldump.txt file. The security in question is JP Morgan (JPM), and the $3.47 is being imported as a distribution type of Account Fee, not Foreign Tax. Unfortunately, I have several stocks that get charged an non-resident alien income tax which means that, after import, each has to be changed by hand.

As this is a public board, I've purposely changed the income tax account #, but I don't think that makes a difference (sixth line, beginning with the word MEMO has been changed).

- INVEXPENSE
- INVTRAN
- FITID (043020104)
- DTTRADE (20100430120000)
- DTSETTLE (20100430120000)
- MEMO (NON-RESIDENT ALIEN INCOME TAX ACCOUNT # 40xxxxx870 ON JP)
- SECID
- UNIQUEID (46625H100)
- UNIQUEIDTYPE (CUSIP)
- TOTAL (-3.47)
- SUBACCTSEC (CASH)
- SUBACCTFUND (CASH)

[Mark]

Hi aviator,

As you can see, that is being reported as an "INVEXPENSE". These are mapped to "Account Fee" type of distributions upon import. The fact that the memo describes this as non-resident income tax doesn't get used to do the mapping. That memo is not standardized text that we could parse on. Maybe in the future we could add the ability for you to override this mapping, and have all INVEXPENSE going into the Foreign Tax distribution type, but as of now, that capability doesn't exist.

[aviator]

Thanks for your reply, Mark.

I'm still running Quicken in parallel to FM, so I was curious to see how Quicken handled the same transaction (I'm on Quicken 2010 Home and Business). Interestingly, the transaction got imported but was not assigned a category. (Categories are to Quicken what Data Types are to Fund Manager.)

Quicken's way of handling this (i.e. not categorizing the transaction) may actually be better because FM's method of assigning the cost to fees actually affects the cost basis of the security. With Quicken, the uncategorized transaction has no affect on cost basis.

[Mark]

Hi aviator,

Thanks for the information. Maybe we could rename one of the "User Defined" distribution types, to "Un-Categorized", and then put them in there by default. In FM they have to be in some bucket, but at least this way you would be able to easily spot them, and you'd still have to manually go put them into whatever bucket you wanted.

[aviator]

I found a fairly simple way to work around this. I created a custom report that shows account fees and foreign tax distribution, as well as other pertinent information like investment name, symbol, etc. The report is inversely sorted by account fees

My account fees are charged at the account level, not the investment level. But foreign taxes are charged at the investment level. Therefore any security at the top of the list with a non-zero account fee is most likely incorrect, and a simple check of the memo field will confirm this. From there, it's simple to edit the transaction.

[Mark]

Thank you for contacting Beiley Software. We are currently closed for vacation Tuesday May 25th through Friday May 28th. We will reply to your post when we return.

[Mark]

Hi aviator,

Thanks for sharing the tip, sounds like that works well.