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specifcy cost basis on sell

Questions about updating prices or transactions in Fund Manager

Postby Bruce » Wed Dec 21, 2016 5:13 pm

Not finding this in past threads so ... here goes what should be a basic task question.

I have an ancient traditional IRA I'm trying to put in FM. Rather than try to find / enter old history, I just "started" the account in FM with data from the 1/2015 statement, and hand entered the few reinvested distributions until current. Share count and cost basis updated fine and reconciles with the statements.

October I took an $8,000 required distribution. I entered it as a sell of a value of $8,000, and the number of shares per the confirmation receipt.

October's statement arrives and my month-end cost basis is off. The statement says the cost basis was $8,277.41.

I see the differences between specifying it as a loaded and non-loaded fund, but what I still am not finding is a way to tell FM what the cost basis was. It would be my guess that the cost basis and the funds received would never be the same on a sale transaction. So ... it seems I'm missing something important / basic, since now that I go poking around I don't see anyway to define the cost basis in a sell transaction for any asset type.

Thanks.
Bruce
 
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Postby Mark » Wed Dec 21, 2016 7:32 pm

Hi Bruce,

Your cost basis is determined based off the purchase value in your Buy transaction (or the cost basis value in a Transfer In transaction). Which shares are sold (and thus your cost basis) is determined by the accounting method you choose to use. Fund Manager supports FIFO, AVG, or Specific Lot. You can specify a different accounting method for each investment. This is set under "Investment Properties... / Other / Accounting Method".

So, you do not specify the cost basis on a sell transaction. You specify it by entering the amounts you paid for shares when you buy them, and choosing the accounting method to use.

Some relevant links in the documentation:

Capital Gains Report
FIFO Definition
AVG Definition
Specific Lot
Thanks,
Mark
Fund Manager - Portfolio Management Software
Mark
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