Best way to record buy, sell, dividends, etc for share trading in Reckon Accounts Premier

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  • Updated 4 weeks ago
Hi, before anyone says don't use this product and to use Accounts Personal instead, I'm using Accounts Premier (Desktop) for my family trust anyway, and it has recently started investing in shares.

Does anyone have advice please on the best accounts to set up for this and what the types of transactions should be?

I've set up the broker as a supplier and a fixed asset account with sub-accounts for each company, and am capturing the brokage fee as an expense. This seems to be all working ok for buying shares and paying the bills when needed.

But I had cause to sell some shares recently and can't work out what accounts to setup/use. I also expect some dividends at some stage.

Any advice please?
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Jeff Parker

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Posted 4 weeks ago

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Talk to whoever does your tax but as a suggestion:

- create a new Sales Item "investment income".   (Doing this will help isolate income items if you are required to pay PAYG Instalments)
- the default income account for this account should be an "other income account" say "Dividends & Distributions".   Make sure that the GST Field is left blank
- to record the income use "create sales receipt".   Maybe create a customer called "Investment Income"

Sale of Investments  
- possibly use Record Deposits.   
Split the proceeds by:
- writing down the value of the investment to zero
- recording brokerage, and
- balance to the amount received in the bank, by allocating the residual to a new other income account say Gain/Loss on sale of Investments.

Nothing will be perfect, but proper communication between you and your tax accountant should minimise confusion and reduce the additional work load at year end.  

Good luck