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Handling a share portfolio

SupportNoteGuy's avatar
SupportNoteGuy
MYOB Staff
10 years ago

Your MYOB software isn't specifically designed to track the buying and selling of shares, but it's flexible enough to be customised for this purpose. We'll step you through one method you can use to track shares using inventoty items.

 

This article is provided for guidance only - it might not be suitable for your business requirements. If you need clarification, check with your accounting advisor or post your question below.

 

Setting up your company file

 

The following things need to be set up in your company file:

  1. An Asset Account for shares: this can either be a single account or a header account with various detail accounts for different shares.
  2. An Income or Other Income account called Profit/Loss on Sales of XYZ where XYZ refers to the company issuing the shares in question.
    Note: If you are reporting PAYG Instalments on a Cash Basis, you will need to separate these by creating an income account for Profit on sale of shares and an expense account, other expense or cost of sale account for Loss on sale of shares.
  3. An Income account called Dividends to record the receipt of cash dividends. Again you can choose to have separate accounts for each company.
  4. A Customer and Supplier card both with the details of your stockbroker.
  5. An inventory item for shares. If you like, you can use the Stock Exchange Codes as the item numbers. We also recommend that you enter the date on which the shares were purchased to make reporting of items easier and include the date they were purchased. As shown in our example below, the item numbers used for MYOB Limited could be S-MYO-100700.
    Select the options I Buy This Item, I Sell This Item, I Inventory This Item. The linked Cost of Sales Account and linked Income Account for Tracking Sales should be the Income/Other Income account created in step 2 above. The linked Asset Account for Item Inventory should be the asset account you set up in step 1 above.
    Ignore any warnings you receive upon selecting the account.

Note: For users reporting PAYG Instalments on a Cash Basis, you will need to link an income account for 'Income Account for Tracking Sales' and an expense or Cost of Sales account for the 'Cost of Sales Account'.

 

 

Shares1.png

 

 

Recording shares already on hand

 

If you have already purchased shares and the value is only reflected in the Assets section of the ledger accounts but not in your Items List, you can use the Count Inventory window to update the list.

  1. Go to the Inventory command centre and click Count Inventory.
  2. Enter the quantity of shares you have for each item, and click Adjust Inventory.
  3. When the "Default Adjustment Account" message appears, select the share's asset account. If you have different asset accounts for each share, choose the asset account in the Item setup. You can then enter the purchase value of the shares.
    Note: This will only add the Shares to the Items list. It will not change any figures on your Balance Sheet.
  4. When you purchase additional shares, make sure you create a new item in the Inventory list. Use an Item Purchase bill, and select the appropriate Supplier card. The original cost and number of shares purchased will be maintained. When the shares are sold, the cost of the purchase needs to be ascertained for capital gains' tax purpose. Generally, brokerage is included in the cost base of the shares purchased.

 

Purchasing shares

 

Create a new Bill. On the first line of the bill, enter the brokerage fee amount. On the second line of the bill, enter the amount of shares you are buying and at what unit prices your are paying per share. See our example below.

Shares2.png


Note: In the above example, we have bought 500 shares at the rate of $8 each with a brokerage fee of $24 incl GST. This is an example only. Please refer to your contract note for details of GST charged.

Enter the payment through Pay Bills and select your bank to pay this amount from.

 

 

Selling shares

 

 

  1. Create a contra account for Share Trading, used to offset sales and purchases from the same company.
    Note: A contra account is only required for individuals who are able to claim the GST input credit. For private individuals who are unable to claim the GST input credit, there is no need to create this account. When selling shares, the Sales shown on Steps 2 and 4 would be combined on the same Sale, but with the brokerage amount being a negative amount to reduce the amount being received. This money would be simply deposited straight tour your normal bank account.

    Image

  2. Create a Purchase for Brokerage. For correct reporting on the Business Activity Statement, brokerage needs to be recorded as a purchase. Disregard any messages about the account selected.

    Image

    Note:     This is an example only. Please refer to your contract note for details of GST charged.

  3. Record payment of brokerage through the Share Trading contra account. This amount will be offset against the sale proceeds in Step 5.

    Image

  4. Use an item invoice to record the sale, selecting the appropriate customer and item number or parcel of shares you want to sell. Enter the number of shares sold and their value. When recorded, your accounting package will calculate the cost of sale on the original cost of the shares and produce an accounting profit or loss on sale.

    Note: Generally, brokerage is deducted from the proceeds of the shares sold.

    Image

  5. Record receipt of brokerage to the Share Trading contra account.

    Image

  6. Record Receipt of Net Balance from Stockbroker.

    Image

    Note:     Please obtain the advice of your accountant or the Australian Taxation Office in relation to reporting of share sales on your Business Activity Statement (BAS).

  7. Enter cash dividends received, by crediting them to the appropriate income account in the Receive Money window. Our support note  shows different ways of treating dividends and dividend reinvestment plans.
  8. Report on the value of your shares. If you have set up a prefix for each item, you can easily report the value of the shares. In the Filter for the Items List (Summary) report, you can enter From: S-AAA To: S-ZZZ (where AAA and ZZZ are your first and last share items listed in the Items List) to view only your share items in the report. This report produces a useful listing of the number and value of investments on hand. Note: If you want to record the market value of the shares in your accounting software, you can enter them using the Set Item Prices button in the Inventory command centre. Simply override the existing Current Price with the new price. This figure will then appear in the Items List (Summary) report along with the original cost and quantities.

    Image

    This report shows the market price of the shares in the Current Price column, as well as the original cost in the Average Cost column. The Total Value and Grand Total in this report should match the Totals for the Asset Accounts set up to purchase the shares. Use the Analyse Sales (Item) report to display the income, cost of sale and profit for each company, as well as the number of shares sold (in the filter, enter S-* to show all items beginning with S- in the report).
Updated 10 years ago
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  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    10 years ago

    Adrian,

     

    Thank you for your post.

    I have some ideas, comments and procedures that I have listed below.

     

    For tax and accounting purposes for shares, it is necessary to decide whether one is a Trader or Non-Trader.

     

    The accounting that I record for my clients is that of a Non - Trader and this is the basis for my comments.

     

    A Non -Trader will setup the Share Portfolio as a Non-Current Asset with headers such as ASX Listed Shares, Overseas Shares, Shares in Non-Listed Companies and Shares in Associated Companies.

    I will limit my discussion to ASX Listed Shares.

     

    On purchase, the Stockbroker will issue a Buy Contract Note.

    I would set up a ledger called 1-2010 ANZ Banking Group Limited 200u     200u being the number of shares held.

    I would setup up a Card called ANZ Banking Group Limited - Purchase

    I would use Spend Money to record the purchase of the shares.

    Chq # would be name of the Stockbroker eg ETrade.

    Date would be the date of the Contract Note being the Transaction date on the Contract Note. 

    Amount is Total Amount $ on Contract Note.

    None of my clients are able to claim the GST on the Brokerage so I do not need to use a separate line for the Brokerage.

     

    On sale, the Stockbroker will issue a Sell Contract Note.

    Lets say the above 200 ANZ shares are sold.

    I would setup up a Card called ANZ Banking Group Limited - Sale  

    I would use Receive Money to record the sale of the shares.

     

    The Buy Contract Note and Sell Contract Note are stapled and the difference between the Sale Price and the Purchase Price calculated. This is the Capital Gain/Loss on these shares.

    There may be additional shares in the 1-2010 ledger if a Dividend Reinvestment Plan had been utilised.

    The Capital Gain/Loss is calculated on any Dividend Reinvestment shares.

     

    Under Other Income, I setup up a Header called Capital Gains/Losses.

    I setup 3 accounts being Capital Gains <12 months, Capital Gains > 12 months and Capital Losses.

     

    A journal is used to record the Capital Gain /Losses.

    The amount in the 1-2010 ledger should be nil.

    The 200u is changed to sold March 2016.

     

    I mark to market by using a ledger called Inc/Dec ASX Shares FY16.

    I keep a separate Mark to Market Ledger for the past 4 years.

    The Share Portfolio lIsting provided by the Stockbroker agrees with the Header total of ASX Listed Shares.

     

    Internet Access to the Stockbroker and the Share Registry should be arranged.

     

    On purchase of shares, the Company's Share Registry on behalf of the Company will write asking for TFN (if not held by the Share Register), Bank Account Detail as few listed companies issue dividend cheques,

    Dividend Reinvestment Plan details if offered by the company etc. 

     

    Chess Holding Statements are issued on a monthly basis (if Chess sponsored by your Stockbroker)..

    The details on the Chess Holding Statements should be agreed to MYOB.

     

    Contract Notes and Holding Statements should be keep for five years after disposal of shares

     

    Duncan Smith

    Business Advice + Tax

  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    9 years ago

    HAL9000 SupportNoteGuy Steven_M

     

    Hal,

     

    In over 15 years of using MYOB for share portfolios, I have never used Purchases or items.

     

    My preference is to use Spend Money and Receive Money.

    The Portfolios that I handle have less than 20 Investments so each Investment is listed separately on the Balance Sheet.

     

    Some Accountants might prepare a Balance Sheet with a total of ASX Listed Shares.

    If that was the case, then a list outside MYOB would be kept.

    This list is provided continually by the Broker during trading hours.

    I print out the portfolio from the Broker website say quarterly and agree the Market Value to MYOB.

     

    Duncan

  • Julie_A_C's avatar
    Julie_A_C
    Ultimate Cover User
    10 years ago

    As Duncan has stated, the situation needs to be assessed as to whether someone is a share holder or a share trader.

     

    This will also impact on the coding of the sale and purchase coding of the entry, as if you are an actual share trader, these purchases and sales should be coded GST Free and included on a BAS, not coded as N-T (not reportable).

     

    Whether you can claim the GST back then gets back to the fact that they are financial supplies and there is a financial threshold limit, on when GST can and can not be claimed back. 

     

    Very tricky subject to be discussing.

  • Julie_A_C's avatar
    Julie_A_C
    Ultimate Cover User
    8 years ago

    Hi HAL9000, SupportNoteGuy, DuncanS,

     

    If you aren't classified as an actual Trader, then whether the Company is registered for GST or not is beside the point.  You can't claim the GST back.

     

    Bringing in opening and closing stock is only if you are going to do the entry as per the support notes.

     

    I would suggest that you just do a spend money transaction allocated to the Asset account and record in the notes how many shares you bought and price per share.

     

    When you sell them do a receive money for the nett amount. 

     

    Allocate the amount of shares sold times the orginal cost to the asset account, allocate the brokerage to Profit/Loss on shares (as a minus with the memo being brokerage fees) and allocate the remainder t the same Profit/Loss on shares account.

  • HAL9000's avatar
    HAL9000
    Experienced User
    8 years ago

    Julie_A_C DuncanS SupportNoteGuy

     

    OK, after referring to your notes above, Julie and Duncan, and a bit of email to-and-fro with my accountant, below is the method I've come up with. I would appreciate if you could run your eye over it and let me know if you spot any issues, before I start to implement. No rush - I appreciate this is the silly season after all.

     

    Firstly, my accountant confirms that I am NOT a Trader, and I therefore don't need a Cost Of Sales account ("‘Cost Of Sales’ usually refers to the allocation of opening stock at the beginning of the financial year plus purchases during the year less closing stock at the end of the year of items purchased for resale against sales made during the year. This would not apply to shares unless you trade in shares as a business.")

     

    Proposed Method

    1) Equities should be coded to an Asset category – in my case, Non-Current assets as I am a long-term investor – where they will remain until I sell, and any profit/loss on disposal is transferred to the P&L Statement. For each equity purchased, create a separate account under "Other Assets" (1-2000), eg:
        1-2400 Rio Tinto
        1-2401 Wesfarmers
        1-2402 AMP
        etc.
    When you run reports, these amounts will not be shown in the P&L, but in the Balance Sheet (which shows assets, liabilities and equity).
     
    2) Create three accounts under "Other Income" (8-0000):
        8-2000 Franked Dividends
        8-2010 Unfranked Dividends
        8-2020 Other Income Distributions - this is for distributions from ETFs, managed funds etc, rather than from shares. Accountant will also need the year end summaries which are sent out by these funds which give a breakup of the various components of the distributions, ie. capital gains, dividends, interest, non-taxable, foreign income etc.
    (Imputation credits are worked out at the time of the tax calculation – as they are not physically received in cash, they are not included in the accounts.)
     
    3) Record equity purchases under the relevant Other Asset account, using the Memo field to note the purchase, eg. "Rio Tinto 65 @ $60.54"
    There is no need to list the brokerage on a separate line, it can just be included in the purchase transaction (though it may be listed separately if desired).
     
    That's as far as I've got so far - there were no equity sales during FY2017 so for the time being I don't need to account for any, but I will need to get onto that in due course.
     
    Does the above method look OK?
  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    8 years ago

    HAL9000

     

    If you wish to reinvest Dividends, you will need to do a Journal.

    If receive Dividends in cash, use Receive Money with a Card Dividend - Rio.

     

    MYOB should be agreed to yearly Reports provided from your Broker.

    MYOB should be cross referenced to your Pre-Filling Report which is available from myTax.

     

    Let us know how you go.

     

    Duncan

  • Julie_A_C's avatar
    Julie_A_C
    Ultimate Cover User
    8 years ago

    Hi HAL9000,

     

    So your Accountant has advised  that you are not being classed as a share trader, but as an investor.

     

    The entries look all good.

     

    Dividends just need to go to a dividend income account.  The franking or non franking of them should flow through when your accountant does the tax return.

     

    Whether you are receiving dividends in cash or are in a dividend reinvestment plan should also flow through once end of year adjustments are done.

     

    Really gets down to whether your Tax Accountant knows what they are doing. or just 'winging it!'

     

    Profit and loss on sale of shares, with applicable discounting, should also flow through from the tax return.

     

    Just make sure that before you sign off on a return being lodged that you actually check it and agree with what is being lodged.

     

  • Julie_A_C's avatar
    Julie_A_C
    Ultimate Cover User
    8 years ago

    Hi HAL9000

     

    When I say that the information will flow through I mean that a lot of the information on dividends will download automatically from the ATO when the tax return is done on line.

     

    Banks, employers and Publicly listed Companies advise the ATO electronically of what has been paid in interest, wages and dividends and this will automatically populate to the tax return.

     

    If your accountant wants the three income accounts then do it that way.

     

    I would just have one customer card called Dividends.  Then when you do a receive money for the dividend proceeds, put the name of the company in the memo field.

     

    At the end of the year the Accountant will be able to get a listing of transactions on each account and the memo will let them be able to match the dividends received in your MYOB file, to what the company says it has paid you.

     

    As to the profit/loss made on the sale of shares, for you to work this may become a bit time consuming.  Shares held for over 12 months, the profit can be discounted by 50%.  So it may be just best to put the net proceeds received from a sale to another Other Income account called Share Sales and record the details in the memo field, eg 2000 rio shares sold @ $100.01c each.  Then your Accountant can work the actual profit.

     

    I would just check with your Accountant if that is how they would like you to do it.  I would also request them to actually give you a printout of the end of year adjustments you will need to do in MYOB, once they have lodged the Tax return, so you don't need to work them yourself.

     

     

     

     

  • Steven_M's avatar
    Steven_M
    Former Staff
    9 years ago

    Hi HAL9000

     

    Having the first line on the Enter Purchases window set to a Bill value of 0 and a Price of 0.00 but a Total* with the amount of the brokerage fee doesn't impact the item's quantity and value. 

    *The brokerage fee would need to be entered manually into the Amount column as AccountRight will calculate it manually (quantity of 0 x Price of 0 = 0).

  • HAL9000's avatar
    HAL9000
    Experienced User
    9 years ago

    Thanks Steven_M and SupportNoteGuy - that answers both queries. Following the example of the screenshot, AccountRight had been calculating the brokerage, resulting in a total of zero; so assuming the screenshot must be erroneous, I'd entered it with a quantity of 1 instead of zero. This ensured that the total amount was correct (eg. $24, to stick with the example in the screenshot) but increased the inventory by one in the process! I didn't realise you could just enter a total and leave the preceding values without a value.

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This article explains a method for keeping track of a share portfolio.

","body":"

Your MYOB software isn't specifically designed to track the buying and selling of shares, but it's flexible enough to be customised for this purpose. We'll step you through one method you can use to track shares using inventoty items.

\n

 

\n

This article is provided for guidance only - it might not be suitable for your business requirements. If you need clarification, check with your accounting advisor or post your question below.

\n

 

\n

Setting up your company file

\n

 

\n

The following things need to be set up in your company file:

\n
    \n
  1. An Asset Account for shares: this can either be a single account or a header account with various detail accounts for different shares.
    2. \n
  2. An Income or Other Income account called Profit/Loss on Sales of XYZ where XYZ refers to the company issuing the shares in question.
    Note: If you are reporting PAYG Instalments on a Cash Basis, you will need to separate these by creating an income account for Profit on sale of shares and an expense account, other expense or cost of sale account for Loss on sale of shares.
    3. \n
  3. An Income account called Dividends to record the receipt of cash dividends. Again you can choose to have separate accounts for each company.
    4. \n
  4. A Customer and Supplier card both with the details of your stockbroker.
    5. \n
  5. An inventory item for shares. If you like, you can use the Stock Exchange Codes as the item numbers. We also recommend that you enter the date on which the shares were purchased to make reporting of items easier and include the date they were purchased. As shown in our example below, the item numbers used for MYOB Limited could be S-MYO-100700.
    Select the options I Buy This Item, I Sell This Item, I Inventory This Item. The linked Cost of Sales Account and linked Income Account for Tracking Sales should be the Income/Other Income account created in step 2 above. The linked Asset Account for Item Inventory should be the asset account you set up in step 1 above.
    Ignore any warnings you receive upon selecting the account.
    6. \n
\n

Note: For users reporting PAYG Instalments on a Cash Basis, you will need to link an income account for 'Income Account for Tracking Sales' and an expense or Cost of Sales account for the 'Cost of Sales Account'.

\n

 

\n

 

\n

\"Shares1.png\"

\n

 

\n

 

\n

Recording shares already on hand

\n

 

\n

If you have already purchased shares and the value is only reflected in the Assets section of the ledger accounts but not in your Items List, you can use the Count Inventory window to update the list.

\n
    \n
  1. Go to the Inventory command centre and click Count Inventory.
    2. \n
  2. Enter the quantity of shares you have for each item, and click Adjust Inventory.
    3. \n
  3. When the \"Default Adjustment Account\" message appears, select the share's asset account. If you have different asset accounts for each share, choose the asset account in the Item setup. You can then enter the purchase value of the shares.
    Note: This will only add the Shares to the Items list. It will not change any figures on your Balance Sheet.
    4. \n
  4. When you purchase additional shares, make sure you create a new item in the Inventory list. Use an Item Purchase bill, and select the appropriate Supplier card. The original cost and number of shares purchased will be maintained. When the shares are sold, the cost of the purchase needs to be ascertained for capital gains' tax purpose. Generally, brokerage is included in the cost base of the shares purchased.
    5. \n
\n

 

\n

Purchasing shares

\n

 

\n

Create a new Bill. On the first line of the bill, enter the brokerage fee amount. On the second line of the bill, enter the amount of shares you are buying and at what unit prices your are paying per share. See our example below.

\n

\"Shares2.png\"

\n


Note: In the above example, we have bought 500 shares at the rate of $8 each with a brokerage fee of $24 incl GST. This is an example only. Please refer to your contract note for details of GST charged.

\n

Enter the payment through Pay Bills and select your bank to pay this amount from.

\n

 

\n

 

\n

Selling shares

\n

 

\n

 

\n
    \n
  1. Create a contra account for Share Trading, used to offset sales and purchases from the same company.
    Note: A contra account is only required for individuals who are able to claim the GST input credit. For private individuals who are unable to claim the GST input credit, there is no need to create this account. When selling shares, the Sales shown on Steps 2 and 4 would be combined on the same Sale, but with the brokerage amount being a negative amount to reduce the amount being received. This money would be simply deposited straight tour your normal bank account.

    \"Image\"

    2. \n
  2. Create a Purchase for Brokerage. For correct reporting on the Business Activity Statement, brokerage needs to be recorded as a purchase. Disregard any messages about the account selected.

    \"Image\"

    Note:     This is an example only. Please refer to your contract note for details of GST charged.

    3. \n
  3. Record payment of brokerage through the Share Trading contra account. This amount will be offset against the sale proceeds in Step 5.

    \"Image\"

    4. \n
  4. Use an item invoice to record the sale, selecting the appropriate customer and item number or parcel of shares you want to sell. Enter the number of shares sold and their value. When recorded, your accounting package will calculate the cost of sale on the original cost of the shares and produce an accounting profit or loss on sale.

    Note: Generally, brokerage is deducted from the proceeds of the shares sold.

    \"Image\"

    5. \n
  5. Record receipt of brokerage to the Share Trading contra account.

    \"Image\"

    6. \n
  6. Record Receipt of Net Balance from Stockbroker.

    \"Image\"

    Note:     Please obtain the advice of your accountant or the Australian Taxation Office in relation to reporting of share sales on your Business Activity Statement (BAS).

    7. \n
  7. Enter cash dividends received, by crediting them to the appropriate income account in the Receive Money window. Our support note  shows different ways of treating dividends and dividend reinvestment plans.
    8. \n
  8. Report on the value of your shares. If you have set up a prefix for each item, you can easily report the value of the shares. In the Filter for the Items List (Summary) report, you can enter From: S-AAA To: S-ZZZ (where AAA and ZZZ are your first and last share items listed in the Items List) to view only your share items in the report. This report produces a useful listing of the number and value of investments on hand. Note: If you want to record the market value of the shares in your accounting software, you can enter them using the Set Item Prices button in the Inventory command centre. Simply override the existing Current Price with the new price. This figure will then appear in the Items List (Summary) report along with the original cost and quantities.

    \"Image\"

    This report shows the market price of the shares in the Current Price column, as well as the original cost in the Average Cost column. The Total Value and Grand Total in this report should match the Totals for the Asset Accounts set up to purchase the shares. Use the Analyse Sales (Item) report to display the income, cost of sale and profit for each company, as well as the number of shares sold (in the filter, enter S-* to show all items beginning with S- in the report).
    9. \n
","body@stringLength":"9362","rawBody":"

Your MYOB software isn't specifically designed to track the buying and selling of shares, but it's flexible enough to be customised for this purpose. We'll step you through one method you can use to track shares using inventoty items.

\n

 

\n

This article is provided for guidance only - it might not be suitable for your business requirements. If you need clarification, check with your accounting advisor or post your question below.

\n

 

\n

Setting up your company file

\n

 

\n

The following things need to be set up in your company file:

\n
    \n
  1. An Asset Account for shares: this can either be a single account or a header account with various detail accounts for different shares.
    2. \n
  2. An Income or Other Income account called Profit/Loss on Sales of XYZ where XYZ refers to the company issuing the shares in question.
    Note: If you are reporting PAYG Instalments on a Cash Basis, you will need to separate these by creating an income account for Profit on sale of shares and an expense account, other expense or cost of sale account for Loss on sale of shares.
    3. \n
  3. An Income account called Dividends to record the receipt of cash dividends. Again you can choose to have separate accounts for each company.
    4. \n
  4. A Customer and Supplier card both with the details of your stockbroker.
    5. \n
  5. An inventory item for shares. If you like, you can use the Stock Exchange Codes as the item numbers. We also recommend that you enter the date on which the shares were purchased to make reporting of items easier and include the date they were purchased. As shown in our example below, the item numbers used for MYOB Limited could be S-MYO-100700.
    Select the options I Buy This Item, I Sell This Item, I Inventory This Item. The linked Cost of Sales Account and linked Income Account for Tracking Sales should be the Income/Other Income account created in step 2 above. The linked Asset Account for Item Inventory should be the asset account you set up in step 1 above.
    Ignore any warnings you receive upon selecting the account.
    6. \n
\n

Note: For users reporting PAYG Instalments on a Cash Basis, you will need to link an income account for 'Income Account for Tracking Sales' and an expense or Cost of Sales account for the 'Cost of Sales Account'.

\n

 

\n

 

\n

\"Shares1.png\"

\n

 

\n

 

\n

Recording shares already on hand

\n

 

\n

If you have already purchased shares and the value is only reflected in the Assets section of the ledger accounts but not in your Items List, you can use the Count Inventory window to update the list.

\n
    \n
  1. Go to the Inventory command centre and click Count Inventory.
    2. \n
  2. Enter the quantity of shares you have for each item, and click Adjust Inventory.
    3. \n
  3. When the \"Default Adjustment Account\" message appears, select the share's asset account. If you have different asset accounts for each share, choose the asset account in the Item setup. You can then enter the purchase value of the shares.
    Note: This will only add the Shares to the Items list. It will not change any figures on your Balance Sheet.
    4. \n
  4. When you purchase additional shares, make sure you create a new item in the Inventory list. Use an Item Purchase bill, and select the appropriate Supplier card. The original cost and number of shares purchased will be maintained. When the shares are sold, the cost of the purchase needs to be ascertained for capital gains' tax purpose. Generally, brokerage is included in the cost base of the shares purchased.
    5. \n
\n

 

\n

Purchasing shares

\n

 

\n

Create a new Bill. On the first line of the bill, enter the brokerage fee amount. On the second line of the bill, enter the amount of shares you are buying and at what unit prices your are paying per share. See our example below.

\n

\"Shares2.png\"

\n


Note: In the above example, we have bought 500 shares at the rate of $8 each with a brokerage fee of $24 incl GST. This is an example only. Please refer to your contract note for details of GST charged.

\n

Enter the payment through Pay Bills and select your bank to pay this amount from.

\n

 

\n

 

\n

Selling shares

\n

 

\n

 

\n
    \n
  1. Create a contra account for Share Trading, used to offset sales and purchases from the same company.
    Note: A contra account is only required for individuals who are able to claim the GST input credit. For private individuals who are unable to claim the GST input credit, there is no need to create this account. When selling shares, the Sales shown on Steps 2 and 4 would be combined on the same Sale, but with the brokerage amount being a negative amount to reduce the amount being received. This money would be simply deposited straight tour your normal bank account.

    \"Image\"

    2. \n
  2. Create a Purchase for Brokerage. For correct reporting on the Business Activity Statement, brokerage needs to be recorded as a purchase. Disregard any messages about the account selected.

    \"Image\"

    Note:     This is an example only. Please refer to your contract note for details of GST charged.

    3. \n
  3. Record payment of brokerage through the Share Trading contra account. This amount will be offset against the sale proceeds in Step 5.

    \"Image\"

    4. \n
  4. Use an item invoice to record the sale, selecting the appropriate customer and item number or parcel of shares you want to sell. Enter the number of shares sold and their value. When recorded, your accounting package will calculate the cost of sale on the original cost of the shares and produce an accounting profit or loss on sale.

    Note: Generally, brokerage is deducted from the proceeds of the shares sold.

    \"Image\"

    5. \n
  5. Record receipt of brokerage to the Share Trading contra account.

    \"Image\"

    6. \n
  6. Record Receipt of Net Balance from Stockbroker.

    \"Image\"

    Note:     Please obtain the advice of your accountant or the Australian Taxation Office in relation to reporting of share sales on your Business Activity Statement (BAS).

    7. \n
  7. Enter cash dividends received, by crediting them to the appropriate income account in the Receive Money window. Our support note  shows different ways of treating dividends and dividend reinvestment plans.
    8. \n
  8. Report on the value of your shares. If you have set up a prefix for each item, you can easily report the value of the shares. In the Filter for the Items List (Summary) report, you can enter From: S-AAA To: S-ZZZ (where AAA and ZZZ are your first and last share items listed in the Items List) to view only your share items in the report. This report produces a useful listing of the number and value of investments on hand. Note: If you want to record the market value of the shares in your accounting software, you can enter them using the Set Item Prices button in the Inventory command centre. Simply override the existing Current Price with the new price. This figure will then appear in the Items List (Summary) report along with the original cost and quantities.

    \"Image\"

    This report shows the market price of the shares in the Current Price column, as well as the original cost in the Average Cost column. The Total Value and Grand Total in this report should match the Totals for the Asset Accounts set up to purchase the shares. Use the Analyse Sales (Item) report to display the income, cost of sale and profit for each company, as well as the number of shares sold (in the filter, enter S-* to show all items beginning with S- in the report).
    9. \n
","kudosSumWeight":4,"postTime":"2016-03-10T11:06:55.477+11:00","images":{"__typename":"AssociatedImageConnection","edges":[{"__typename":"AssociatedImageEdge","cursor":"MjUuM3wyLjF8b3wyNXxfTlZffDE","node":{"__ref":"AssociatedImage:{\"url\":\"https://community.myob.com/t5/s/myob/images/bS00MDQ3MzUtOTcwOGk5Qzg1MDY3MkYyNjIxQjVC?revision=3\"}"}},{"__typename":"AssociatedImageEdge","cursor":"MjUuM3wyLjF8b3wyNXxfTlZffDI","node":{"__ref":"AssociatedImage:{\"url\":\"https://community.myob.com/t5/s/myob/images/bS00MDQ3MzUtOTcxMWlBNEMzMDM3ODA0QjkyMTNG?revision=3\"}"}}],"totalCount":2,"pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null}},"attachments":{"__typename":"AttachmentConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null},"edges":[]},"tags":{"__typename":"TagConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null},"edges":[{"__typename":"TagEdge","cursor":"MjUuM3wyLjF8b3wxMHxfTlZffDE","node":{"__typename":"Tag","id":"tag: Desktop","text":" Desktop","time":"2014-01-09T22:32:13.037+11:00","lastActivityTime":null,"messagesCount":null,"followersCount":null}}]},"timeToRead":5,"rawTeaser":"

This article explains a method for keeping track of a share portfolio.

","introduction":"","coverImage":null,"coverImageProperties":{"__typename":"CoverImageProperties","style":"STANDARD","titlePosition":"BOTTOM","altText":""},"currentRevision":{"__ref":"Revision:revision:404735_3"},"latestVersion":{"__typename":"FriendlyVersion","major":"1","minor":"0"},"metrics":{"__typename":"MessageMetrics","views":51396},"visibilityScope":"PUBLIC","canonicalUrl":null,"seoTitle":null,"seoDescription":null,"placeholder":false,"originalMessageForPlaceholder":null,"contributors":{"__typename":"UserConnection","edges":[]},"nonCoAuthorContributors":{"__typename":"UserConnection","edges":[]},"coAuthors":{"__typename":"UserConnection","edges":[]},"blogMessagePolicies":{"__typename":"BlogMessagePolicies","canDoAuthoringActionsOnBlog":{"__typename":"PolicyResult","failureReason":{"__typename":"FailureReason","message":"error.lithium.policies.blog.action_can_do_authoring_action.accessDenied","key":"error.lithium.policies.blog.action_can_do_authoring_action.accessDenied","args":[]}}},"archivalData":null,"replies":{"__typename":"MessageConnection","edges":[{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8MQ","node":{"__ref":"BlogReplyMessage:message:405235"}},{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8Mg","node":{"__ref":"BlogReplyMessage:message:446817"}},{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8Mw","node":{"__ref":"BlogReplyMessage:message:406404"}},{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8NA","node":{"__ref":"BlogReplyMessage:message:487967"}},{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8NQ","node":{"__ref":"BlogReplyMessage:message:495158"}},{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8Ng","node":{"__ref":"BlogReplyMessage:message:495223"}},{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8Nw","node":{"__ref":"BlogReplyMessage:message:495227"}},{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8OA","node":{"__ref":"BlogReplyMessage:message:495269"}},{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8OQ","node":{"__ref":"BlogReplyMessage:message:446522"}},{"__typename":"MessageEdge","cursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8MTA","node":{"__ref":"BlogReplyMessage:message:446544"}}],"pageInfo":{"__typename":"PageInfo","hasNextPage":true,"endCursor":"MjUuM3wyLjF8b3wxMHwxNDowLDM5OjF8MTA","hasPreviousPage":false,"startCursor":null}},"customFields":[],"revisions({\"constraints\":{\"isPublished\":{\"eq\":true}},\"first\":1})":{"__typename":"RevisionConnection","totalCount":3}},"Conversation:conversation:404735":{"__typename":"Conversation","id":"conversation:404735","solved":false,"topic":{"__ref":"BlogTopicMessage:message:404735"},"lastPostingActivityTime":"2018-06-17T21:15:28.177+10:00","lastPostTime":"2018-06-17T21:15:28.177+10:00","unreadReplyCount":45,"isSubscribed":false},"ModerationData:moderation_data:404735":{"__typename":"ModerationData","id":"moderation_data:404735","status":"APPROVED","rejectReason":null,"isReportedAbuse":false,"rejectUser":null,"rejectTime":null,"rejectActorType":null},"AssociatedImage:{\"url\":\"https://community.myob.com/t5/s/myob/images/bS00MDQ3MzUtOTcwOGk5Qzg1MDY3MkYyNjIxQjVC?revision=3\"}":{"__typename":"AssociatedImage","url":"https://community.myob.com/t5/s/myob/images/bS00MDQ3MzUtOTcwOGk5Qzg1MDY3MkYyNjIxQjVC?revision=3","title":"Shares1.png","associationType":"BODY","width":700,"height":518,"altText":null},"AssociatedImage:{\"url\":\"https://community.myob.com/t5/s/myob/images/bS00MDQ3MzUtOTcxMWlBNEMzMDM3ODA0QjkyMTNG?revision=3\"}":{"__typename":"AssociatedImage","url":"https://community.myob.com/t5/s/myob/images/bS00MDQ3MzUtOTcxMWlBNEMzMDM3ODA0QjkyMTNG?revision=3","title":"Shares2.png","associationType":"BODY","width":700,"height":496,"altText":null},"Revision:revision:404735_3":{"__typename":"Revision","id":"revision:404735_3","lastEditTime":"2016-03-10T11:06:55.477+11:00"},"CachedAsset:theme:customTheme1-1744735661997":{"__typename":"CachedAsset","id":"theme:customTheme1-1744735661997","value":{"id":"customTheme1","animation":{"fast":"150ms","normal":"250ms","slow":"500ms","slowest":"750ms","function":"cubic-bezier(0.07, 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Handling a share portfolio","moderationData":{"__ref":"ModerationData:moderation_data:405235"},"body":"

Adrian,

 

Thank you for your post.

I have some ideas, comments and procedures that I have listed below.

 

For tax and accounting purposes for shares, it is necessary to decide whether one is a Trader or Non-Trader.

 

The accounting that I record for my clients is that of a Non - Trader and this is the basis for my comments.

 

A Non -Trader will setup the Share Portfolio as a Non-Current Asset with headers such as ASX Listed Shares, Overseas Shares, Shares in Non-Listed Companies and Shares in Associated Companies.

I will limit my discussion to ASX Listed Shares.

 

On purchase, the Stockbroker will issue a Buy Contract Note.

I would set up a ledger called 1-2010 ANZ Banking Group Limited 200u     200u being the number of shares held.

I would setup up a Card called ANZ Banking Group Limited - Purchase

I would use Spend Money to record the purchase of the shares.

Chq # would be name of the Stockbroker eg ETrade.

Date would be the date of the Contract Note being the Transaction date on the Contract Note. 

Amount is Total Amount $ on Contract Note.

None of my clients are able to claim the GST on the Brokerage so I do not need to use a separate line for the Brokerage.

 

On sale, the Stockbroker will issue a Sell Contract Note.

Lets say the above 200 ANZ shares are sold.

I would setup up a Card called ANZ Banking Group Limited - Sale  

I would use Receive Money to record the sale of the shares.

 

The Buy Contract Note and Sell Contract Note are stapled and the difference between the Sale Price and the Purchase Price calculated. This is the Capital Gain/Loss on these shares.

There may be additional shares in the 1-2010 ledger if a Dividend Reinvestment Plan had been utilised.

The Capital Gain/Loss is calculated on any Dividend Reinvestment shares.

 

Under Other Income, I setup up a Header called Capital Gains/Losses.

I setup 3 accounts being Capital Gains <12 months, Capital Gains > 12 months and Capital Losses.

 

A journal is used to record the Capital Gain /Losses.

The amount in the 1-2010 ledger should be nil.

The 200u is changed to sold March 2016.

 

I mark to market by using a ledger called Inc/Dec ASX Shares FY16.

I keep a separate Mark to Market Ledger for the past 4 years.

The Share Portfolio lIsting provided by the Stockbroker agrees with the Header total of ASX Listed Shares.

 

Internet Access to the Stockbroker and the Share Registry should be arranged.

 

On purchase of shares, the Company's Share Registry on behalf of the Company will write asking for TFN (if not held by the Share Register), Bank Account Detail as few listed companies issue dividend cheques,

Dividend Reinvestment Plan details if offered by the company etc. 

 

Chess Holding Statements are issued on a monthly basis (if Chess sponsored by your Stockbroker)..

The details on the Chess Holding Statements should be agreed to MYOB.

 

Contract Notes and Holding Statements should be keep for five years after disposal of shares

 

Duncan Smith

Business Advice + Tax

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HAL9000 SupportNoteGuy Steven_M

 

Hal,

 

In over 15 years of using MYOB for share portfolios, I have never used Purchases or items.

 

My preference is to use Spend Money and Receive Money.

The Portfolios that I handle have less than 20 Investments so each Investment is listed separately on the Balance Sheet.

 

Some Accountants might prepare a Balance Sheet with a total of ASX Listed Shares.

If that was the case, then a list outside MYOB would be kept.

This list is provided continually by the Broker during trading hours.

I print out the portfolio from the Broker website say quarterly and agree the Market Value to MYOB.

 

Duncan

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As Duncan has stated, the situation needs to be assessed as to whether someone is a share holder or a share trader.

 

This will also impact on the coding of the sale and purchase coding of the entry, as if you are an actual share trader, these purchases and sales should be coded GST Free and included on a BAS, not coded as N-T (not reportable).

 

Whether you can claim the GST back then gets back to the fact that they are financial supplies and there is a financial threshold limit, on when GST can and can not be claimed back. 

 

Very tricky subject to be discussing.

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Hi HAL9000, SupportNoteGuy, DuncanS,

 

If you aren't classified as an actual Trader, then whether the Company is registered for GST or not is beside the point.  You can't claim the GST back.

 

Bringing in opening and closing stock is only if you are going to do the entry as per the support notes.

 

I would suggest that you just do a spend money transaction allocated to the Asset account and record in the notes how many shares you bought and price per share.

 

When you sell them do a receive money for the nett amount. 

 

Allocate the amount of shares sold times the orginal cost to the asset account, allocate the brokerage to Profit/Loss on shares (as a minus with the memo being brokerage fees) and allocate the remainder t the same Profit/Loss on shares account.

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Julie_A_C DuncanS SupportNoteGuy

 

OK, after referring to your notes above, Julie and Duncan, and a bit of email to-and-fro with my accountant, below is the method I've come up with. I would appreciate if you could run your eye over it and let me know if you spot any issues, before I start to implement. No rush - I appreciate this is the silly season after all.

 

Firstly, my accountant confirms that I am NOT a Trader, and I therefore don't need a Cost Of Sales account (\"‘Cost Of Sales’ usually refers to the allocation of opening stock at the beginning of the financial year plus purchases during the year less closing stock at the end of the year of items purchased for resale against sales made during the year. This would not apply to shares unless you trade in shares as a business.\")

 

Proposed Method

1) Equities should be coded to an Asset category – in my case, Non-Current assets as I am a long-term investor – where they will remain until I sell, and any profit/loss on disposal is transferred to the P&L Statement. For each equity purchased, create a separate account under \"Other Assets\" (1-2000), eg:
    1-2400 Rio Tinto
    1-2401 Wesfarmers
    1-2402 AMP
    etc.
When you run reports, these amounts will not be shown in the P&L, but in the Balance Sheet (which shows assets, liabilities and equity).
 
2) Create three accounts under \"Other Income\" (8-0000):
    8-2000 Franked Dividends
    8-2010 Unfranked Dividends
    8-2020 Other Income Distributions - this is for distributions from ETFs, managed funds etc, rather than from shares. Accountant will also need the year end summaries which are sent out by these funds which give a breakup of the various components of the distributions, ie. capital gains, dividends, interest, non-taxable, foreign income etc.
(Imputation credits are worked out at the time of the tax calculation – as they are not physically received in cash, they are not included in the accounts.)
 
3) Record equity purchases under the relevant Other Asset account, using the Memo field to note the purchase, eg. \"Rio Tinto 65 @ $60.54\"
There is no need to list the brokerage on a separate line, it can just be included in the purchase transaction (though it may be listed separately if desired).
 
That's as far as I've got so far - there were no equity sales during FY2017 so for the time being I don't need to account for any, but I will need to get onto that in due course.
 
Does the above method look OK?
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HAL9000

 

If you wish to reinvest Dividends, you will need to do a Journal.

If receive Dividends in cash, use Receive Money with a Card Dividend - Rio.

 

MYOB should be agreed to yearly Reports provided from your Broker.

MYOB should be cross referenced to your Pre-Filling Report which is available from myTax.

 

Let us know how you go.

 

Duncan

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Hi HAL9000,

 

So your Accountant has advised  that you are not being classed as a share trader, but as an investor.

 

The entries look all good.

 

Dividends just need to go to a dividend income account.  The franking or non franking of them should flow through when your accountant does the tax return.

 

Whether you are receiving dividends in cash or are in a dividend reinvestment plan should also flow through once end of year adjustments are done.

 

Really gets down to whether your Tax Accountant knows what they are doing. or just 'winging it!'

 

Profit and loss on sale of shares, with applicable discounting, should also flow through from the tax return.

 

Just make sure that before you sign off on a return being lodged that you actually check it and agree with what is being lodged.

 

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Hi HAL9000

 

When I say that the information will flow through I mean that a lot of the information on dividends will download automatically from the ATO when the tax return is done on line.

 

Banks, employers and Publicly listed Companies advise the ATO electronically of what has been paid in interest, wages and dividends and this will automatically populate to the tax return.

 

If your accountant wants the three income accounts then do it that way.

 

I would just have one customer card called Dividends.  Then when you do a receive money for the dividend proceeds, put the name of the company in the memo field.

 

At the end of the year the Accountant will be able to get a listing of transactions on each account and the memo will let them be able to match the dividends received in your MYOB file, to what the company says it has paid you.

 

As to the profit/loss made on the sale of shares, for you to work this may become a bit time consuming.  Shares held for over 12 months, the profit can be discounted by 50%.  So it may be just best to put the net proceeds received from a sale to another Other Income account called Share Sales and record the details in the memo field, eg 2000 rio shares sold @ $100.01c each.  Then your Accountant can work the actual profit.

 

I would just check with your Accountant if that is how they would like you to do it.  I would also request them to actually give you a printout of the end of year adjustments you will need to do in MYOB, once they have lodged the Tax return, so you don't need to work them yourself.

 

 

 

 

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Hi HAL9000

\n

 

\n

Having the first line on the Enter Purchases window set to a Bill value of 0 and a Price of 0.00 but a Total* with the amount of the brokerage fee doesn't impact the item's quantity and value. 

*The brokerage fee would need to be entered manually into the Amount column as AccountRight will calculate it manually (quantity of 0 x Price of 0 = 0).

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Thanks Steven_M and SupportNoteGuy - that answers both queries. Following the example of the screenshot, AccountRight had been calculating the brokerage, resulting in a total of zero; so assuming the screenshot must be erroneous, I'd entered it with a quantity of 1 instead of zero. This ensured that the total amount was correct (eg. $24, to stick with the example in the screenshot) but increased the inventory by one in the process! I didn't realise you could just enter a total and leave the preceding values without a value.

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