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 ...
Updated 9 years ago
Version 1.0
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Just a couple of points of clarification that have come to light wrt my method above:
1) If following that method of recording the disposal of shares to the letter, you'll be left with the original brokerage still left in that share's asset account after disposal.
So this from above:
Allocate the number of shares sold x the original cost to that share's asset account, with the memo '#sold x original$ paid'
Allocate the brokerage to Profit/Loss on Shares as a negative, with the memo being eg. 'brokerage on Rio sale'
Should be replaced by:
Allocate the number of shares sold x the original cost plus the brokerage on the purchase to that share's asset account, with the memo '#sold x original$ + purchase brokerage'
Allocate the brokerage on the sale to Profit/Loss on Shares as a negative, with the memo being eg. 'brokerage on Rio sale'
2) The ATO apparently does not dictate that the disposal of shares purchased on different occasions needs to be on a first-in-first-out basis. You can nominate this yourself, but one needs to keep a journal noting which shares were sold, so that capital gains/losses can be calculated accordingly.
I hope I've got all that right!