[GNC] How to Handle Managed Securities Accounts in GnuCash

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[GNC] How to Handle Managed Securities Accounts in GnuCash

GnuCash - User mailing list
I have a couple of managed securities accounts which typically have a lot of
transactions involving switching in and out of proprietary ETFs for which
public quotes are not readily available.
I am tired of trying to keep track of all of these transactions in GnuCash.
I would be grateful for any suggestions as to handle these accounts with
less (manual) effort.

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Re: [GNC] How to Handle Managed Securities Accounts in GnuCash

David Carlson-4
There used to be a section in one of the help manuals  about tracking the
value of fixed investments such as art.  I am not near my computer so I am
working from memory.

You could create such an asset for that account and then update it's value
quarterly or less as you please, following the statements you receive.
Obviously, this would not provide tax information, but you are probably
already using the tax info from your investment manager.

David Carlson

On Tue, Jan 7, 2020, 5:00 AM rsbrux via gnucash-user <
[hidden email]> wrote:

> I have a couple of managed securities accounts which typically have a lot
> of
> transactions involving switching in and out of proprietary ETFs for which
> public quotes are not readily available.
> I am tired of trying to keep track of all of these transactions in GnuCash.
> I would be grateful for any suggestions as to handle these accounts with
> less (manual) effort.
>
> _______________________________________________
> gnucash-user mailing list
> [hidden email]
> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
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Re: [GNC] How to Handle Managed Securities Accounts in GnuCash

GnuCash - User mailing list
Thanks for the tip!  Indeed, the tax authorities here ar not interested in my accounting and insist on data directly from the bank.

I have set up asset accounts now for two managed accounts, but I don't know what to use as the counter-account for the value adjustments.

Should it be an income account (assuming that I have capital gains), an expense account (in the event that I have losses) or an equity account?

 

From: David Carlson <[hidden email]>
Sent: Tuesday, January 7, 2020 3:32 PM
To: rsbrux <[hidden email]>
Cc: [hidden email]
Subject: Re: [GNC] How to Handle Managed Securities Accounts in GnuCash

 

There used to be a section in one of the help manuals  about tracking the value of fixed investments such as art.  I am not near my computer so I am working from memory.

 

You could create such an asset for that account and then update it's value quarterly or less as you please, following the statements you receive.  Obviously, this would not provide tax information, but you are probably already using the tax info from your investment manager.

 

David Carlson

 

On Tue, Jan 7, 2020, 5:00 AM rsbrux via gnucash-user <[hidden email] <mailto:[hidden email]> > wrote:

I have a couple of managed securities accounts which typically have a lot of
transactions involving switching in and out of proprietary ETFs for which
public quotes are not readily available.
I am tired of trying to keep track of all of these transactions in GnuCash.
I would be grateful for any suggestions as to handle these accounts with
less (manual) effort.

_______________________________________________
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Re: [GNC] How to Handle Managed Securities Accounts in GnuCash

David Cousens
If your managed funds were in existence at the opening of your GnuCash books,
the the appropriate account will be an Equity account and Opening Balances
is an appropriate subaccount. If not then whatever account the funds came
from to setup the investment. You will need to account for any fees etc at
setup.

If the balance of the investment account increases through investment
returns, then an income account will be appropriate as you suggested.  Where
it resides in your account heirarchy though depends on the tax status and
reporting requirements for such gains and losses. You really need the advice
of a local accountant when dealing with the investment gains and losses. It
will depend a lot on your local tax rules and the extent to which investment
losses can be offset against other gains and losses and whether losses can
be carried forward etc.

David Cousens



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Re: [GNC] How to Handle Managed Securities Accounts in GnuCash

GnuCash - User mailing list
In reply to this post by GnuCash - User mailing list
Thanks for the explanation. The accounts were already set up and funded
from a (cash) bank account under Assets:Current Assets. I have set up
the gains in income accounts as you suggest, but they are generic income
accounts (in different currencies under
Income:Common:Investment:Capital), not specific to the managed
securities account.  The tax considerations don't affect my accounting,
since our tax authorities use data provided by the bank.  What does
concern me is whether the portfolio reporting is accurate.  Do I need an
income account specific to the managed securities account to ensure
that, or is it enough that there is a split entry for the securities
account in each of the relevant transactions?

Also, should I record losses as expense or as negative income?

> If your managed funds were in existence at the opening of your GnuCash books,
> the the appropriate account will be an Equity account and Opening Balances
> is an appropriate subaccount. If not then whatever account the funds came
> from to setup the investment. You will need to account for any fees etc at
> setup.
>
> If the balance of the investment account increases through investment
> returns, then an income account will be appropriate as you suggested.  Where
> it resides in your account heirarchy though depends on the tax status and
> reporting requirements for such gains and losses. You really need the advice
> of a local accountant when dealing with the investment gains and losses. It
> will depend a lot on your local tax rules and the extent to which investment
> losses can be offset against other gains and losses and whether losses can
> be carried forward etc.
>
> David Cousens
>
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