Recording an 'account charge' without that charge being tied to a security

Matt's Avatar

Matt

03 May, 2019 04:34 PM

When recording an 'account' annual management charge as a 'MiscExp' there does not seem to be a way to record the charge without assigning an investment in the security field in the register. The charge is account specific; not security specific. Do I need to re-organise my account structure?

  1. 1 Posted by -Kevin N. on 03 May, 2019 07:17 PM

    -Kevin N.'s Avatar

    Hi Matt,

    It has been my experience that investment accounts are required to maintain a Money Market Fund as a vehicle to manage cash flows in and out of the account.

    It would be my belief that the account management charge should be applied against the Money Market Fund.

    -Kevin N. (not a member of MD support)

  2. 2 Posted by red on 03 May, 2019 07:46 PM

    red's Avatar

    Hi Matt - I think you need to use the 'Bank Register' tab at the top of the screen. i.e. Open your investment account and at the top you should see 'Portfolio View', 'Register', 'Bank Register' and 'Securities Detail'. You use the 'Register' view to record share buy and sell etc, but if you click on the 'Bank Register' you should see transaction records for the money coming into your investment account from your bank account (or wherever). So I put the management fee for the investment account in here as a 'Decrease'.

    Hope this helps (and that my understand is correct!!! :)

    Alasdair - just a MD user

  3. 3 Posted by dwg on 03 May, 2019 09:24 PM

    dwg's Avatar

    I'm fellow user.

    The only transaction in an Investment register that does not require a security from memory is a Xfr transaction. This is normally used to transfer the funds between an investment account and another account in both directions.

    There is nothing to stop you using this transaction type with a negative number and assigned the transfer field to a category rather than an account. This should decrease the cash balance in the Investment account and increase the amount in the category.

  4. 4 Posted by Matt on 03 May, 2019 10:04 PM

    Matt's Avatar

    Thanks Kevin N, Alisdair and dwg. I have found that changing from MiscExp to Xfr and using a negative number has worked its magic. This removes the erroneous entry for the said security in the Securities Detail view but maintains the correct account balance in the register. Many thanks to you all for the replies.

    Matt

  5. System closed this discussion on 02 Aug, 2019 10:10 PM.

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