inventment fees

Linda Kelly's Avatar

Linda Kelly

24 Sep, 2020 06:52 AM

how do I record payment of an investment that involved removal of both shares and money from my investment mutual fund account? If I sell shares it generates a cash balance that is inaccurate. If I do a transfer I need to have an account to transfer too and this is incorrect too as it is not a transfer. I need a way to remove shares and pay a fee at the same time.

  1. 1 Posted by dwg on 24 Sep, 2020 07:27 AM

    dwg's Avatar

    I am a fellow user

    I assume you mean shares are sold to fund the investment fees.

    Generally you can do this by entering a Sell for the number of shares and the amount involved, this places cash into the investment account.

    You can then enter a MiscExp transaction for the amount with a category of the fee involved, you may need to set up a specific category if one does not exist.

  2. 2 Posted by Linda K on 25 Sep, 2020 05:29 AM

    Linda K's Avatar

    this is not what i mean. a yearly fee. to remove the shares sold to
    generate payment of this fee it creates a cash balance to my account. I
    don't want to have to create some type of dummy account to move this cash
    to and from. this will mess up all my accounts. I need a way to remove
    shares without generating a cash balance as a sell does. mis expense does
    not work either. believe me I tried every way. I need a remove shares
    option without selling them. Thanks for yur reply anyway. Linda

  3. 3 Posted by dwg on 25 Sep, 2020 09:38 AM

    dwg's Avatar

    Of course a sell creates a cash balance, you need cash to pay the fees and the fund achieves having this cash by doing a sell of securities, if you do not have a cash account as part of the investment.

    I did not suggest having dummy account I suggested that you may need a specific fee expense category if one of the existing categories does not suit.

    Moneydance is based on accounting rules, you cannot just make shares and funds disappear.

    I would suggest you post a screen image showing the transactions to demonstrate what is not working.

  4. 4 Posted by Dan Hanger on 30 Sep, 2020 06:36 PM

    Dan Hanger's Avatar

    Linda-

    Don't know if you got an answer yet but this is what I do (see screenshot):

    Just enter the transaction as normal with the shares withdrawn but put $0 for the sell amount and then the cash withdrawn in the fee box below the sell box. Doing it this way leaves the balance the same, no need to create dummy expenses, accounts, etc. Also allows you to charge the fee to a category, as in my example I use Service charges for the fee category.

    Dan

  5. System closed this discussion on 30 Dec, 2020 06:40 PM.

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