treatment of gains

jer's Avatar

jer

22 Dec, 2018 11:22 PM

When doing online update (OFX) of one brokerage dividends and capital gains are not distinguished, but all enter as "DivReinvest". There is no differentiation between dividends, long term gains and short term gains. There is no action type for "LongtermCapgainReinvest", etc.

When doing online update (OFX) of second brokerage all transactions are "div" with description indicating dividend or capital gain, and a "buy" for the reinvestment of same.

Neither behavior allows adequate tracking of tax basis. (An older copy of quicken I have been maintaining until I lose OFX capability treats both brokerages correctly). Is this correctable? How?

  1. 1 Posted by dwg on 22 Dec, 2018 11:37 PM

    dwg's Avatar

    I'm a fellow user.

    Action are handled differently in Moneydance to how they are in Quicken. In Quicken they are far more absolutely defined in how they must be processed.

    In Moneydance a "dividend" can be considered to be any form of return received on your investment, it is how you define it that determines what it is, how it is reported etc. In this sort of case a way of handling it is to define suitable categories for transactions of this nature. For example you may create a category of Capital Gains and sub categories of Short Term, Long Term etc. With the transaction you have you assign it to the Capital Gain:Long Term category.

  2. 2 Posted by John Roling on 23 Dec, 2018 12:26 AM

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    Thank you for your quick response.
    So I have to manually assign each transaction?   The data would appear to be in the OFX connection to have this done by program - given Quicken does so.   Seems like a significant short coming.  As part of preparing for tax season would like to know on an account basis what dividends have been for the year, what Long Term gains have been for the year and what Short Term gains have been for the year.   Can this then be done in any reasonable way?    Sort on "security" seems to be totally hosed up, not alphabetical or any other logical sort I can see (though that is a different issue and I haven't researched yet).
    Do you know if there is any intent to improve how Money Dance handles dividends and gains?  

        On Saturday, December 22, 2018, 05:37:13 PM CST, dwg <[email blocked]> wrote:
     
       
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  3. 3 Posted by jer on 23 Dec, 2018 09:20 PM

    jer's Avatar

    I see that one can determine dividends paid for the year at least on a security basis using security details on Portfolio view.
    Still wonder at sort of security column. If it does not provide correct result the capability should be removed as it confuses and makes program seem flakey..
    Also really would like to see automatic identification of dividends vs short term or long term gains. This is pretty fundamental. Have not followed advice sufficiently yet to know if data is always available to make manual category assignment or if that requires going to the brokerage site. In any case it is extra work.
    You can close this if you wish; and thank you to dwg.

  4. 4 Posted by dwg on 23 Dec, 2018 09:37 PM

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    The amount of detail that Investment houses varies widely, and it is not at all uniform, for example where I am all I can get are CSV files which are pretty useless for anything other than creating a statement, the data is certainly not able to be loaded into Moneydance or any other financial software in the form it is in.

    If you categorize the money received you can use the Income and Expense reports to see the totals received, which is useful for Taxation reporting. Moneydance does not really have that much on the analysis side, I would say it is more about record keeping with Investments, and that is not as complete as I would like.

  5. System closed this discussion on 24 Mar, 2019 09:40 PM.

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