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
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hi HAL9000, SupportNoteGuy, DuncanS, Steven_M
The only way the support note works on the cash basis, is if you go and change the COGS account for the item to a COGS account (5-xxxx) called Share purchases.
You can do this now. Drill down own each purchase and put a slight change at the end of the description line (eg add a fullstop) and okay the entry.
You will also need to then do an entry at the end of the year for opening and closing stock values. The difference between the two values will need to go to an Equity account, maybe called share adjustment account. This would get back to nil, once all shares are sold.
If you are on an accruals basis for Tax, the difference in opening and closing stock would go to the COGS Share purchases account.
MYOB is not built for running inventory properly on share purchases and it would be better to just keep an excel worksheet to record shares bought, at what price and the date and what sold and when. Or even easier would be to use the statement from your broker at year end, Margin lender or bank if doing it via these methods.
Personally I just use a spend money and receive money for my share transactions, as below
As at the beginning of every year I pass a general journal to get the opening value of stock into the books.
When I was trading shares quite a lot I was classified as a Trader, so I would also bring into account the revaluation of shares at the end of each year ad take this up as a loss, or declare as income in that year.
The below will work for either accruals or cash basis.
.GJ opening balshare purchaseshare sale