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Investment Transactions should not categorize "Fees" as an expense (edited)

wombatstew

I have foreign stocks in an investment account. those stocks pay dividends. when they are received my brokerage charges a fee for receiving foreign currency dividends and converting to USD. Simplifi then categorizes as though I spent money on something.

For example, Mitsubishi Heavy Industries pays a dividend and my brokerage charges a small fee. the transaction from the brokerage has Mitsubishi in the description, so Simplifi categorizes as a Car Payment. these should be categorized as investment fees, not as normal transactions.

I could create a rule but I can't make a rule unique to a specifc account, they are global. This is problematic in that if I have stock in a foreign company that pays dividends and I also buy their products a rule that I create would apply to transactional accounts as well.

Investment transactions should be categorized as investment transactions, not as routine day to day transactions.

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SRC54

I've looked at this a couple of times. There is a place in the dividend transaction box to subtract brokerage fees, but it seems that you are getting two separate transactions, one for the dividend and one for the transaction fee. Is that right?

Why don't you use the built-in Miscellaneous Expense for the fee? This would automatically keep it out of your regular categories and exclude it from Reports/Spending Plan.

Alternatively, you could use your own fee category but exclude it from Spending Plan/Reports.

Let me know if this works for you or not.

DryHeat

@SRC54

Why don't you use the built-in Miscellaneous Expense for the fee? This would automatically keep it out of your regular categories and exclude it from Reports/Spending Plan.

I don't see a category like that. Where would I find it in the category tree?

(I'm using QBP… maybe that makes a difference.)

SRC54

@DryHeat Interesting. Yeah, it's right there in regular Simplifi. I had never noticed it until today frankly.

And notice that like all the other categories other than Payment/Deposit that it is excluded from Reports and Spending Plan.

Edit. Ah, I see, there is still a category for it; Misc Expense is a type. I guess you could leave it uncategorized or create a category; either way, it won't show up.

Thanks for catching this.

DryHeat

@SRC54 — I think the answer is even simpler. I didn't realize that you were talking about a category that is only available for investment transactions. I was looking at the general category list. I see it now.

SRC54

I think fees are a category, but it really doesn't matter since it won't count in Reports or Spending.