Taxable Dividends & Associated Investment Cash Accounts

SRC54
SRC54 Member ✭✭✭
edited March 11 in Investments
I have not posted lately on this subject as I was taking my time to get used to it.  Also, I am cognizant of the fact that Simplifi aims to be simpler than Quicken and we shouldn't really try to make it back into Quicken.  I agree.

One thing I Like about Simplifi is that it doesn't have a ton of built-in categories that you cannot get rid of the way Quicken does.  I just set up a few income categories, e.g., interest, dividends, capital gains.  I can organize them as I like.  This is why I like that Simplifi is totally configurable unlike a lot of personal financial apps!

I only care about tracking these in my brokerage account so I can do a report at the end of the year for my income tax. The Tax Schedule Report in Quicken is nice but I can just do a report of the categories I need in Simplifi.  So that's fine.

My workaround is to create an other banking account called Brokerage Cash and I manually enter my dividends each month and then I do a transfer transaction for the total cash amount each month to zero it out so it doesn't count twice in my Net Worth.  This works fine since I don't have a lot of different investments.  It will be nice when we get the promised QFX/OFX import capability, especially for those with more numerous dividend transactions.  Down the road, Simplifi could add associated cash amounts that we could tie to the brokerage accounts.

I don't care really to do this for my IRA since I don't have to worry about the tax until I withdraw it and then you pay tax on the withdrawal anyhow.  The new capabilities to show me how much I have gained/lost in last 30/60/90/365 is very useful although in my case at least, it only goes back to Nov 21.

So I guess what I am saying I am fine with Simplifi as it is and no need to change it much, maybe refine it a bit as we go.
Steve
Simplifi since 11/2021
Quicken since 2009
Microsoft Money 1991-2009

Comments

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Thanks for sharing @SRC54! :smiley:

    -Coach Natalie
  • SRC54
    SRC54 Member ✭✭✭
    Thanks @Coach Natalie.  I also just noticed that there is no place in Investments to enter cost basis, which would allow the Investment dashboard to show us overall gain/loss.  I think this is necessary just so we can see if and when a security has fallen below what we paid for it.
    Steve
    Simplifi since 11/2021
    Quicken since 2009
    Microsoft Money 1991-2009
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Thanks for the additional feedback, @SRC54!

    We have some investment upgrades on the way, including investment transactions that will allow the ability to see and enter cost basis, etc. The primary Idea post for the upgrades can be followed here for updates, however, we do also have a request for the ability to enter cost basis specifically that can be found here

    I hope this helps! :smiley:

    -Coach Natalie
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