How To Reconcile a Brokerage Statement in QuickBooks | QuickBooks Tips

[@vickisherman6430]

Extremely helpful! Thank you!

[@bielviera8567]

THANKS SO MUCH! That helps me A lot!

[@timothyjohnson343]

Not just valuable information, but well presented. You have a wonderful gift for explaining the logic and the benefits of accounting for brokerage assets. Well done, and thank you!

[@abdoulayendiaye7675]

thank you so much

[@tarjazz1]

Many thanks for this video. My business has two brokerage accounts that only own cash and a money market fund (MMF). The downloaded transactions for the accounts show funds going back and forth between the money market fund and cash every time there is an interest payment on the MMF or when there is a deposit or withdrawal from the brokerage account. In other words, lots of basically meaningless extra transactions compared with a bank checking account! Based on your above video, it looks like I need to set up the brokerage accounts as "other assets", and set up one sub-account for the money market fund. No need to use sub-sub-accounts for cost basis and market value since the MMF will probably always be valued at $1.00 per share. Then, hopefully, I can set up Rules in QBO to automatically use the downloaded transactions to frequently transfer funds back and forth between cash and the MMF as necessary. Hopefully, I will be able to handle deposits and payments out of the account just like a normal bank checking account. Sound correct?

[@luisaassink7336]

Great presentation!

[@PlumbSoftware]

Glad you liked it!

[@marlameyer2325]

Thank you for the video it has been extremely helpful! Is there another video showing how to map these QB accounts to the matching boxes on the 1099-DIV and 1099-INT forms?

[@Minnow312]

Your video was so helpful! I have one question, how did you get the value into the Fair Market Value other asset account? The fair market value account seems to be the difference between Equity Fund Balance and the Cost of the Equity Fund. But I can't seem to figure out how to create a General Journal Entry to get it there. Thanks!

[@toprandomvideos2123]

Is there any software or brokerage that for a business automatically integrates accounting including revenue as well as tax and or software that does this? So for example if I were purchasing resources via futures but repriced it?

[@joemeyer2726]

Show qb entries

[@mammalade1589]

How did 177.88 come about?

[@mjlaw82]

I back-solved. You should first tie-out the prior period Equity Cost to the Brokerage Statement. We don't have last month's brokerage statement. So we need last year's balance sheet numbers (toward the end of the video and assume they tie). First, take the difference of Beg Equity Cost and End Equity Cost, per Balance Sheet. Add to that difference the unrealized gain per brokerage to get $39,230.80. That amount is what she ultimately gets to. To get to the 177.88 "plug," start with the unrealized gain per brokerage, subtract the reinvested funds per brokerage. Then, take this difference and subtract from her $39,230.80 figure and you get the 177.88. You can't merely skip the 177.88 amount because you need it to match the unrealized gain per QB to the brokerage statement. I'm very happy that she posted this video. But, she clearly punted on how she got the $177.88. Merely stating it was a plug figure doesn't explain it. Also, when you enter the full J/E in QB, you will need to combine lines. I am glad, tho, that she included the repetitive line to show us that she used a plug figure at all.