How do I record brokerage account fees?

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How do I record brokerage account fees?

Money includes an Other Expense investment activity. You
use the Other Expense investment activity to record a monthly account maintenance fee or an annual maintenance fee for your brokerage account. To record this type of account fee, take the following steps:

1. Display the investment account register.

Click the Accounts & Bills link, and then select Account List so that Money dis-
plays the Pick An Account To Use window. Then click the investment account.
Money displays the investment account register.

2. Enter the fee transaction date.
Enter the fee transaction date in the Date box by clicking the box’s button to
display a pop-up calendar that you can use to select the date.

3. Leave the Investment box blank.
To indicate that this fee is not associated with a specific investment, but with the account in general, leave the Investment box blank.

4. Identify the transaction as an Other Expense transaction.
Click the Activity box’s button, and then select Other Expense from the list of
investment transactions.

5. Identify the account from which you will pay the fee.
Use the Transfer From box to select the account from which you will pay the
account maintenance or brokerage fee. Clicking the box’s button displays a list of accounts you have already set up. To select one, simply click it.

6. (Optional) Provide a memo description.
Enter additional information about the fee in the Memo box. For example, you
might want to explain how the fee is calculated or note that it’s an annually recurring amount.

7. Categorize the expense or fee.
Categorize the fee using the Category and Subcategory boxes that appear after you have identified the transaction as an Other Expense transaction. Note that investment expenses may be an itemized deduction, so you want to make sure you use a category that maps to your Schedule A tax form. This Schedule A tax form is the one on which miscellaneous deductions such as deduction expenses get reported.

8. Provide the total for the fee amount.
Enter the amount of the account or brokerage fee in the Total box by entering the value directly into the box or clicking the box’s button and using the pop-up calculator to calculate or enter the amount.

9. Record the transaction.
After you describe the transaction for the account fee, click the Enter button. Money records the transaction in the account How do I work with the associated cash account and investment account?
If you click the Cash Transactions task link in the Money investment account window, Money displays the account register for the associated cash account. The account register works in the same way that any bank account register would work. You enter withdrawals, transfer deposits, and transfer transactions in the same way as for a regular checking account. You also reconcile this account in the same way.

Article Source: http://articlenexus.com

Stephen Nelson is the author of do it yourself kits for Incorporating in Massachusetts, Massachusetts S corporation, and Massachusetts limited liability company.

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