- Set up each security as an inventory item. Linking the Asset & COGS account to the appropriate GL account. (investments & gain/loss accounts)
- Set up the brokerage firm as a Vendor.
- Post a purchase invoice under the brokerage vendor to buy shares putting the total cost in the amount column with the number of shares purchased in the quantity column. Simply will back calculate “cost per share”.
- Set up the brokerage firm as a Customer.
- Post a sales invoice under the brokerage customer to sell shares putting the net proceeds in the amount column and the quantity sold in the quantity column. Difference between Sales and COGS (Cost of Goods Sold) on the Income Statement is the overall Capital Gain/Loss.
To move amounts between vendor and customer accounts for the broker use Payments /Receipts modules through a clearing account.
Soma Small Business Solutions
Gold Level Certified Simply Accounting Consultant