Money 2006 Capital Gain Problem

My daughter invest $50 per month in a mutual fund. In 2006, she sold 
some shares. She has entered all the transaction in Money 2006. She 
tried to create capital gain report for tax but the entries in capital 
gain does not match the one in transaction report. For example in 
transaction she has:

Date: 3/1/2002
Quantity: 6.281
Price: 7.96
Total: 50.00


But in capital gain she has:

Quantity: 6.281
Date Bought: 3/1/2002
Date Sold: 4/4/2006
Sale Proceed: 59.61
Purchase cost: 46.39

Everything is fine except purchase cost should be $50 and not $46.39. 
Purchase cost supposed to be fixed for all the month but in capital gain 
report they rang from 45.48-60.83.

What's wrong?

TIA
0
No1733 (2)
2/7/2007 12:28:39 AM
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Currency conversion?
Is this in a different currency than the base currency for the file?


"Javeed" <No@email.please> wrote in message 
news:ef735$45c91d38$18d68135$16134@KNOLOGY.NET...
> My daughter invest $50 per month in a mutual fund. In 2006, she sold some 
> shares. She has entered all the transaction in Money 2006. She tried to 
> create capital gain report for tax but the entries in capital gain does 
> not match the one in transaction report. For example in transaction she 
> has:
>
> Date: 3/1/2002
> Quantity: 6.281
> Price: 7.96
> Total: 50.00
>
>
> But in capital gain she has:
>
> Quantity: 6.281
> Date Bought: 3/1/2002
> Date Sold: 4/4/2006
> Sale Proceed: 59.61
> Purchase cost: 46.39
>
> Everything is fine except purchase cost should be $50 and not $46.39. 
> Purchase cost supposed to be fixed for all the month but in capital gain 
> report they rang from 45.48-60.83.
>
> What's wrong?
>
> TIA 


0
abcd7779 (838)
2/7/2007 5:57:21 PM
No. All are in US$.


"Mark" <abcd@abcd.com> wrote in message 
news:%23XlJsFuSHHA.3592@TK2MSFTNGP03.phx.gbl...
> Currency conversion?
> Is this in a different currency than the base currency for the file?
>
>
> "Javeed" <No@email.please> wrote in message 
> news:ef735$45c91d38$18d68135$16134@KNOLOGY.NET...
>> My daughter invest $50 per month in a mutual fund. In 2006, she sold some 
>> shares. She has entered all the transaction in Money 2006. She tried to 
>> create capital gain report for tax but the entries in capital gain does 
>> not match the one in transaction report. For example in transaction she 
>> has:
>>
>> Date: 3/1/2002
>> Quantity: 6.281
>> Price: 7.96
>> Total: 50.00
>>
>>
>> But in capital gain she has:
>>
>> Quantity: 6.281
>> Date Bought: 3/1/2002
>> Date Sold: 4/4/2006
>> Sale Proceed: 59.61
>> Purchase cost: 46.39
>>
>> Everything is fine except purchase cost should be $50 and not $46.39. 
>> Purchase cost supposed to be fixed for all the month but in capital gain 
>> report they rang from 45.48-60.83.
>>
>> What's wrong?
>>
>> TIA
>
> 


0
2/7/2007 6:51:34 PM
Then it's probably how the mutual fund is set for calculating cost, normally 
mutual funds are NOT done actual cost, but are done as average cost.
Right mouse click the fund in the Portfolio and go to Investment Details
You can switch it to Actual cost if you want.
But in general, the rule for mutual funds is to average cost them.

-Mark


"Javeed" <Please@DontEmail.me> wrote in message 
news:uB2t%23juSHHA.5068@TK2MSFTNGP03.phx.gbl...
> No. All are in US$.
>
>
> "Mark" <abcd@abcd.com> wrote in message 
> news:%23XlJsFuSHHA.3592@TK2MSFTNGP03.phx.gbl...
>> Currency conversion?
>> Is this in a different currency than the base currency for the file?
>>
>>
>> "Javeed" <No@email.please> wrote in message 
>> news:ef735$45c91d38$18d68135$16134@KNOLOGY.NET...
>>> My daughter invest $50 per month in a mutual fund. In 2006, she sold 
>>> some shares. She has entered all the transaction in Money 2006. She 
>>> tried to create capital gain report for tax but the entries in capital 
>>> gain does not match the one in transaction report. For example in 
>>> transaction she has:
>>>
>>> Date: 3/1/2002
>>> Quantity: 6.281
>>> Price: 7.96
>>> Total: 50.00
>>>
>>>
>>> But in capital gain she has:
>>>
>>> Quantity: 6.281
>>> Date Bought: 3/1/2002
>>> Date Sold: 4/4/2006
>>> Sale Proceed: 59.61
>>> Purchase cost: 46.39
>>>
>>> Everything is fine except purchase cost should be $50 and not $46.39. 
>>> Purchase cost supposed to be fixed for all the month but in capital gain 
>>> report they rang from 45.48-60.83.
>>>
>>> What's wrong?
>>>
>>> TIA
>>
>>
>
> 


0
abcd7779 (838)
2/7/2007 7:06:47 PM
Thanks, Mark. That was the reason. Cost Basis is set to Average Cost 
Basis (Double Category). I searched the web and the three mutual fund 
companies I read about use Single Category. I think that's what I should 
use, right?

Mark wrote:
> Then it's probably how the mutual fund is set for calculating cost, normally 
> mutual funds are NOT done actual cost, but are done as average cost.
> Right mouse click the fund in the Portfolio and go to Investment Details
> You can switch it to Actual cost if you want.
> But in general, the rule for mutual funds is to average cost them.
> 
> -Mark
> 
> 
> "Javeed" <Please@DontEmail.me> wrote in message 
> news:uB2t%23juSHHA.5068@TK2MSFTNGP03.phx.gbl...
>> No. All are in US$.
>>
>>
>> "Mark" <abcd@abcd.com> wrote in message 
>> news:%23XlJsFuSHHA.3592@TK2MSFTNGP03.phx.gbl...
>>> Currency conversion?
>>> Is this in a different currency than the base currency for the file?
>>>
>>>
>>> "Javeed" <No@email.please> wrote in message 
>>> news:ef735$45c91d38$18d68135$16134@KNOLOGY.NET...
>>>> My daughter invest $50 per month in a mutual fund. In 2006, she sold 
>>>> some shares. She has entered all the transaction in Money 2006. She 
>>>> tried to create capital gain report for tax but the entries in capital 
>>>> gain does not match the one in transaction report. For example in 
>>>> transaction she has:
>>>>
>>>> Date: 3/1/2002
>>>> Quantity: 6.281
>>>> Price: 7.96
>>>> Total: 50.00
>>>>
>>>>
>>>> But in capital gain she has:
>>>>
>>>> Quantity: 6.281
>>>> Date Bought: 3/1/2002
>>>> Date Sold: 4/4/2006
>>>> Sale Proceed: 59.61
>>>> Purchase cost: 46.39
>>>>
>>>> Everything is fine except purchase cost should be $50 and not $46.39. 
>>>> Purchase cost supposed to be fixed for all the month but in capital gain 
>>>> report they rang from 45.48-60.83.
>>>>
>>>> What's wrong?
>>>>
>>>> TIA
>>>
>>
> 
> 
0
No1733 (2)
2/8/2007 3:29:37 AM
Probably, but you may want to actually verify this with your accountant or a 
tax professional.

-Mark
"Javeed" <No@email.please> wrote in message 
news:45CA9921.60003@email.please...
> Thanks, Mark. That was the reason. Cost Basis is set to Average Cost Basis 
> (Double Category). I searched the web and the three mutual fund companies 
> I read about use Single Category. I think that's what I should use, right?
>
> Mark wrote:
>> Then it's probably how the mutual fund is set for calculating cost, 
>> normally mutual funds are NOT done actual cost, but are done as average 
>> cost.
>> Right mouse click the fund in the Portfolio and go to Investment Details
>> You can switch it to Actual cost if you want.
>> But in general, the rule for mutual funds is to average cost them.
>>
>> -Mark
>>
>>
>> "Javeed" <Please@DontEmail.me> wrote in message 
>> news:uB2t%23juSHHA.5068@TK2MSFTNGP03.phx.gbl...
>>> No. All are in US$.
>>>
>>>
>>> "Mark" <abcd@abcd.com> wrote in message 
>>> news:%23XlJsFuSHHA.3592@TK2MSFTNGP03.phx.gbl...
>>>> Currency conversion?
>>>> Is this in a different currency than the base currency for the file?
>>>>
>>>>
>>>> "Javeed" <No@email.please> wrote in message 
>>>> news:ef735$45c91d38$18d68135$16134@KNOLOGY.NET...
>>>>> My daughter invest $50 per month in a mutual fund. In 2006, she sold 
>>>>> some shares. She has entered all the transaction in Money 2006. She 
>>>>> tried to create capital gain report for tax but the entries in capital 
>>>>> gain does not match the one in transaction report. For example in 
>>>>> transaction she has:
>>>>>
>>>>> Date: 3/1/2002
>>>>> Quantity: 6.281
>>>>> Price: 7.96
>>>>> Total: 50.00
>>>>>
>>>>>
>>>>> But in capital gain she has:
>>>>>
>>>>> Quantity: 6.281
>>>>> Date Bought: 3/1/2002
>>>>> Date Sold: 4/4/2006
>>>>> Sale Proceed: 59.61
>>>>> Purchase cost: 46.39
>>>>>
>>>>> Everything is fine except purchase cost should be $50 and not $46.39. 
>>>>> Purchase cost supposed to be fixed for all the month but in capital 
>>>>> gain report they rang from 45.48-60.83.
>>>>>
>>>>> What's wrong?
>>>>>
>>>>> TIA
>>>>
>>>
>> 
0
abcd7779 (838)
2/8/2007 4:48:45 PM
Reply:

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