TD Ameritrade does not include the gross dividend amount, or
the tax witheld, for foreign securities until it issues the
monthly statement. Therefore, when AccountSync sweeps the
daily activity of Ameritrade accounts it picks up only the
net amount of the dividend....because that is what is posted
by Ameritrade.
If a club relies solely on the AccountSync function, is
there a point when it would automatically find, correct, and
enter the foreign tax? Or does the administrator need to be
vigilent and manually enter the transaction at the end of
the month?

Bob Hooper
New Pueblo Investment Club
Tucson, AZ

I believe the answer, Bob, is that the treasurer needs to be vigilant, and
verify all broker statements against their records each and every month.
AccountSync can't, and doesn't, do everything, even though it may do a lot
to make club accounting easier for some treasurers. Gene Rooks, Orlando

   I'm following-up on my previous posting regarding foreign
   taxes.
   If a club relies solely on the AccountSync function, is
there a point when it would automatically find, correct, and
enter the foreign tax? Or does the administrator need to be
vigilent and manually enter the transaction when the monthly
statement arrives?
Bob


Robert Hooper wrote:
> TD Ameritrade does not include the gross dividend amount, or
> the tax witheld, for foreign securities until it issues the
> monthly statement. Therefore, when AccountSync sweeps the
> daily activity of Ameritrade accounts it picks up only the
> net amount of the dividend....because that is what is posted
> by Ameritrade.
> If a club relies solely on the AccountSync function, is
> there a point when it would automatically find, correct, and
> enter the foreign tax? Or does the administrator need to be
> vigilent and manually enter the transaction at the end of
> the month?
>
> Bob Hooper
> New Pueblo Investment Club
> Tucson, AZ

Robert Hooper writes:
> I'm following-up on my previous posting regarding foreign
> taxes.
> If a club relies solely on the AccountSync function, is
> there a point when it would automatically find, correct, and
> enter the foreign tax? Or does the administrator need to be
> vigilent and manually enter the transaction when the monthly
> statement arrives?

AccountSync does a good job of managing foreign tax. It sometimes
makes mistakes.

You should always verify that AccountSync has entered transactions
correctly.

Rob

Cheers,Rob!

Thanks for responding.

My concern is not with the accuracy of AccountSync, because it did exactly
what it was supposed to do... it accurately recorded what was available from
TD Ameritrade at the time of the daily "sweep". The problem lies with TDA
not posting the breakdown of total dividend distribution and amount of
foreign tax until the monthly statement is available to clients.
So, my question is not an indictment of AccountSync, it is in the "I need to
know for future reference" category: If the brokerage firm does not provide
the complete dividend distribution information at the time of the
AccountSync sweep, at what point in the yearly accounting process, if at
all, would that information be "discovered" and entered into the bivio
system?

Best wishes,

Bob Hooper
New Pueblo Investment Club
Tucson, AZ

----- Original Message -----
From: "Rob Nagler" <nagler@bivio.biz>
To: "The Club Cafe" <club_cafe@bivio.com>
Sent: Thursday, April 05, 2007 1:26 PM
Subject: Re: club_cafe: Re: Foreign Taxes and AccountSync


> Robert Hooper writes:
>> I'm following-up on my previous posting regarding foreign
>> taxes.
>> If a club relies solely on the AccountSync function, is
>> there a point when it would automatically find, correct, and
>> enter the foreign tax? Or does the administrator need to be
>> vigilent and manually enter the transaction when the monthly
>> statement arrives?
>
> AccountSync does a good job of managing foreign tax. It sometimes
> makes mistakes.
>
> You should always verify that AccountSync has entered transactions
> correctly.
>
> Rob

Bob and Candi Hooper writes:
> know for future reference" category: If the brokerage firm does not provide
> the complete dividend distribution information at the time of the
> AccountSync sweep, at what point in the yearly accounting process, if at
> all, would that information be "discovered" and entered into the bivio
> system?

If the broker doesn't provide the information in the account history,
AccountSync can't record it. We do provide information on corporate
actions (mergers and such), and that's entered when we get the
information. Foreign taxes paid is not generally available so it's
not feasible for us to collect that information for later input, like
corporate actions.

If it is available on your statement, great. Sometimes it is not
available till much later, e.g. on a year-end statement. Whenever you
get that information, you'll have to update the dividend. That's the
only way to do it, unfortunately.

Cheers,
Rob