IB 2009 gain/loss summary reports a total mess !!

[spindr0]

Quote from gkishot:

Interest accruals = Debit Interest Details + Non-direct hard to borrow details.

This formula holds true for my monthly and daily statements.

Is it true for you?

At this point, I have no clue.

One month last year I had 31 open short positions. Since they were usually open for more than one day, there were multiple debits per position (one line charge per day per position). So I had 140 debit lines for a "Non-Direct Hard to Borrow" total of -$105.17

No credit interest posted. $65.59 debited from my account at the end of the month.

Starting Accrual Balance -50.72
Interest Accrued -105.17
Accrual Reversal 65.59
Ending Accrual Balance -90.30

So how does a "Non-Direct Hard to Borrow" total of -$105.17 result in a account debit of $65.59 ?

TIA

 

[gkishot]

Quote from spindr0:


Starting Accrual Balance -50.72
Interest Accrued -105.17
Accrual Reversal 65.59
Ending Accrual Balance -90.30

According to the above your accrued interest was 105.17 and they credited 65.59 back to your account. So your total debit for the month was: -105.17 + 65.59 = -39.58.

How do you know that they debited 65.59 from your account?

 

[spindr0]

Quote from gkishot:

According to the above your accrued interest was 105.17 and they credited 65.59 back to your account. So your total debit for the month was: -105.17 + 65.59 = -39.58.

How do you know that they debited 65.59 from your account?

No that's backwards. If there was a credit, it was 39.58 because 65.59 was debited from the account. If I instead deducted the 39.58, my cash balance would not match (my daily spreadsheet and their daily statement),

And what would that "credit" be from? It certainly wasn't interest on cash balance because I got far more in such "credits" during the year than the annual total of interest earned on the 1099-INT. Is there some sort of rebate which results in the 105.17 being reduced?? (scratching head)

Thx again

 

[JackR]

Try it this way:

Opening Balance at start of month: (50.72)
Accrued Interest during month: (105.17)
Total Debits for month: (50.72 + 105.17) = (155.89)

Credit for month(reversal): 65.59

End of month balance: (-155.89 +65.59) = (90.30)


They credited you with the $65.59 via the reversal of some of the accrued interest\hard to find charges.

So your Opening accrual balance for the following month should have been a debit = $(90.30).

Does this make sense when viewed with the following month's statement?

Jack

 

[spindr0]

Quote from JackR:

Try it this way:

Opening Balance at start of month: (50.72)
Accrued Interest during month: (105.17)
Total Debits for month: (50.72 + 105.17) = (155.89)

Credit for month(reversal): 65.59

End of month balance: (-155.89 +65.59) = (90.30)


They credited you with the $65.59 via the reversal of some of the accrued interest\hard to find charges.

So your Opening accrual balance for the following month should have been a debit = $(90.30).

Does this make sense when viewed with the following month's statement?

The numbers have added up all along - in going from an opening balance of -50.72 to a closing balance of -90.30 which becomes the next month's opening balance.

One correction to your explanation is that as mentioned previously, 65.59 is not a credit. It is the amount of cash deducted from my account at the end of the month (technically, a few days into the new month). When they reverse that amount and debit it from my account, they've reduced the accruals owed to them.

I don't mean to be difficult and I hope I'm not dense. How do I rack up 105.17 in borrow fees for the month yet they only debit 65.59 at the end of the month? If there's some sort of credit (methinks 39.58), it should be stated so on the statement. And once the 65.59 is debited, why is there a significant closing balance of -90.30 (this happens every month of the year). Why isn't the closing balance zero with new charges to be racked up in the next month? It just makes no sense.

I was just hoping someone here had been there, done this. I guess I need to do what I've told others with broker questions to do: Call the broker.

Thx for your time .

 

[m22au]

Quote from gkishot:

Do you have this feature enabled on your activity report? Just click on accrued interest row and you see the details.

Quote from spindr0:

Thanks for the suggestion however, but yes, I have it enabled.

I also have a template set up so that I can download an interest accrual report with breakdowns per issue for any time period desired. There are two problems I can't fathom.

Gkishot / spindr0,

Could you please suggest how I can find the stock-specific details of short stock (borrow) interest?

Is this found in Activity Statements or Activity Downloads?

What is the name of the heading where I can find out this information?

 

[caret311]

Guys,
This was the first year I had about 1000 or so trades and I had IB for most of those trades (and Zecco (!!) for about 10-20 trades). I mostly trade stocks (long/short), options and futures (ES).

Most here seem to be using Tradelog? It costs 300$ for a year (for unlimited trades) -- are there cheaper options which are as good or good enough around? What do you guys do?

I am sure to have wash sale transactions, not sure what software you guys are using to handle this. Also, are you just using some Sched-D generation software or just importing the TXF format from IB directly into Turbotax?

Any pointers/advise would be great!
Caret

 

[spindr0]

Quote from m22au:

Could you please suggest how I can find the stock-specific details of short stock (borrow) interest?

Is this found in Activity Statements or Activity Downloads?

What is the name of the heading where I can find out this information?

Go into ACCOUNT MANAGEMENT and select ACTIVITY STATEMENTS. The 3rd item (about 2 page downs) is CREATE AND EDIT TEMPLATES. Select a name and whatever categories of info you want, save it, run it and VOILA !