Paperwork, share certificates, etc.

[Uncertain Times]

Hi all,
What do you with this? How do you manage? I've made less than 10 trades and I am getting bombarded with mail. Buy orders, sell orders, holding certificates. I realise I need to file it all but just wondering how you do it?
So far its all all together in one pile.
Any ideas?

 

[beamstas]

Hi all,
What do you with this? How do you manage? I've made less than 10 trades and I am getting bombarded with mail. Buy orders, sell orders, holding certificates. I realise I need to file it all but just wondering how you do it?
So far its all all together in one pile.
Any ideas?

Mine are all destroyed in small fires

 

[jono1887]

Yea, ive got the same problem.... i just keep them in the envelopes and date the outside of the envelope - i know, im lazy

how to the day traders keep their records esp with hundreds of trades a year??

 

[beamstas]

Yea, ive got the same problem.... i just keep them in the envelopes and date the outside of the envelope - i know, im lazy

how to the day traders keep their records esp with hundreds of trades a year??

Doubt they'd actually buy the share
Most likely they'd be trading CFD's so no Chess Certificates

I trade CFDs primarily so i only have a small number of share certificates coming in from other accounts

Brad

 

[Julia]

For heavens' sake, what's difficult about filing a few bits of paper.
If you're only going to be doing a minimal/moderate amount of trading/investing, just buy a concertina alphabetised file from the supermarket or stationery store.
Put contract notes (clipped together for the Buys and separately for the Sells) under 'C", bank statements under 'S" for statements, dividend notices under "D" for dividend etc etc. I can't believe I'm actually spelling this out!!!

You will need these details when it comes to doing your tax return, whether you do it yourself or your accountant does it. i.e. tax on dividend income/franking credits offset/capital gains:losses etc.


Then when you have mailed your banking details for payment of dividends, check the letter which comes back to ensure they have correctly recorded the BSB and account number. I've had several which were wrong.

And when mailing your bank account details include your TFN unless you're on the maximum rate to avoid being taxed inappropriately.

OK?

 

[son of baglimit]

hey julia, when youve finished ironing their 5 shirts for this week, polishing their shoes and making 5 frozen dinners for them, maybe you can collect their bills to ensure they get paid, remind them to brush their hair everyday, and possibly even introduce them to sensible young girls who can take over the role and let you rest.

and maybe folks try this.........its free.

http://www.ato.gov.au/individuals/content.asp?doc=/content/58777.htm

 

[weird]

Paper work is annoying, but accountants don't need to see the individual buy and sell statements, I just have a folder for each year and throw them in. The only paperwork that has my interest is potential dividends ... which I fill in and return. No real big effort. Whenever there is an online option, I would rather choose that, but they are far and few.

Short term trading, which I do on the US, I receive none of this, and just record the trading in excel for my own benefit. IB has a neat feature of printing or saving, out the financial year, which you can send to the accountant.

However,with Aussie trading, through Commsec, I receive so much paper stuff/crap, although some of it you can choose to receive email only.

 

[jono1887]

hey julia, when youve finished ironing their 5 shirts for this week, polishing their shoes and making 5 frozen dinners for them, maybe you can collect their bills to ensure they get paid, remind them to brush their hair everyday, and possibly even introduce them to sensible young girls who can take over the role and let you rest.

and maybe folks try this.........its free..

the tread was about paper work not record keeping!! how is that software going to help managing HARD COPIES!?!?

 

[Wysiwyg]

Hi all,
What do you with this? How do you manage? I've made less than 10 trades and I am getting bombarded with mail. Buy orders, sell orders, holding certificates. I realise I need to file it all but just wondering how you do it?
So far its all all together in one pile.
Any ideas?

Why even have them mailed? I have electronic confirmation via e-mail but don`t print them anymore. The broker has them all chronologically listed in "trading history" so if ever I need a copy (highly unlikely) then I will download the contract note and print it.

As for CHESS statements, I put them in the recycling bin.

 

[son of baglimit]

the tread was about paper work not record keeping!! how is that software going to help managing HARD COPIES!?!?

Why even have them mailed? I have electronic confirmation via e-mail but don`t print them anymore. The broker has them all chronologically listed in "trading history" so if ever I need a copy (highly unlikely) then I will download the contract note and print it.

As for CHESS statements, I put them in the recycling bin.

it appears the original concern is what to do with them IN CASE they are needed. why not record them in one 'package', then just throw them in a box - doubtful theyll be needed again.

 

[Wysiwyg]

Paper work is annoying, but accountants don't need to see the individual buy and sell statements,

Yes that is it. One end of financial year report will suffice for taxation purposes and the broker has electronic records of contracts if a tax assessment is audited.

I stopped printing contract notes when the piles got to several kilograms.

 

[Uncertain Times]

I can't believe I'm actually spelling this out!!!

Thanks Julie for your answer. I was asking everyone what they did with it all. Obviously you are very neat and tidy and organised which is great. Its probably the way I was going to do it anyway.

Thanks for the other who let me know you can ask the broker to stop sending all the useless stuff. I'm with Westpac and for some reason I get email and hard copy. I will ring them and try and get email only.

 

[The_Bman]

I searched for this topic as I thought there must be something I missed when setting up my trading account.

It didn’t bother me when I was only trading low numbers and while it is easy enough to manage the paperwork, you have to admit it is an inappropriate use of resources if you consider the 100's of 1000's of letters that must get sent out every month.

The majority of paperwork for shares I found can be managed through Computershare however considering the online nature of trading now, there should be an option tied to your HIN with CHESS to instruct companies to issue holding activity via email.