Reconciling CMC Markets account into P/L statement
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skc
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Agree their layout is crazy. I use a separate spreadsheet for this purpose. I just keep a track of total money going in, total money going out and current balance. The difference is my P/L.
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Hubby had a CMC account some years ago and the paper work was horrendous. I think we kept our own records (something like SKC suggests) and then made sure our calculations of account balance matched up with what was actually in there. I have been thinking of re-activating the CMC account for back up purposes, but the thought of that awful paperwork and memory hungry software is a bit of a put off. Was hoping they might have improved by now!
thx for the feedback.
SKC, the guy I am helping must have a pedant of an accountant. They had asked for a breakdown of pnl on each trade, which means allocating interest on leverage, commission, and fx; an impossible task.
CMC are obviously struggling financially....otherwise, they'd commit revenues to improve their statements.
They don't give annual statements, only monthly
They give separate ledgers for different exchanges
They mix currency balancing entries between fx ledgers.
I've never seen such a poorly conceived and executed dog's breakfast.
Anyway, after many hours, I came up with a macro driven xls that arranged and processed the monthly ledgers as reasonably as could be expected....
SKC, the guy I am helping must have a pedant of an accountant. They had asked for a breakdown of pnl on each trade, which means allocating interest on leverage, commission, and fx; an impossible task.
CMC are obviously struggling financially....otherwise, they'd commit revenues to improve their statements.
They don't give annual statements, only monthly
They give separate ledgers for different exchanges
They mix currency balancing entries between fx ledgers.
I've never seen such a poorly conceived and executed dog's breakfast.
Anyway, after many hours, I came up with a macro driven xls that arranged and processed the monthly ledgers as reasonably as could be expected....
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skc
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LOL - great description...
Very glad I am not the only person who could make no sense of their statement. And I only ever traded 2 futures instrument with them!
I also hope your accountant isn't being paid by the hour! Last year I gave my accountant 1 line - Share trading P/L = $XXX. Self reporting works
Trembling Hand
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Why?
If you owned a coffee shop would the accountant ask for a P&L on each latte' sold
I also hope your accountant isn't being paid by the hour! Last year I gave my accountant 1 line - Share trading P/L = $XXX. Self reporting works
This is another guy's acct......the guy asked me to help him out....which is what happens when you know a bit more than anyone else in the office about excel.....
I don't use CMC.
Why?
If you owned a coffee shop would the accountant ask for a P&L on each latte' sold
Suppose there's a balance between too much and too little detail...though I get the impression this acct is not experienced dealing with very active traders
Hey I've had to sign a stat dec a couple of times for my acct stating I am telling the whole truth and nothing but the truth......
Hey I've had to sign a stat dec a couple of times for my acct stating I am telling the whole truth and nothing but the truth......
Wow! Is that so? I've never had that confronting experience in dealing with my accountant for nearly 30 years.
I've always thought that as long as they had all the information which was required from you in writing, that they considered themselves as covered, and that if there were any "inaccuracies" found at a later date, these could be comfortably sheeted back to you, effectively letting them off the hook.
THis was for large sums of money that was paid back by a debtor company I threatened to wind up for non payment of funds lent. When the transactions are 250k+, I wasn't offended in signing a stat dec. All very likely to attract the ATO and liquidator attention down the track.
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