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TradeLog Tip: Keep Your Data Files Current

Published: June 20, 2011
Tagged: TradeLog Tips

Believe it or not, 2011 is already more than halfway over. Before you know it, tax time will be here again. So the best tip we can give TradeLog users is to keep your data files current - then tax time will be much easier. Here is what you need to do...

Open each of your 2011 TradeLog files and import your trade history up to the last day of the most recent month. Step 3 of our Quick Start Guide provides instructions for importing.

By importing through the end of the previous month you have a reconciliation point. Using your statement for that month you can verify open positions as of the end of the month in order to reconcile with TradeLog - see Step 4 of our Quick Start Guide! If positions don't match up then follow our instructions to resolve possible problems or feel free to contact our support department for help.

This is a good time to take a look at corporate actions and other adjustments as well. Reconciling will often identify some corporate actions that need adjustment. It's a good idea to review your statements for each month imported as well as to see if your broker reported a corporate action you need to adjust for in TradeLog. Do you trade options? If so then you need to adjust for exercised options as well as expired options. Not sure how to make the adjustment? Then click the F1 key while in the TradeLog Software and the help window will open, simply type your question in the search and you'll likely find the instructions you need!

Once your data files are current, you can take advantage of our performance and chart reports to analyze your trading so far. And now if you keep your data file current at the end of each month going forward then you will find it so easy next January to simply generate your tax report and be done.

Remember our support department is here to help if you have any problems!

Please note: This information is provided only as a general guide and is not to be taken as official IRS instructions. Cogenta Computing, Inc. does not make investment recommendations nor provide financial, tax or legal advice. You are solely responsible for your investment and tax reporting decisions. Please consult your tax advisor or accountant to discuss your specific situation.