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Change Existing Account to MTM Accounting

 
If you are switching from cash basis to MTM accounting for an account you are currently tracking in TradeLog:
 
NOTE: Individuals must qualify for trader status by IRS rules and then elect mark-to-market accounting method based on federal procedures. We strongly recommend consulting with a CPA and/or trader tax expert in electing MTM. To learn more see our Online Tax Topics for more information.
 
 
  • Open the TradeLog file containing your accounts.
     
  • Right-click on the Account Tab for the brokerage account you need to change. Select the Edit option.
     
     
  • In the Account Setup dialog, select the MTM (Taxable) option to change the Account Type.
     
     
  • A warning message will appear to confirm you are switching the accounting type for the account. Click Yes to continue.
     
     
  • TradeLog will look up the fair market value of all positions held open at year end. A list of all positions and the resulting prices found will be listed for confirmation.
     
    MAKE SURE TO CONFIRM ALL PRICE RESULTS FOUND.
     
    To change the prices, select the trade record and enter the new price in the field. Then click < Update Price.
     
    After confirming all prices, click OK.
     
     
  • TradeLog will generate the needed adjustments to change your accounting method to MTM.
     
    When prompted, click Yes to save records.
     
     
Your account has now been changed to MTM accounting method in TradeLog.