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Ending The Tax Year for MTM

 
The End Tax Year procedure  performs the following accounting functions:
  • Creates a new data file for the next tax year with the same name as the current tax year data file. For example: "2015 John Doe.tdf" would generate a file for the following year named "2013 John Doe.tdf".
     
  • Looks up fair market value price for all positions held open at year end. Then makes necessary mark-to-market entries to close the tax year and open the next tax year.
  • Moves forward all positions marked-to-market at year end into the next tax year data file.
 
TradeLog automatically looks up year end prices for all open positions provided you are connected to the Internet. For instruments, whose prices cannot be found, TradeLog will prompt the user to look them up manually and enter them into the program.
 
 
Running the End Tax Year Function with MTM Accounts:
 
  • Please see the lesson: End Tax Year in our Online Tutorial for a video discussion of how to use this function in TradeLog.
 
Notice: Before you can run the End Tax Year procedure, you must complete the Year End Checklist. Click here for detailed instructions on that checklist.
 
  • Click File, End Tax Year / Create Next Tax Year Data File
     
     
  • TradeLog will prompt you to confirm that you have completed all necessary steps prior to running End Tax Year.
     
    Read the warning reminders and click Yes to continue.
     
     
  • For MTM accounts that have positions held open at year end, TradeLog will attempt to lookup fair market value price for those positions as of 12/31 of the relevant year.
     
    A dialog box will list all prices found for year end open positions.
     
    CONFIRM ALL PRICES LOOKED UP BY TRADELOG.
     
    If you need to edit/adjust any prices, select the Ticker and then enter the new price in the appropriate field. Click < Update Price to make the edit.
     
    Once all prices have been confirmed, click OK
     
     
  • TradeLog will make the appropriate adjustments and confirm completion. The next year data file will be located in the same folder as your current file - which is by default the MyDocuments/tradelog folder of your hard drive.
     
    Click OK
     
     
After ending the tax year you can run tax year reporting on your accounts.