IB accounting rocks!

Discussion in 'Retail Brokers' started by alanm, Jul 30, 2002.

  1. alanm


    Reading some threads here about other brokers reminds me of some of the things that work well at IB, that I take for granted.

    For me, one of those things is the fact that, almost without exception, my trades exported from TWS match what actually happened, and my statement, exactly. I do about 500 trades a month and, with other brokers, used to spend many hours a week manually entering information, resolving discrepancies between the various systems, writing to the accounting department, following up when they didn't take care of it, etc.

    At IB, I have macros in my spreadsheet to import the trade reports and statements and match the trades. It takes just minutes a day.

    As much as I talk about shortcomings at IB, I just wanted to take the time to thank them for being superb in this area!

    (Yes, this is shameful cheerleading. So what. :) I don't work for IB - I'm just a fairly happy customer)
  2. I remember reading last year there were problems with some of IBs 1099s not showing the net (less commission) for sales or adding in commission for purchases. Did you have any of these problems. I haven't used them but hear lots of good things.
  3. vikana

    vikana Moderator

    For 2001 that was definitely a problem. But since the 1099 really isn't useful for detailed tax reporting anyway, I just submitted the actual trades with gains/losses calculated correctly.
  4. alanm


    Yes - that is a known issue. I simply adjust the reported cost for the sale commissions. Since I just report total numbers for each account, it's no big deal.