I am interested in some very, very general guidance on which Customize options would be useful or recommended for stock market investment / trade accounts. I think just a list of which Customize options to check might be enough for me.
I have about 4 investment / trading accounts at one institution, and 2 investment / trading accounts at another institution. There’s reasons to have so many accounts. For example, one is my retirement account, another is my wife’s retirement account, another is not a retirement account, and so on.
In QuickBooks I set up separate files (businesses) for each investment trading account, and one more business that had an asset account for each of the businesses. Maybe this is department accounting, because all these businesses are one entity, me. So, I see this same kind of set up could work in Manager Accounting. But I am wondering if setting up as one business would work and could be practical. Maybe there is some way I could use tracking codes. Individual stocks would be inventory items. Different stock brokerage accounts would be different warehouses.
If I can track all in one business, then I would not have to update the several main business asset-investment accounts to match the net worth balance in each of the sub-businesses (departments) that is to say stock brokerage accounts.
I need to track margin (a liability account) separately for each brokerage account. And sometimes I own the same stock in more than one account. So, 100 shares of ABC stock could be in Warehouse A (i.e. brokerage A) and 2,500 shares of the same ABC stock could be in Warehouse B (i.e. brokerage B).
Is the tracking of stock trades in multiple brokerages and multiple accounts something that would be practical to set up in one Manager Accounting business? Or, do you think more practical to set up as a main business and several separate sub-businesses. To Manager Accounting, a sub-business would be the same as any other business. The “sub” part is conceptual.
If the answer to #1 is yes, then which Customize options would I need or be recommended?