Accounting for your physical Trades
Coins101
Posts: 2,602 ✭✭✭
I have always used an excel spreadsheet to maintain a summary of my physical silver purchases and sales. However, it seems to be cumbersome at times and was wondering what everyone else uses.
Are there any programs out there you use? What do you use?
Are there any programs out there you use? What do you use?
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A pen and a piece of paper.
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Do you keep an average cost per ounce?
<< <i>Quattro Pro - WOW, I haven't seen Quattro Pro in a long time. It use to beat the sockets off Lotus 123 & Excel but I thought MS wiped them out with their licensing agreements with the PC manufactures.
Do you keep an average cost per ounce? >>
I believe that the Quattro Pro and Wordperfect I use came together in a Corel package. Perhaps I am a living fossil by using non Microsoft products but I do prefer working with them.
Yes, I track the average cost per ounce for all my gold and silver purchases, both for each individual purchase and a running total.
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<< <i>I believe that the Quattro Pro and Wordperfect I use came together in a Corel package. >>
Yes, Corel bought them both to compete against MS Office. But, like I said, MS licesnse agreements basically killed the package off. To bad as both products were better than the Office crap.
CJ
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<< <i>Will any of you be generous enough to share some excel templates? I been wanting to track my trades but the sheets I have found do not quite fit the bill. >>
If you don't know how to create an excel spreadsheet chances are you won't be successful in keeping it accurately updated. Accuracy is important, especially if business decisions and taxes depend on the spreadsheet. I suggest you learn the basics which will be enough to create.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>Will any of you be generous enough to share some excel templates? I been wanting to track my trades but the sheets I have found do not quite fit the bill. >>
If you don't know how to create an excel spreadsheet chances are you won't be successful in keeping it accurately updated. Accuracy is important, especially if business decisions and taxes depend on the spreadsheet. I suggest you learn the basics which will be enough to create. >>
Actually, I have to disagree. Sometimes people have another way, even a better way to do things than what you are currently doing. Maybe a tweek in a formula or even the spreadsheet layout.
Both spreadsheets may serve the purpose intended. But maybe one or the other, or a hybred of both will serve the purpose even better. Sometimes a different perspective is a good idea and an improvement.
I use Excel 100's of times a day. But, I find talking with other users sometimes is helpful to myself or the other user. Everyone can improve.
Do you account for your 90% silver, 40% silver and .999 silver separately or do you convert the 90% & 40% to troy ounces and combine it with the .999%?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>If you don't know how to create an excel spreadsheet chances are you won't be successful in keeping it accurately updated. Accuracy is important, especially if business decisions and taxes depend on the spreadsheet. I suggest you learn the basics which will be enough to create.
Actually, I have to disagree. Sometimes people have another way, even a better way to do things than what you are currently doing. Maybe a tweek in a formula or even the spreadsheet layout.
Both spreadsheets may serve the purpose intended. But maybe one or the other, or a hybred of both will serve the purpose even better. Sometimes a different perspective is a good idea and an improvement.
I use Excel 100's of times a day. But, I find talking with other users sometimes is helpful to myself or the other user. Everyone can improve. >>
If you use excel 100's of times a day then you know how unforgiving a mistake can be and how the whole sheet can be made worthless if you don't know how to correctly back out of the mistake. Easiest way for a newbie to recover from a mistake is to exit without saving and re-enter data that didn't get saved. And, if you don't know how to work with formulas then you are missing the best feature of excel. As I said, if you don't know how to create an excel spreadsheet chances are you won't be successful in keeping it accurately update. Your business spreadsheet should not be a learning tool. Learn first, then apply.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Do you account for your 90% silver, 40% silver and .999 silver separately or do you convert the 90% & 40% to troy ounces and combine it with the .999%? >>
Try to avoid any converting and enter your inventory by its description keeping different types of items seperate. If you buy a bunch of stuff, say at an estate sale for one price, break the total price down fairly. Since one of the purposes in keeping a spreadsheet is to aid in your tax return, I find it best to make each item it's own inventory entry with it's own cost and its own purchase date. You can enter inventory line items any way you choose along with the cost and even break them down into separate line items later just by adjusting the cost of each. For example, if I buy a box of ASEs for $25K, I make it a single line item. If i decide later to break it up and sell tubes, I can change that single line item into 25 line items of single tubes for $1k each all with the same original purchase date. If I decide to break open one of the tubes and sell individual coins I can turn that line item into 20 separate line items.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey