Cash Accounts - select per trade

• What feature do you want to see in Sharesight?
Ability to select which cash account to use when adding a trade. I hold both GBP and USD cash in each portfolio - and I can’t force the trade to use one cash account or the other at the time of entering the trade. The only option is to use the default cash account setting on the portfolio - which is not suitable for multiple cash accounts. So if a portfolio is set to use a USD cash account, but I trade in GBP stocks then it creates the cash entry against the wrong cash account - and vice versa. I’d like the ability to override which cash account to use per trade and not use the portfolio default.

• Why do you want it?
So I can automatically update my cash accounts when I trade either GBP or USD stocks in a portfolio.

• How is this affecting you?
I can’t use “cash accounts” effectively. I hold both USD and GBP in my cash accounts in most of my broker accounts. I have a one to one mapping between my portfolios and my broker accounts. So each portfolio needs to have both a GBP and USD cash account. The “trades cash account” and “payout cash account” settings on a portfolio forces my trades to create a deposit/withdrawl in one account only - which might not be the currency I traded in.

• Do you currently have a workaround solution? If yes, what is it?
I’ve turned off the “trades cash account” and “payout cash account” feature and instead I manually add/remove cash to the appropriate GBP or USD cash account (sometimes I forget!)

• Can we reach out in future to ask follow up questions about this idea?
Yes

12 Likes

I had the same challenge. I had a Cash Account at Binance (Crypto) and Cash account with ASX Stock Broker etc. I had the portfolio set to use one of the cash account as default and it messed everything up. I think configuring assets to cash accounts would be best, like how custom groups is done, ie just drag each asset under a corresponding cash account.

4 Likes

Second this

3 Likes

Yes I agree. It would be good to have a default Bank account per portfolio though and then the ability to change it on each transaction.

Also good would be to have a default account for dividends by portfolio and have these come in automatically.

4 Likes

Completely agree. Also, there is no ability to bulk upload cash transactions.

2 Likes

I agree … I’m also using the Xero sync and it completely ruins that. I’m still trying to work out how to clean up the mess.

1 Like

I’d like this too. I have one Sharesight portfolio containing my US brokerage trades across two (supported) brokerages; I’d like to be able to see the cash balance at each brokerage, so being able to select the cash account per trade (or link it to a label/custom group!) would be SUPER.

1 Like

Agree: +1 from me too

I come across this whenever I trade away from my normal broker - which happens with any off-market transaction (especially OTC/private transactions).

Whenever I do a non-standard trade, my process is:

  1. Go into integrations, Xero settings, edit settings
  2. scroll to the bottom and ‘Select Bank Account for Trades’ I will be trading against
  3. Adjust the synchronisation options if needed (I usually switch off trade date adjustment)
  4. Post the trade
  5. Go back into setting and revert everything back to the my normal settings

Works well for me - although having the trade bank ac at the trade screen would make it a bit easier

Thank you so much for the valuable feedback everyone. I’m pleased to confirm that this is in our roadmap and we will share an update on timelines when we can.

8 Likes

Same need.
All my portfolios have dual currencies, USD & CAD.

Is this likely to be implemented within the next month or so? Or will I need to do it manually for this tax season?

FYI - just realised that of you have a ‘starter’ or above subscription in Xero SS posts transactions as invoices rather than bank transactions (which all go to a pre-specified ac) so you can match the invoice to the correct account in Xero

Jess,

I have mentioned this before, but the all the options for Cash Elements of a portfolio really need to be available in the Investor Plan … Otherwise it is Shareshight + Excel, which detracts from the value proposition for Shareshight

Great to see that his finally got some traction with Sharesight - I first asked for it in 2015…

I have a cash account for:

  • trades with Commsec
  • margin loans trades (also Commsec but settled into the margin account)
  • my fixed interest broker
  • 3 separate accounts with Interactive Brokers (used for offshore stock purchases - one for USD, HKD and Euro)

I’m constantly having to change the default cash account before I enter or confirm any transactions in Sharesight and I spend too much time correcting transactions in Xero as a result of Sharesight’s shortcomings.

Annoyingly, when I first suggested this, the response from Sharesight was there was no customer benefit in them providing this functionality. Grrrrrr!

I am currently investing and trading in both AUS and US markets, which involves the mentioned cash account problems too. It will be great if this update is not forgotten and still on its way.

Similar problem here with USD and CDN. Is there any updates or ETA from Sharesight on this feature. From a programming perspective it would appear to be a simple flag to redirect into the appropriate cash account database.

2 Likes

Same issue here - would be great if a fix could be implemented.

2 Likes

any update?

Wow, I just signed up (monthly thankfully) - I hold equities in multiple currencies (GBP, SEK, USD, HKD, EURO, JPY) and just discovered the same issue everyone is talking about. How is it not possible to choose which currency account to deduct the cash from for each purchase?! Ridiculous! Just wasted time and money

I trade both US and AU equities via the Selfwealth platform. Trades from my AU portfolio use the built in AUD Cash Account, likewise, trades from my US portfolio use the built it USD Cash Account. Sharesight assumes that I can only have one cash account for both US and AU trades which is incorrect, they are two separate accounts with two separate currencies. This only allows me to apply one currency to these trades (AUD) and then Sharesight applies a currency conversion (USD) for the US market, when no such conversion took place at that time.

As such the values for the Sharesight cash account are useless and meaningless.

Sharesight have acknowledged the problem in a previous post back in July 2021 @Jessinv_Sharesight advising they will be implementing a fix however this was several months ago.

I would recommend anyone trading both US and AU equities via the Selfwealth platform to avoid signing up for Sharesight until such time as this problem has been rectified. After all, what you are paying for is smooth automation and the cash accounts mess is anything but smooth at the moment, it is in fact broken.

Sharesight, when can we expect this fix to be implemented?

1 Like