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

7 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.

2 Likes

Second this

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.

2 Likes

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

1 Like

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.

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.

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.

7 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!