Sharesight doesn’t seem to have the ability to tag transactions against a broker, which makes it very painful to reconcile holdings if you hold an asset across multiple brokers.
Custom groups and labels don’t work as they are across all holdings - i.e. not at a transaction level.
Any solutions? Any update from Sharesight on a fix for this?
With the proliferation of trading platforms, this feature is needed. Sharesight should support competition amongst platforms by supporting their customers to trade in whichever platform(s) provide the most value.
Update - this is really about what registry or under what custodian/nominee name the shares are held. It causes all sorts of issues in the tax reporting as nominees tend to provide aggregate tax information to IRD.
Sharesight prevents adding duplicate holdings for the same stock. If this was simply enabled users could use the custom groups to tag each holding with the relevant custodian or register. Splitting a single stock into the two holdings would also enable the confirmation of dividends via each registry/custodian. In addition, this would enable easy recording if one registry is set to reinvest dividends and one nominee does not support this. Under the current set up this requires a partial reinvestment option.
A specific feature to tag holdings against a registry/custodian would additionally allow this to be utilised as a grouping in the tax reports supporting direct comparisons against information share registries/nominees supply to the IRD and via tax reporting.
Tax time again, and managing this is still a nightmare for those with holdings of selected stocks across multiple registers/nominees.
There’s no indication that ShareSight are working on this - I’d prefer them to come out explicitly and state that this feature will not be implemented. I suspect there are concerns that users could downgrade their subscription and pool all of their portfolios together with this functionality. I can understand that concern but it is very frustrating as a user.
Sharesight, has this been picked up in your development pipeline?
Without it, the complexity of reconciling platform/broker tax reporting against sharesight is reporting is immensely difficult. This difficulty undermines the value of the Sharesight product for users trading through multiple platforms that have an overlap of investments.
Hi @Viper thank you for your post. We do not have this item in our current development road map unfortunately. However, this item will be evaluated by our product team for any future developments. We will post once we have more information to share.
@Lucas @Viper @Naedish
#WORKAROUND TO SOLVE
We really just need them to enable sorting of the following fields on the All Trades report
I think the fields are:
If you run the report and export to Google Drive (i.e. google spreadsheet then the comment field is exported in full so might do the job for you)
A related problem I have with holdings across multiple brokers: I have dividend reinvestment enabled for both brokers, and Sharesight’s dividend calculations are always incorrect (too high) as they merge the balances and balance brought forward which are actually calculated independently by each broker.
There’s also no way to correctly handle when dividend reinvestment is enabled for one broker but not the other.
@Tristan that’s essentially what I’m doing - manually entering the first part of the comments field to denote the platform. As @tom points out this means you have to manually create every dividend to keep track, undermining the usefulness of the tool. (this is what we were trying to get away from and pay subs to avoid).
I use two manually edited/entered dividends - one for each platform/nominee and distinguish via the comments fields as above. This allows export (as you say) and to reconcile holdings and income with platform tax reports.
If sharesight tracked holdings at nominee/broker level it’s be easy to validate that current holdings (or dividends) are correct and agree with what is reported via the platform.
Another curious thing is there is no way to enter an amount per share in a manually entered dividend??
