Many thanks @mwse for posting up your setup. That’s very helpful. I may have to spend time looking into this. (have plenty of time as I’m based in Auckland and we are in an intense lockdown, hardly being able to leave the house…).
Just wanting to clarify a couple of things about your set up -
so from what you are saying your forex is not a problem for the fx cash accounts because sharesight is sending through the AUD amounts to your xero cashbook. Do you only have the xero basic cashbook that is offered via sharesight plans or do you have one that caters for fx?
I did read up the original set up instructions on the sharesight help area but hadn’t actually linked everything up to xero. I wasn’t keen on paying that high monthly fee for xero with fx functionality.
I did get xero up and running but it needs fine tuning. I didn’t realise you could set up several xero organisations and link them to your various portfolios.
Also I’ve got brokerage accounts outside of NZ that pay reinvested dividends and some holdings with cash dividends in other currencies. Do you know how that would work with the sharesight/xero integration if you only have the basic xero plan via sharesight? Someone did mention to me once that maybe all your dividends, both local and fx, could be synched to one clearing account in xero, but then would have to be cleared out regularly by way of converting all the foreign dividends, which is kind of a clunky solution and would be time consuming.
I get what you mean with revaluing the portfolios monthly via journal. That was the easiest thing I figured out!!
It’s a pity that this forum doesn’t allow private messaging as there’s a lot of detail that I’m missing. I was having enough trouble just getting one of my credit cards with kiwibank to download to xero🤪.
Anyway sounds like it’s running well for you.
I just was wondering whether you were able to do the sharing of sharesight accounts with one paid account and the rest the free plans and also whether you were able to do with xero/sharesight integration without having to buy the xero plan with fx, which I find expensive.
It would be great if sharesight could put some work into this and tutorials to get their integration with xero working well, including for people with multiple foreign brokerage accounts.
There’s a real lack of personal finance packages available out there that have the fx, investment and good custom reporting capabilities. I’ve looked at everything out there and still continue to use quicken until I can get off that to something works ok and gives me the reports I need. What would be great, I think is if xero could have a function where your net worth was on the dashboard and being constantly updated as you add transactions. Maybe that is possible and I’m just not aware of how to do this. It seems to be geared up to small business and bank account and debtor reporting.
Anyway some stuff for me to work on. Thanks again for sharing your setups. cheers