General Questions
About This FAQ ?
The purpose of this FAQ to present some tips and advice on how to set up the program in order to extract the maximum benefit without spending a lot of time trying to learn the details of the program. These tips can be used to supplement the instructions included in the SIMPLY TRACK software.
What is Simply Track (ST) ?
SIMPLY TRACK (ST) is a powerful and robust program that is very helpful in developing the information needed to complete the Sch D for multiple stock transactions which may or may not include wash sales. Simply Track performs portfolio tracking, Cost basis calculations and Schedule D generation. Simply track imports/downloads your stocks, options and mutual fund data and performs trade matching and generates capital gains and losses reports for Tax filing.
Who should use SIMPLY TRACK (ST)?
his program is most useful to those investors who execute multiple stock transactions throughout the year which may or may not involve wash sales calculations. This type of calculation is very complex and time consuming. One of customer said this "I discovered that the program offered by Scottrade was not accurately analyzing and properly segregating transactions for long term and short term gains when wash sales were involved. "
What format does ST deliver to me so that I can properly complete my federal taxes with a Sch D?
ST allows for the preparation and printing of numerous reports based on its analysis. See the report section of the program for the complete listing of all available reports. Most importantly, it can generate a report in “txf” format which then can be imported directly into a number of commercial tax preparation software packages including TURBOTAX and H & R Block. As a tax preparer, you will not have to record each transaction line by line on your Sch D. You will only need to import the txf file generated by ST.
How do I get started?
Getting Trades into Simply Track tool is called importing, Check out our import sections how you can import from various brokerage forms. ST gives the user the opportunity to import data directly into ST from the major broker accounts via pull down menus. ST also allows the user to import data directly from an excel type spreadsheet. The first thing a user must do is to determine what data source he will use to import into ST. There are pro's and con's for each option. If all of your stock transactions have always been with the same stock broker (meaning you have never changed broker accounts) and your broker provides more than 12 months of data (such as scottrade, Ameritrade ,Schwab ) you should probably just import the broker account data directly into ST.
For some brokers ( Fidelity, Etrade etc) it is better to export the broker transaction analysis into a spreadsheet format and then import that spreadsheet into ST.
If I want to use my own spreadsheet to import into ST, what do I do first?
You can either create your own spreadsheet in which you keep track of sales and purchases of stocks/options or you can export from your broker account all of your transaction data into a spreadsheet format. Most customers prefer this method since it preserves all your transaction information directly from your broker information including dates, dollars and fees. You may say, “Why don't I simply import the data directly into ST from the broker”. In my case, borkers such as fidelity,etrade provides onlylast 90 days of trades Or if you changed brokers in previous tax years and transferred existing stocks into the new broker account direct download won't provide all the info.
Can I import trades directly from my broker?
Simply Track supports two types of imports. 1. Online Import 2. File Import. During online import you can import trades directly from brokerage firm with the same users and password. Simply Track securely downloads your trades and performs trade matching. However some brokers only provides last 90 days of trading data,
causes a problem when trying to match sales of stocks to acquisition of stocks in determining the cost basis
. We recommed using File Import method.
My download works but I am not seeing all trades?
Some brokers only provides last 90 days. If you are not seeing all trades during online import then you will have to use file import.
What if my online broker not in the list of supported brokers?
You will have to download your trade history into Excel files then use Simply Track generic File import. click here to view the instructions for generic file import.
• Where is my trade data stored in Simply Track tool, does it uses database?
No database, All trade data is stored inside tool itself in a file called Simply track Data (.STD) files. All your trades are saved automatically into STD file in the form of portfolios. Location of current STD file can be found on Simply track Title bar as shown below.
• What is portfolio?
All your trades are stored in Simply Track portfolios. All portfolios are saved in STD file.
• I have account with multiple brokers; do I have to create multiple portfolios?
We recommend you create separate portfolios for each online broker. Once you import all your trades into portfolios you can combine portfolios during the report generation.
• Is there a limit on number of trades?
No limit, but you will notice performance degrading once you cross more than 10,000.
• How trades are matched during the Import?
First In First out (FIFO) method to match your buys to sells (long or
short). Simply Track (ST) Compares Trade Dates to match buys to sells or
Sells to Buy for Short Sales.
Buys/sells for the same day are matched in the order they appear in which
your input files.
• Can Simply Track supports unequal number of shares during Import, meaning I Buy 1000 shares and then I sell it in 3 different transaction with 300
shares , 200 shares and then 500 shares?
Yes, Simply Track supports unequal number of trades for both long and Short Sales.
• What are various trade types (strategies) Simply Track follows?
Simply Track follows LONG, SHORT, SOLD LONG, SOLD SHORT.
Your Trades will be mapped into one of these four strategies
Closed Long : Regular buy and sell closed trades.
Closed Short : Short sales and then covered later date.
Long : Current holdings (Long positions)
Short: Current holdings (Short positions)
Sold Long and Sold Short are closed trades. Long and Short are current holdings. During the import if Simply Track finds a buy trade first and then sell trade it matches these two trades into “SOLD LONG”. Opposite of this is “SOLD SHORT”. If it finds a buy trade and no corresponding sell trades then it assumes the trades as LONG. If it finds a sell trade and no corresponding buy trades then it assumes the trades as LONG
• During the import i noticed Short Sales but I never shorted any stock ?
Simply Track performs First In First Out trade matching, If it finds a Sell trade but no corresponding buy trade then Simply Track flags the trade as Short Sale. To fix this you must provide corresponding buy trade or Edit the trade and change the strategy to Long instead of Shot.
• During the import i noticed Short Sales but I never shorted any stock ?
Simply Track performs First In First Out trade matching, If it finds a Sell trade but no corresponding buy trade then Simply Track flags the trade as Short Sale. To fix this you must provide corresponding buy trade or Edit the trade and change the strategy to Long instead of Shot
Schedule D Sales Price total does not match with broker's 1099 Form, why ?
There are several reasons why your Schedule D Sales Price total may not match to your broker's 1099 Form. In some cases it may be valid. We recommend generating Simply Track 1099 report and compare the to your broker's provided 1099 form.
- Check short sales that were opened in the prior year and closed in the current year. If so, the sales price total for these entries is not included in your 1099 sales proceeds reported by your broker. However, IRS requires you to report these trades when realized. Make note on your Schedule D for the amount of sales price from prior short open positions for IRS. Subtract this value from your reconciliation sales proceeds.
- Check short sales opened in the current tax year but not closed in the current tax year. If so, the sales price total for these entries is included in your 1099 sales proceeds reported by your broker. This amount will not be included in the Schedule D for current tax year. Add this value to your reconciliation sales proceeds.
- Do not include Stock Options or Futures on Schedule-D. Your 1099 will not include these trades. Run a separate Schedule-D for your Stock Option trades and Futures trades.
- Do you have any securities transferred into or out of your account(s), if so, these situations need be handled
After trade matching i see lot of "short sales" , but i never shorted any trades, why is it mapping as short sales?
By default simply track assumes your trades are in ascending order by trade date.
However some brokers provide trade history sorted by descending trade date. If trades are
in descending trade date then during trade matching simply track matches some of the
LONG trades as SHORT Sales. To over come these issues follow these simple steps
in this document
Working with short sales/Same day trades
License Issues
How is Simply Track License works ?
License key is valid for one year from the data of purchase for current and all previous tax years. You will receive free upgrades during this period. After one year of use, product rolls back to trail mode and to continue to use you must purchase new license key.
Can i use same product for next Tax year ?
No, the Schedule D tax reports only works for current and all previous Tax years. you will have to renew the product for next TAX year.
I purchased the product and have not received the license key ?
Check you junk mail folder. License key is delivered the Email address provides during the purchase.
If you do not receive license key with in 30 minutes
Email us at support@vbssol.com
Technical issues/Errors
• None of the trades are imported ? I see blank screen after running import.
If you are importing Excel CSV file ( File Extension is .csv), Open the file in Excel and click on File->Save as and make sure file is Comma delimited not TAB delimited file. If you have Excel on your PC then Click on File->Save As Excel Work book. .Simply Track imports Excel file much better then comma separated CSV file.
• Import Error! No Excel App Found on PC!
If you are trying to import Excel file and Excel is not installed then you will get this error. Try save the file as .csv and try again,
• During Import “Import Error ! <Error Message>
During import Simply Track validates date, price, and quantity columns. You have Bad data in file or May be characters in price
Column.
• Error occured,,PC.pas,Continue to run or Overflow error?
This happens if you add a trade and date column is out of bound, example you entered data as 01/01/20070. Send your STD file to support@vbsssol.com and we will fix the error.
• Error in Downloading Online Trades <Error Message>.
Make sure your internet connection is up, Some time rebooting the system will fix the download issues.
• Error in Downloading Online Trades <Error Message>.
Make sure your internet connection is up, Some time rebooting the system will fix the download issues.
