Transaction Manager

To get to this screen, click the fifth button from the left in the upper toolbar.

The button has a green dollar sign on it, and the tool tip is labeled "Transaction Manager".

Once you click on the toolbar icon, you will see this window open.

Overview

The Transaction Manager provides a quick and easy way to record your trades. You can create as many accounts as you wish. You can print reports, including the IRS Schedule D form.

Getting Started - Set Up An Account

The first thing to do is to set up an account. When you first open the Transaction Manager, you will see the message "You do not have any accounts set up yet. You must set up at least one account before you can add any transactions. Click Ok. The "New Account" tab will automatically be selected to add your first account.

To add a new account, you must enter at least the account name, an initial balance, a default commission rate and the average number of shares traded. The items with the asterisk (*) are required. Then click the "Save" button. This closes the New Account window, and allows you to start entering transactions for this account.

Creating Additional Accounts

If you want to create additional accounts, just click the New Account tab. Each time you create an account and fill in the required info, be sure to click "Save". If you have multiple accounts, be sure to click and check the Default Account box for the account that you want as your default account.

Editing Accounts

If you want to edit an account, select the account name in the drop down box under the word "Account" in the top left corner. Clicking the command button "Edit Account" will open the window at the bottom with the account information. Make any changes you wish, and click save when you are done. You can cancel at anytime without saving any changes.

Deleting Accounts

To delete an account, select the account name in the drop down box under the word "Account" in the top left corner. Click the command button "Delete Account", and then click yes to confirm that you want to delete the account. The account will then be deleted.

Adding a Transaction

There are two ways to enter transactions in Best Choice, in the Transaction Manager, and also in the short term chart area. We will go through how to enter transactions in the Transaction Manager here. To learn about entering transactions in the short term chart area of Best Choice, click here.

3 Different Types of Transactions

There are three different types of transactions we have found that the average user will need to be able to input into the Transaction Manager.

Stock Transaction - You will use this type of transaction to enter all of your stock trades.

Add Funds To Account - If you decide to add funds to your account at any time after you initially open your account, you can use this transaction. This also acts as a credit to your account.

Expense Transaction - This type of transaction acts as a debit to your account. You can use this type of transaction for any type of expenses, such as additional commission amounts, or other type of charges by your broker. Since this acts as a debit transaction, you use this also when you withdrawl funds from your account.

To add a new transaction in the Transaction Manager, click the New Transaction tab in the lower window.

What type of data you need to enter will depend on the type of transaction you select. To select the type of transaction you want, click on the drop down box on the upper left side of the window. We have currently selected a Stock Transaction. You can see the different boxes of information you will need to enter below the drop down box.

Normally the first thing to select is whether or not you are buying or selling on this transaction. That is what is highlighted first. Notice that this bypasses the Tran#, or transaction number. Normally this will be automatically incremented for you. On your first transaction, if you wish to start this number with a higher number, or a number that matches your brokers transaction number, you may do so.

The rest of the information should be self explanatory. You will then enter the # of shares on this transaction, the Symbol of the stock, and the date of the transaction. Hit the tab key on your keyboard to continue to each entry. After this, enter the price you were filled. You will notice a Stop Price next. Use this if you are using the Best Choice Short Term Swing Trading Method. Some times you may enter a stop order with your broker that our system gave you, and this may differ than the price you were actually filled. If you are not using the Best Choice Short Term Swing Trading Method, just hit tab, and these numbers will automatically be the same. Finish the transaction by entering the commission, and click the Save button. The lower window will close, and you will see the new transaction in the spreadsheet above.

To add funds to the account, select "Add Funds To Account" from the drop down box in the upper left corner of the window. There are only three things to enter. The date, the transaction number (which you really don't need to change), and the amount you are adding to the account. Once you are done, click the save button. The lower window will close, and you will see the new transaction in the spreadsheet above.

To record expenses or withdrawl funds from the account, select "Expense Transaction" from the drop down box in the upper left corner of the window. There are only three things to enter. The date, the transaction number (don't need to change), and the amount you are adding to the account. Once you are done, click the Save button. The lower window will close, and you will see the new transaction in the spreadsheet above.

You can always add a new transaction simply by clicking on the New Transaction tab on the bottom window below the spreadsheet.

Deleting All Transactions

If for any reason you want to delete all of your current transactions, and start over, there is a command button on the right side of the Transaction Manager labeled "Delete All Transactions". Click on this button, and then click Yes to verify that you want to delete all transactions.

A Word on the Transaction Manager

Before we get into deleting, closing and editing transactions, it is important to understand how the transaction manager handles different types of transactions. When you initially enter a position, it is said that you are "opening" the position, regardless of whether you buy or sell first. Then, to get out of the position, you would do the opposite of what you did to enter the position. You would then be "Closing" the position. For example, if you originally "opened" the position by buying the stock, then to "close" the position, you would sell it.

This may seem elementary, but it is important to understand how the transaction manager looks at and handles open and closed transactions. The transaction manager handles transactions much like the accounting program Quicken. As long as a position is "open", meaning you haven't closed it yet, then you can edit it to your hearts desire. If you made a mistake on the number of shares, or the price you were filled, you can change the transaction. But once you close the transaction, you will not be able to edit it. If you need to make any changes, you will need to delete both the open transaction and the close transaction and re-enter both entries.

Also, the Transaction Manager handles transactions on what is called a double entry ledger system. What this means in laymans terms is that each stock purchase or sale is a separate transaction. When you open a position, that is one entry, and it will be listed in the spreadsheet on a separate line from the entry that you closed the position. So even though it might be one trade, it will be two entries, one entry to open the position, and one entry to close the position.

Quick Close

Once you have entered a transaction for a stock trade, we have created an easy way to close the transaction (sell if you initially bought the stock, or buy to close a short position). Click on the entry in the spreadsheet that is currently open, but you want to enter the close position. Notice that when you click on any entery that is still open, you will see new command buttons become visible on the right side of the spreadsheet.

Once you have clicked on the entry you want to close, click the "Quick Close" command button on the right side of the spreadsheet. This will open the New Transaction window at the bottom. Notice that everything has pretty much been entered for you. The symbol, number of shares, the type of transaction (buy or sell - the opposite of your original position), commission, and the transaction number. The transaction number should match your original open entry. All you have to do is enter the filled price and the date. This makes it much faster than you having to enter everything yourself. Just click the save button when you have everything the way you want, and your new closed position will be in the spreadsheet above.

Adjusting for a Stock Split

There will be times when a stock that you are currently in will split. When this happens, click on the open position in the spreadsheet. This will highlight the entry. Now click the "Split Trans" command button on the right side of the spreadsheet. When the Calculate Splits window opens, select the split for this stock in the list. If you don't see the split for your stock, you can click Other and specify the split. Once you have selected the proper split, click the Calculate command button.

This will now show you your original transaction, plus your new position based upon the split. Clicking on Save Split will automatically update your position in the spreadsheet.

Deleting a Transaction

To delete either an open or closed transaction, simply click on the transaction you wish to delete, and then click on the "Delete" command button on the right of the spreadsheet. Confirm that you want to delete the transaction by clicking Yes in the next message window that pops up. Your transaction is now deleted.

Edit a Transaction

In the case that you might need to make a change to an entry you had created previously, highlight the entry by clicking on it in the spreadsheet. Then click the "Edit Trans" button on the right side of the transaction. This will pull up the original transaction in the window below the spreadsheet. You can make any changes you wish, and when you are done, click the Save command button. This will update the entry in the spreadsheet. Please remember that you can only edit transactions that are still open. If you need to make a change to a closed transaction, you will need to delete it and re-enter the transaction.

Different Views in the Spreadsheet

There are a few different views available in the spreadsheet. The default view is to show all transactions, which you can see in the drop down box below the Account drop down box in the top left corner. By clicking this drop down box, you can also view only open transactions or only closed transactions by selecting the appropriate item in the list.

You can also specify which range of dates you want to view by clicking on the appropriate calendar drop down box in the upper right side of the Transaction Manager above the spreadsheet. To view all transactions for all dates, click the All command button.

Printing Reports

If you wish to print the transactions that are in the current view of the spreadsheet, click on the Print drop down box in the upper right corner of the Transaction Manager, and select "Current View". After this, click on the "Print " command button. This will print all the transactions currently in the spreadsheet. If you only wish to view closed positions in the last six months, select the appropriate dates and view type first so that the positions that you want to print are currently showing in the spreadsheet before you click the "Print" command button.

If you want to print a IRS Schedule D form for your trades for a particular year, be sure to select Jan 1st of the year for the first date, and Dec 31st of the same year. Then select "IRS Schedule D" in the print drop down box, and click the "Print" command button in the top right corner of the Transaction Manager.

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