If you're okay with not knowing your historical contributions and earnings,
then I'd enter the opening balances like I did below - number of current
units with total cost basis equal to current market value.
I started tracking everything starting from July 1, 2024, and while I'd
love to know my historical numbers, I'm not about to go through years and
years of previous statements - some of which I probably couldn't find.
This will at least allow me to track the growth of these units from that
date forward.
2024-06-30 * "Opening balance"
Assets:401k:Voya-Match
36.54 SWPPX {{3,078.98 USD}}
Assets:401k:Voya-Match
2.57 VIMAX {{769.75 USD}}
Assets:401k:Voya-Match-Safe-Harbor
114.44 SWPPX {{9,642.39 USD}}
Assets:401k:Voya-Match-Safe-Harbor
8.04 VIMAX {{2,410.60 USD}}
Assets:401k:Voya-Rollover
2,591.53 SWPPX {{218,362.55 USD}}
Assets:401k:Voya-Rollover
182.05 VIMAX {{54,590.64 USD}}
Assets:401k-Roth:Voya-Roth
613.96 SWPPX {{51,732.58 USD}}
Assets:401k-Roth:Voya-Roth
43.13 VIMAX {{12,933.15 USD}}
Equity:Retained-Earnings
-353,520.64 USD
On Thursday, October 24, 2024 at 3:53:00 PM UTC-5 [email protected] wrote:
> I suppose if you record the purchase price then the entry put into
> Equity:Opening-Balances would be 20,000 USD instead of 100 VTI (assuming
> VTI price is 200 USD). I doubt that matters to you.
>
> I can imagine some bookkeeping differences when you go to sell. Vagaries
> of how to record gains/losses and whatnot*. If you have the price info
> now, you should include it so that you don't have to try to track it down
> years from now. Easier to remove it at a later date.
>
> I recommend reading this section
> <https://beancount.github.io/docs/how_inventories_work.html>.
>
> (I admit a little confusion at how you have pricing information for
> "initial balances" when to me that term implies something like, "I choose
> to ignore the details of how past transactions got me to where I am, and
> just start with the current balances." Maybe you have an average price or
> something.)
>
> *Although for 401(k) and IRA accounts you don't care much about various
> lots or the price at purchase.
>
> - Traditional-type: you didn't pay any taxes up front and pay the same
> tax rate on all withdrawals whether they are from contributions or growth.
> - Roth-type: you paid taxes up front and pay no taxes on all
> withdrawals whether they are from contributions or growth.
>
> On 2024-10-24 3:24 pm, Jason Crews (the1gofer) wrote:
>
> Thanks. Will it cuase issues in the future if i do record the purchase
> price?
>
> On Thursday, October 24, 2024 at 12:49:44 PM UTC-7 [email protected] wrote:
>
> What are you looking for beyond something like what you would find here
> <https://beancount.github.io/docs/getting_started_with_beancount.html>?
>
> Modified example:
>
>
> 2014-01-01 open Assets:IRA
> 2014-01-01 open Equity:Opening-Balances
> 2014-01-02 * "Deposit"
> Assets:IRA 100.00 VTI
> Equity:Opening-Balances
>
> On 2024-10-23 5:14 pm, Jason Crews (the1gofer) wrote:
>
> What is the best way to record the initial balances investment accounts
> such as 401k's and IRA's?
>
> I know how many shares I am holding, but it's difficult to determine how
> much cash I've put in vs growth over the years. I don't want to track the
> market value, so I'm not sure how to proceed.
>
>
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