I'm trying to update my investments and can't seem to find the right way
to record my stock purchases and brokerage fees. Here is the basic
situation.
Say I buy 100 shares of stock STX for $10 a share. I have to pay $100
for brokerage fees on this purchase. How should I record this in my
accounts?
I have a subaccount of assets, STX. In this account I can put the
purchase of 100 share at $10, but I haven't been able to get it to enter
my brokerage fee here. I could just enter this as an expense in my
checking account, but it seems appropriate to have it listed in the
account which contains the stock for which it was paid.
I tried adding it to the transaction as a "fee" in the multi-line
dropdown menu. Unfortunately, adding any $ here adds to the total
purchase, resulting in more shares that I actually purchased. I could
adjust the purchase price to include the brokerage fee (slightly above
the $10), but this doesn't seem to be a very elegant way of doing
things.
Any ideas? What is the proper accounting method of recording such
transactions?
Thanks,
Vann
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