Interactive Brokers

I have a client who is using Interactive Brokers for dealing on overseas shares and cryptocurrency. It appears that BGL does not support IB data feeds in their wraps and platforms.
To read and understand the IB reports is a nightmare.
How are other people processing clients with investments in IB?

The Interactive Brokers reports were certainly a challenge to understand, and the way the reports are structured… definately needs a lot of improvement though they are not impossible to understand.

Couple of tips to understanding the reports:

On the first page of the Activity Summary, ignore the following figures - they are just a revaluation account,

  1. Mark-to-Market
  2. Change in Dividend Accruals
  3. Change in Interest Accruals
  4. Other FX Translations

It’s best to scroll down and look at the individual reports on interest, dividends, trading reports, etc - you reconcile it just like any Wrap account report really.

You will be able to reconcile with the Net Asset Value figures after inputting those figures.

Hope that helps.

Hi. I too have a client who has started using Interactive Brokers and im at a loss as to how to enter this information into BGL.

Is there a detailed cash account report by any chance, something similar to a wrap cash account? I have a Cash Report included in the Activity Statement Report, but it is only a summary

What reports are people using to enter the information into BGL? I have any Activity Statement Report (30 pages). Is there other reports that i need to enter information in?

Thanks in Advance

The Activity Statement Report should have all the information you need.

It takes time to understand how the report is structured.

I think we should all go and complain to Interactive Brokers about improving their tax reports - we have to rely on there reports & data.

Thanks JYSUPER.

I have finally got my head around the reports, its just trying to get the information into BGL now. Looks like the reports can be downloaded IB as CSV so that might help get most of it into BGL without me entering it manually. There is a hell of a lot of transactions to enter.

Let me know how you go, processing the CSV file was a lot more confusing for me.

On of the problems I have IB is that they will not supply an audit report like other platforms do. I have asked many time doe an auditor opinion and the requests are ignored. How do we know whether these very confusing poorly structured reports are correct.

I agree with you 100% Trev.

Just before i start entering, do you enter the underlying asset transactions individually? or can i setup this investment with one investment and journal in the different components from the summary on the activity statement page. This would save a huge amount of time.

Set it up just like how you take up Wrap managed fund accounts.

Thanks JYSUPER, Just one other quick question. how do i take up the realized profits and losses. is this on a revenue account? as there is no way of quickly knowing what is discounted or other gains?

TIA

This article should help you out.

Use the 23800/ account to input the CGT, it is right at the bottom of the screen.

Thank you so much JYSUPER

I took a long time to understand these reports from Interactive Brokers, hope this helps out others as well.