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Importing Broker’s Ledger for F&O transactions

edited November 2014 in Accounting
Q:
I trade in F&O segment. How can I import my broker’s ledger into MProfit?
A:
The broker credits and debits the daily MTM profit/loss, daily margin amount as well as various charges to your account. This makes broker’s ledger very complex and difficult to reconcile.

In MProfit, we have a very simpler way of computing F&O profit/loss. It is calculated based on first buy/sell contract and squaring of the same contract before the expiry date. We don’t take into account the daily mark to market profit/loss. If you link MProfit F&O to your accounting, it will post only final profit/loss in broker’s ledger, one entry at the time of squaring off.

Due to this, you cannot link F&O in Accounts and at the same time import broker’s ledger in MProfit. You can do either one of the processes.

Most of the customers who trade in F&O segment understand this and have asked to provide functionality to import entire broker’ ledger into MProfit so that they can maintain their books of accounts as per broker’s ledger. 

So if you are an F&O trader and wish to import your broker’s ledger, we advise delink F&O from MProfit accounts and import broker’s ledger. MProfit F&O module should be helpful in tracking your daily F&O trading activities, open positions, realised and unrealised profit/loss, brokerage, STT and other charges reports.

If you don't see your broker's name in ledger import list, send the ledger Excel or PDF statement (excel format is preferred) to support@mprofit.in and our technical team will include this broker in our list.


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