I am finding the process of matching T5008 and AFR very frustrating, especially when you have a client with 256 T5008s.
In particular, I must be missing something in the process of using the check boxes on the right hand panel. How does one reset and ungroup those without having to go through all 256 slips? Example is you click do not import all 256, it then groups them all to do not import. Now I want to select some slips to go to a particular existing slip in TaxCycle… but all of the slips want to go there too, because they are grouped.
Closing the window and reopening AFR, resets everything - including all the T4s, T5s, T3s, etc. - if an import hasn’t been done. I just want to be able to restart a particular group of slips from scratch, not all of them.
It would also be helpful if the security name instead of the issuer showed up next to the check boxes on the T5008s. It is very hard to know what you are grouping when they all say CIBC World Markets.
I am a big fan of AFR, however, I try to limit the number of T5008 slips that I will import via AFR to about 30. Although the AFR system will import likely thousands of T5008 slips, I don’t know it would be terribly efficient. I find that annual trading summaries are better for the high volume traders… almost like punching in a T4 slip is easier than reconciling 52 pay stubs.
If a client of mine, or his broker is day trading then I tend to shift the onus onto the broker or the client to spend some of their own time working on it. If they are smart enough to be day trading they should be smart enough to be able to keep proper, accurate, and summarized records.
I don’t envy you matthew having to sort through 256 T5008 slips at this time of year.
I agree and we generally do use the brokers statements. I usually use the proceeds or/or the units sold as a control number, but when they don’t match, I feel compelled to find out what was added or is missing. And that was what I was doing today.
The checkbox system looks really great when being demonstrated, but everyone in our office has had difficulties making it work. As a result even on T3s and T5s we go back to the system we used last year of just grouping them on the left side.
Basically, there is usually too much data and you can not easily see the subtotals of each slip you are trying to reconcile.
You almost need a T3 and T5008 WS that would list the items and then allow use to link to slips etc without having to start over all the time. If we run AFR again, it would only add new slips and not change what we already did.
Also by having a worksheet that we could print, it would come in handy dealing with matching later on.