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Author Topic:   update cost basis of sold stock in prior year
fn user
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posted 08-22-2001 01:23 PM     Click Here to See the Profile for fn user     Edit/Delete Message
How do I update cost basis in prior year and have current year show the correct cost basis on a sold stock position?

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Pamela
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posted 08-22-2001 01:27 PM     Click Here to See the Profile for Pamela   Click Here to Email Pamela     Edit/Delete Message
First delete the current year sale.

Then go to prior year and make your correction to cost basis. There are several ways to do this depending on what the original problem was.

Once the cost basis in prior year is correct, update the starting balances in the current year.

Verify that your a/l screen shows the correct cost basis.

Repost the sale of that stock in order to reflect the new, correct gain/loss.

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