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LOFO - The Lowest Cost, First Out method sells the lowest cost assets before others. When choosing this method, if you acquired assets throughout the year at various amounts, your tax obligation may be higher when you dispose of the assets. Over time, as you dispose of the lowest-cost assets, taxes will be owed on the higher values assets.
*We recommend consulting your accountant before changing your accounting strategy*
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IMPORTANT: PLEASE NOTE:
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Video Walkthrough:
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Step-by-step:
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From the main portfolio screen, click +New Ledger and choose the appropriate source.
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NOTE: Depending on the source |
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selected, you may see an option that says: “Automatically import transaction data using the most common options.” If you see this option and would like to change your Accounting Strategy, this box must be un-checked in order for the advanced settings mentioned in step two to be selected. |
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On the next screen (on the right hand side) activate the switch that says "Advanced Settings" (Switch will turn green).
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Once the switch is green, the advanced accounting strategy settings will appear. Select your preferred methodology.
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