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How to tally F&O, Currency & Commodities trans. in MProfit with broker's ledger ?

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  • How to tally F&O, Currency & Commodities trans. in MProfit with broker's ledger ?

    It is very easy to maintain your F&O, Currency and Commodities trades in MProfit. However you need to follow the simple process as explained below. The most important part in MProfit is to make sure that your data is accurately imported in MProfit. The rest is done by MProfit and you will benefit from the most powerful reporting of MProfit.
    Here is the process to be followed for F&O, Currency and Commodities transactions:
    • Import your daily contract notes or back-office files received from your broker. Please make sure that the import is accurate. If you find any error in the import process, send the same file to support@mprofit.in so that we can update the import template. You can always use UNDO import button to reverse the last import if you find any errors. This step is the most important. Without accurate data import, you will not get correct reports.
    • Use Mark to Market process in MProfit on a daily, weekly or monthly basis. To know more, click here
    • Reconcile the profit/loss or leger in MProfit with broker’s ledger on a monthly basis. If there are any additional charges collected by brokers, which are not part of your contract notes, you will have to pass manual JVs as per the debit notes received from your brokers. Once you do that, MProfit ledger and broker’s ledger should tally.
    • Never import the same file again. Though, MProfit detects duplicate records if the exact same data is imported, but it is strongly advised not to import the same file again. Import file period wise, weekly or monthly in order to avoid any duplicate records.
    • Take regular backups on a pen-drive or on cloud. MProfit saves backup with date stamp, so you can always go back to the previous date if required.
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