Capital Gains Tax Calculations

[Harrison_Byrne]

Hi Everyone!

I'm interested in automating my process in calculating capital gains tax for clients filing corporation tax returns. 

Clients generally provide me with bank statements, resulting in significant manual labour for me to go through each transaction, identifying exchange rates and ensuring my calculations are correct for each deposit and withdrawal. It is very time-consuming and often results in human error, particularly in tracking each deposit separately, apportioning withdrawals, applying the correct CGT on gains and ensuring it is in line with the correct currency fluctuations. 

Any help/workflow advice is much appreciated!

Thanks, 

Harrison 

[FláviaB]

Hi @Harrison_Byrne. I just came across your post, and I am moving it to the Designer Desktop Discussion board for more visibility. 

[nagakavyasri]

@Harrison_Byrne I guess the bank statements shared by clients would be in PDF format. If the input files are in PDF format, you will need Alteryx Intelligence suite to read the PDF files.

By using combination of Image Input, Image template and Image to text tools we can fetch the required exchange rates, invoice numbers, invoice dates etc. 

Could you mention what is the file format of the statement files.

[Harrison_Byrne]

Thank you Flávia, much appreciated

[Harrison_Byrne]

@nagakavyasri 

The input file for the workflow will generally be in excel format however, yes - most bank statements will come in pdf format. 

It will be up to us or potentially the client to provide them in excel - depending on the amount of transactions

[apathetichell]

assuming you aren't dealing with transactions of unknown holding periods (looking at you partnership units)--- this should be relatively straightforward if you have a standardize inventory type (fifo/lifo) -> you'd just match your security/purchase date to sale date, bin as short term/long term -> and sum and apply the speciifc reates. you'd probably create some logic for wash sales. 

I imagine that depdening upon the state/types of securities/etc there is considerably more nuance because TAX - assuming you have excel/and a roster of transactions -> where is your hiccup? ticker symbol (or equivalent) should be your primary key here.you can use running total to build balances.