Income

The Income button provides options for entering and editing income derived from your investments. Income can be in the form of interest, dividends, long, mid and short term capital gains distributions from a mutual fund or other income.

MI automatically tracks capital gains from the purchase and sale of securities. Entry of capital gains is required only for capital gains distributions from a mutual fund.

To add, edit or delete income, click the Income button then choose the source of the income (i.e., Stock, Bond, Cash Account, etc.) followed by the actual stock or account from which the income was derived. Choose a previously entered income record or click the New button to enter a new record.

On the Income screen select the type of income from the pulldown menu. Note that the default income type depends on the type of security selected (i.e., dividends for stocks and options, interest for bonds and savings, etc.). After selecting the income type, enter the date the income was received and the amount of income. Click the Save button when you have finished entering the required information.

Each time a new income record is added you will have the option to reinvest the income. If the income was derived from a savings or other asset account the program will display a dialog box asking if you want to deposit the income into the account from which it was derived. If the income was derived from a security then you will have the opportunity to reinvest it in additional shares of that security or sweep the income into a savings account.

If you edit or delete income that was previously swept into a savings account or used to purchase additional shares of a security, you must also edit or delete the corresponding transaction.