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Degiro reports are a fecking mess - WARNING

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  • 03-05-2024 6:54pm
    #1
    TabbyLongTails
    Registered Users Posts: 42 ✭


    Thought I’d post this here to warn people about Degiro. I’ve always been a big fan of them, but I’ve just discovered a huge bug in their system that can cost you a fortune (and I nearly got caught out by it). Their annual statements that calculates total gains and losses simply doesn’t work if any of the shares you own had a stock split, eg. You used to have 1 share at €10, but now you will have 2 at €5 each.

    Their calculations simply pretends you sold all your old shares, and then bought the “new ones”. The problem with this is now you’ve a capita gain on the “sold” shares WHICH NEVER ACTUALLY GOT SOLD.

    I’m not the only one to notice this either -

    https://www.reddit.com/r/DEGIRO/s/uTn90LTHBv


    I then thought “since I can’t trust the annual statement, I’ll have to do it manually with their transaction based statements” but even the transaction statements are a mess. They don’t mention whether it’s a buy, sell, split etc. Some have orderIds, some don’t. There’s no rhyme or reason to this. Some transaction amounts are 0 when they really shouldn’t be etc.


    So my question is, how the hell do I report accurately what my gains are :(



Comments

  • Options
    #2
    Allinall
    Registered Users Posts: 6,582 ✭✭✭Allinall


    Surely you have a record of your own transactions?



  • Options
    #3
    TabbyLongTails
    Registered Users Posts: 42 ✭TabbyLongTails


    https://www.boards.ie/discussion/comment/122094954#Comment_122094954

    Why? I’m using a broker, I’d at least expect that they have a record of my buys and sells that are correct



  • Options
    #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,066 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/122094958#Comment_122094958

    Because everyone makes mistakes and you are responsible for your financial affairs. And if you can't demonstrate what you did then don't expect much sympathy if you have to make a claim. I'm not sure what I did, I don't have any record of it, but trust me will not fly.



  • Options
    #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,066 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/2058350163/degiro-reports-are-a-fecking-mess-warning

    The legal situation is that the old shares are withdrawn and can no longer be traded and two new shares are issued. That is a legal fact that has to be reflected in the accounts.

    The accounting entries should be the same as a sale and a new purchase, but should be described as a corporation action not a disposal for tax purpose and the unit cost of the new shares should be half the unit cost of the previous shares and possibly some additional fees (not common), is that not the case?

    BTW, the Reddit article is not relevant because it deals with an ETF accounted for under French law.



  • Options
    #6
    daheff
    Registered Users Posts: 5,847 ✭✭✭daheff


    i've said this for a while that DeGiro statements are not accurate. they do not take account of FX fees involved in any non EUR denominated buy/sell. So it over-states your profits. Also some extra fees/taxes (eg stamp duty for UK isn't included either).

    I've flagged it to them and their answer was to go through the individual statements yourself. its painful.



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