Shareware Grab Bag/Shareware Grab Bag.iso/005/pfroi.arc/PFROI2-1.DOC

Text File | 1987-12-06 | 43KB | 1,396 lines

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        PFROI Manual Contents

  1.0   PFROI Overview
  2.0   Distribution
  3.0   Caution
  4.0   Create Working Copy
  5.0   Exploring PFROI
        5.1   Loading PFROI
        5.2   PFROI Main Menu
        5.3   Configure System
        5.4   Loading Portfolio Data
        5.5   Account Records
        5.6   Editing Portfolio Records
              5.6.1   Transaction Edits
              5.6.2   Tax Rate Edits
              5.6.3   Position Edits
              5.6.4   Adding/Deleting Valuations
              5.6.5   Valuation Graphics
        5.7   Sorting Records
        5.8   Printing Records
        5.9   Symbol Mask
        5.10  Autotax
        5.11  Performance (ROI)
        5.12  Reports
        5.13  Saving Updates
  6.0   Using PFROI
        6.1   Return on Investment
        6.2   Defining the Portfolio
        6.3   Deposit/Withdrawal Rules
        6.4   Starting the Portfolio
        6.5   Transactions
              6.5.1   Update Frequency
              6.5.2   Transaction Codes
              6.5.3   Security Symbols
              6.5.4   Tax Lot Number
              6.5.5   Transaction Charges
              6.5.6   Manual Tax Input
        6.6   Tax Rates
        6.7   Valuations
        6.8   Special Situations
              6.8.1   IRA's/Keogh Accounts
              6.8.2   Mutual Funds
              6.8.3   Stock Options (Puts & Calls)
              6.8.4   Employee Stock Options
              6.8.5   Gifts/Inheritance
              6.8.6   Wash & Short Sale Tax Rules
              6.8.7   Exchanges of Securities
              6.8.8   Money Market Funds
              6.8.9   Zero Coupon Bonds
              6.8.10  Premium Amortization
              6.8.11  Split Shares After Sale
              6.8.12  Depreciable Assets
  7.0   Update/Order Information
  8.0   Purchase Terms & Limited Warranty
  Appendix

  Copyright (C) 1985, 1987, Techserve, inc.  All Rights Reserved.




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1.0  PFROI Overview

PFROI is the result of an effort to measure portfolio
performance in order to effectively set and meet long
range investment goals.  The classical performance
measure for single investments in industry is "return
on investment" or "ROI".  Determining ROI for a
portfolio of investments, however, is non-trivial.
Complicating factors include fluctuating dividend and
interest payments, non-uniform security growth rates,
as well as the periodic addition and/or withdrawal of
portfolio funds.  Taxes further complicate the issue.

It is no surprise that many portfolio software
packages either don't address ROI or don't compute it
correctly.  PFROI has solved this problem, however,
and computes both portfolio and individual security
ROI before and after taxes.  (The CAPTOOL version of
PFROI even computes ROI on groups of portfolios).

PFROI additionally is a complete portfolio manager,
handling all usual portfolio transactions as well as
most investment types.  PFROI permits daily portfolio
valuations and provides securities' cost bases for
monitoring of unrealized capital gains.  PFROI's tax
features also make it an excellent tax planning and
preparation tool.  We hope you find your use of PFROI
pleasant and profitable.


























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2.0  Distribution

Full function versions of PFROI, designated as
"shareware", are distributed on electronic bulletin
boards and by computer clubs.  This keeps marketing
costs low, permitting considerable cost savings to
users.  It also permits potential users to "try
before buying".

PFROI however is not "free" or "public domain"
software.  To enable the benefits offered by
shareware, users are expected to support products
they find useful by making a registration payment or
by purchasing a registered disk.  PFROI is no
different in this regard.  Use of PFROI shareware
beyond trial evaluation obligates the user to
purchase a licensed registered disk from Techserve,
inc.  Registered disks contain the latest version of
PFROI including some features excluded from the
shareware version for compactness.  Use of unregis-
tered PFROI for more than just trial evaluation
purposes is considered a violation of its copyright.

Users may alternatively wish to purchase a regis-
tered "CAPTOOL" disk, manual and license.  CAPTOOL
incorporates PFROI and provides additional features
such as batch processing, price downloading from Dow
Jones and Compuserve, and our STOCKPRO and BONDPRO
analyses modules.  CAPTOOL is more extensively
described in a "READ-ME.TXT" file accompanying this
program.  Investment professionals may also wish to
inquire about our PFPRO institutional grade
professional client and portfolio manager.  PFPRO
performs portfolio management similar to PFROI and
CAPTOOL but handles sub-accounts (cash, margin &
others), includes a trade module and generates 1099
reports as well as providing other features such as
trade allocation.

Unless otherwise specifically prohibited, you are
encouraged to pass unaltered "shareware" or "demo"
designated copies of PFROI or CAPTOOL on to others
for evaluation.  Any charges, however, must be
limited to cost of media, handling, and or communi-
cations (Users: payment of such charges to shareware
distributors is not registration and does not support
shareware development ... you must still register if
you use beyond trial stage.  Distributors who are
found to charge excessively for shareware distribu-
tion may be specifically prohibited from distribu-
tion).  Lastly if you have suggestions for improve-
ment, let us know so we can consider them for
incorporation in future versions.


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3.0  Caution

Although we think PFROI will be useful for investors,
and we do our best to minimize bugs, we cannot
underwrite everyone's investment risk.  Thus you use
and rely upon the results of PFROI at your own risk.
We suggest that you satisfy yourself with test
examples before committing to using and relying upon
the program on a regular basis.


4.0   Create Working Copy

Your PFROI disk should contain the following files:

    PFROI.COM     PFROI main prog. file
    PFROI.000     PFROI overlay file.
    PFROI.HLP     Help files.
    PFRUTIL.CHN   Utility code, accessed thru PFROI
                  (not with shareware, V3.x only)
    DEMOPF        Demo portfolio data file.
    ACCOUNTS.STD  Accounts file.

PFROI disks will also contain this manual and updates
in file(s) ending in ".DOC".  Copy all but the ".DOC"
files to your hard disk or to a working disk that
you've formatted with the "/S" option (i.e. A>format
b:/s) to put DOS boot files on the disk.  If using a
hard disk, be sure to put all the working files in
the same directory.  Consult your DOS manual if
unfamiliar with file copy procedures.


5.0 Exploring PFROI

The best way to become familiar with the mechanics of
operating PFROI is to go through all the menus and
display screens and "push all the buttons".  This
section leads you through this process.


5.1  Loading PFROI

Insert the working disk created in Section 4.0 into
drive A (start PC with DOS first).  Then type:
"PFROI" (without quotes), followed by a carriage
return.   Hit the "ESC" key to proceed to the main
PFROI menu from the license registration order form.
If you wish to first print the form, instead hit the
"P" key and then the "Enter" key when the "LPT1"
prompt appears at the bottom of the screen.  This
form does not appear on loading licensed versions.
(CAUTION: Do not run PFROI with other software
resident in memory!)

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5.2 PFROI Main Menu

The PFROI main menu appears as follows:

   L)  Load Portfolio     A)  Accounts

   T)  Transactions       X)  Tax Rates

   V)  Valuations         C)  Configure Sys.

   P)  Performance        S)  Save Updates

   R)  Reports            Q)  Quit Pfroi

   >   _


The bottom line should state "Shareware, please copy
and share" (Licensed versions will be personalized
with your name, city, and state).  If not, try a
different color scheme (see "color setups" below).


5.3  Configure System

First hit the "C" key to review system configuration
options.

The configuration menu appears as follows:

        1)  Color Setups
        2)  Printer Specs.
        3)  System Speed (Mhz) : 4.77
        4)  System Sound       : On
        5)  Monochrome HiVideo : Off
        6)  MonoGraphics Card  : Off
        7)  Block Cursor       : Off
        8)  Set User Id  (V3.x only)
        9)  PFROI Defaults
        P)  Purchase Info.
        U)  Pfroi Utilities (V3.x only)
        S)  Save Configs.

Configuration selections operate as follows:

 1) Color Setups - Allows you to configure display
    colors if you have a color display.  To use,
    first select the attribute (e.g. "A" for Data
    foreground) then use table to specify the color.
    Be careful to select contrasting foreground
    and background colors so that all parts of
    displays are visible.


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5.3  Configure System (cont'd)

2) Printer Specs - Produces following display:

          ID       Cpi   Lines  Pause  Setup Codes
      ----------  -----  -----  -----  -----------
   1) LPT1          10     66    No
   2) LPT2          10     66    No
   3) LPT3          10     66    No
   4) Disk          10     66

   5) Graphics Setup Codes     : (code icons here)
   6) Graphics IPL Setup       : (code icons here)
   7) IPL Reset Codes          : (code icons here)
   8) Graphics Width (640/720) : 640

   Select (1..8) :

   Fields for selections 1 to 4 operate as follows:

    Cpi - Characters per inch.  If Cpi > 12 a full
     description fields are printed on reports.
    Lines - Lines per page.  Used for report paging.
    Pause - Normally "No".  Use "Yes" for sheet feed.
    Setup Codes - Setup codes are transmitted to
     printer prior to any non-graphics output in
     order to set print characteristics.

   Selections 5 thru 8 are for graphics output.
   As-shipped default codes are for Panasonic (P1091)
   or Epson compatible graphics printers and may or
   may not work for your printer.  To print graphics
   you must have a CGA card or Hercules card and a
   printer with bit image capability.

    Graphics Setup Codes - Sets printer for double
     density bit image graphics operation.  Set up
     for CGA as-shipped.  Key in "Esc, L, Alt-208,
     Alt-2" for full width Hercules graphics.

    Graphics IPL Setup - Sets up printer inch-per-
     line for graphics operation.

    IPL Reset Codes - Resets printer inch per line
     for text operation subsequent to graphics.

    Graphics Width - Specifies width of graphics to
     be printed.  Use 640 for CGA, 720 for Hercules.

   Setup codes may be keyed in directly as key-
   strokes (e.g. Ctrl-O for ASCII 15) or may be
   keyed in by depressing Alt key while keying in
   ASCII value from number key pad.  See your
   printer manual for proper codes for your printer.

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5.3  Configure System (cont'd)

3) System speed (Mhz) - Sets system speed for
   operations requiring timed delays such as error
   message displays and CAPTOOL communications.
   Default is 4.77 Mhz.

4) System Sound - Used for transaction input errors.

5) Monochrome HiVideo - Sets video to high intensity
   for monochrome systems.

6) MonoGraphics Card - Set "On" to enable graphics
   for systems containing a combined monochrome and
   graphics display (may not work on some systems).

7) Block Cursor - Sets block cursor for LCD displays

8) Set User ID - (Licensed version only)

9) PFROI Defaults - Used for specifying miscel-
   laneous program defaults as follows:

      0)  Amt Dcmls (0..4)  : 2
      1)  Index: Symbol   Descrip.
          1) SP500B   S&P 500
          2)          DJ 30
          3)          NASDAQ
      2)  Beta Index        : S&P 500
      3)  Beta Calc         : Off
      4)  Def. Val. Base    : First
      5)  Tax Adjustment    : On
      6)  Top Margin        : 0
      7)  Client Rpt Spec   : TAGDIPS
      8)  Date Format       : Mo/Dy/Yr
      C)  Currency Symbol   : $
      D)  Decimal Pt. Type  : .

      >

   These defaults operate as follows:

   0) Amt Decimal - Sets alternative decimal place
      for "amount" displays.

   1) Index - These are the three symbols and
      descriptions used in the portfolio position
      display.  If using CAPTOOL, the symbol must
      be compatible with the price retrieval service
      you are using.

   2) Beta Index - The default index used in
      computing portfolio/security beta during ROI
      computations.

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5.3  Configure System - PFROI Defaults (cont'd)


   3) Beta Calc - Enables the beta computation
      during ROI computations.  ROI computation
      is faster in "Off" position.

   4) Def. Val. Base - Sets the default base date
      for valuations.  May be "First" or "Last".

   5) Tax Adjustment - Enables insertion of year-
      end tax adjustment transaction during calcu-
      lation of estimated taxes.

   6) Top Margin - Sets top margin on client
      statements to provide space for letterheads.

   7) Client Rpt. Spec. - Specifies reports to be
      included in client statement.  Letters in spec
      correspond to selections in report menu.

   8) Date Format - Toggles between American &
      international (dy-mo-yr) format.

   C) Currency Symbol - For alternate currencies

   D) Decimal Pt. Type - Toggles between '.' and
      ',' decimal types.

 P) Selecting "Purchase Info." from the main menu
    displays PFROI's update order form.  If your
    printer is on, the form will print when you hit
    the "P" key.

 U) Pfroi Utilities - (Licensed version only)
    Provides utility to convert pre-version 2.2
    portfolio files to current format.  Also provides
    utility to merge portfolio files and convert
    prospect lists from other formats to CAPTOOL
    format.

 S) Save Configs. - Saves configurations so you do
    not have to reconfigure each time the program is
    started.

Hit "Esc" to exit the Configuration menu to the main
menu.  In general, unless you are in the middle of an
operation, "Esc" returns you to the previous screen.






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5.4  Loading Portfolio Data

PFROI stores the data you provide on your portfolio
in a "portfolio file" on disk.  Use the "Load
Portfolio" selection on the main menu to create a new
portfolio file, or to load an existing portfolio
file.  A maximum string of 30 characters is accepted
as input in the following format :

    Portfolio file :  d:\path\filename

The drive ("d:" = drive designation) and path may be
omitted if the file is in the current directory.
(See your DOS manual for use of paths.).  The
filename may contain up to eight characters plus a
three character extension separated by "." (e.g.
"MYSTOCKS.XYZ").  For this exercise, select "Load
Portfolio" and load the demo portfolio file for
practice edits in section 5.6 (<CR> = enter key) :

    Portfolio file :   DEMOPF <CR>


5.5  Account Records

An alternative way of loading a portfolio is to
specify a portfolio from "account" records main-
tained in an independent file named "ACCOUNTS.STD".
These records may be accessed by selecting "Accounts".
Account records are displayed as follows:

     Account Name     Phone Number Portfolio File Account Number Tax ID Num.
 ==================== ============ ============== ============== ============
 John D. Demo         111-1111     DEMOPF         1234-5678      666-44-8888 *
 Jane Z. Other        222-2222     OTHERPF        1234-5635      898-33-4321
 T. J. Senior\Acme Equipment Co.\423 Lincoln St.\Peoria, IL 61322 <Mr. Senior>

Records may be edited by moving the cursor with the
cursor control keys (arrow keys) and entering infor-
mation.  Use the "Home" or "End" keys to initiate
editing of a field with existing data.  The Account
Name, Number and Tax ID are used on CAPTOOL reports
and the Phone Number for CAPTOOL autodialing.

Moving the cursor to the account name field expands
the field to accommodate up to 120 characters (with
horizontal scrolling) as shown in the last record in
the above example.  The character "\" embedded in the
account name initiates a new line when the account
title is printed on CAPTOOL's "Statement" report or
used for CAPTOOL memo merge or label generation.
Angle brackets "<>" are used to specify the salutation
for memo merge (CAPTOOL only).

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5.5  Account Records (cont'd)

Account records may be saved, sorted or reloaded
using "Alt+V", "Alt+S" and "Alt+R" commands
respectively.   The "Alt+N" command displays a "note"
field in which any information may be entered.
Toggling "Alt+N" a second time hides the note field,
with an asterisk at the right margin to indicate an
active note for the record.

The "Alt+F" command prompts for a "key word" and
finds the next record containing the "key word" or
combination of key words.  The "Alt+P" command prints
account records and also generates labels (CAPTOOL
only) and performs memo merge (CAPTOOL only).  This
command also prompts for "key words" which are used
as "screens" in selecting records to print.  Hitting
the "carriage return" in lieu of specifying a key
word means "print all records".  Key word combina-
tions and screens are discussed further in section 7
of the CAPTOOL manual.

The "Alt+L" (Loadpf) command will load the portfolio
indicated by the cursor, (provided it exists on disk)
and return you to the main PFROI menu.

******************* IMPORTANT! *******************
Note that while running PFROI, the default drive and
directory should generally be that containing the
portfolio data and account files.  If PFROI is on a
separate disk from this data (e.g. PFROI on drive A,
data on drive B), you should switch the default
drive/directory to the data disk before starting
PFROI and then start PFROI by specifying its drive in
the run command (e.g.  B>A:PFROI <CR>).


5.6  Editing Portfolio Records

Portfolio files store portfolio data using the
following four record types :

     Transaction Records
     Tax Rate Records
     Position Records
     Valuation Records

PFROI has display screens for each of these record
types from which the user may perform edits as
described below.




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5.6.1  Transaction Edits

Transaction records are the most complex portfolio
record to edit.  Select "Transactions" from the main
menu to obtain the transaction editing screen which
appears as follows:

               Transactions : DEMOPF    Symbol : ALL***  Sign=On
 Esc Arws Pg ^Pg Ins Del ^Y  Alt + Sort Print taX Rates Mask Dup saVe Help
 Mo/Dy/Yr TAC Symbol-L#     Description      Quantity     Amount    Est Tax
 == == == === ====== == ================== =========== ============ =======
 10/05/84 BUY XICO  - 1 Xicor inc.                 300     -3105.00
 10/05/84 BUY SGAT  - 1 Seagate Tech.              400     -2375.00
 10/10/84 DPF       -   Deposit Chk #1073                   5000.00
 11/01/84 IN+ MMF   -   MMF interest                         153.75      28
 11/01/84 IN+ BRKR  -   Broker int.                           17.81       3
    :
 12/19/84 SLL GCA   - 3 GCA Corp.                 -200      6252.37     327
   /  /

Notice that the second line on the screen provides a
summary of edit and command keys.  For more detail on
these, hold down the "Alt" key and then hit the "H"
(Help command) key (hit PgDn for more help).  The
edit keys are:

   H-Arws    Previous/Next Field
   V-Arws    Previous/Next Record
   PgUp      Page Screen Up
   PgDn      Page Screen Down
   ^PgUp     To First Record (Ctrl PgUp)
   ^PgDn     To Last Record (Ctrl PgDn)
   Ins       Insert Record
   Del       Delete Record
   Ctrl G    Erase Field
   Ctrl Y    Erase Field
   Ctrl Del  Delete Record (no msg)

Cursor Movement - The "H-Arws" and "V-Arws" refer to
the horizontal and vertical arrows on the number
keypad.  Try moving the cursor around with these and
with the "PgUp", "PgDn" keys.  Toggle the "NumLock"
key if nothing is happening.

 Insert Record - Next, try inserting a record with the
 "Ins" key.  Note that the screen scrolled down to
 make room for the new record.  Now, enter some data,
 moving the cursor to start with the first field:

 Mo/Dy/Yr - This field is really three fields.  Key
 in a date.  End each entry with the "carriage
 return" key.  Use a two digit entry for the year.


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5.6.1  Transaction Edits (cont'd.)

 TAC (TransAction Code) - Before making an entry,
 note that the most commonly used code values are
 displayed at the bottom of the screen when the
 cursor moves into this field.  A fuller description
 is obtained by using the "Alt+H" (help) command
 (PgDn for second help page) or by referring to
 section 6.5.2 of this manual.  For this exercise
 enter "BUY" in this field.

 Symbol (Security Symbol) - This field uniquely
 identifies an asset in your portfolio.  Typically,
 a security's trading symbol is used.  For this
 exercise enter "ABC".

 L# (Tax Lot Number) - This field is used to match
 buy and sell transactions for determining capital
 gains cost basis.  Enter a number (try "2").
 Section 6.5.4 discusses lot number usage.

 Description - This field provides space for a
 security name and/or a short note for a more
 informative record.  A purchase date and cost base
 may also be specified in this field for "RCV"
 transactions (see 6.5.2).  Data already in this
 field may be edited by using the "Home" or "End"
 keys to initiate editing.

 Quantity - This field holds the number of shares
 involved in a transaction.  Enter "100".  Note that
 there is no decimal point.  Occasionally, however,
 some transactions involve fractional shares.  This
 field can accommodate a fractional entry up to four
 decimal places.  Move the cursor back to the start
 of the field and make an entry with a fractional
 portion (e.g. "25.4321") to see what happens.

 Amount - This field contains the dollar amount of a
 transaction.  Enter a value (e.g. 2515.75).  Note
 that when you complete the entry, PFROI adds a
 negative sign.  PFROI uses the transaction code to
 determine the sign on all Quantity and Amount
 entries to avoid user error.  In this case the sign
 is negative because cash flows out of the portfolio
 when a security is bought.  Automatic sign assign-
 ment may be disabled by toggling the "Alt+G" key
 combination to set the "siGn" setting "Off".






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5.6.1 Transaction Edit (cont'd.)

 Est. Tax - Note that this field was skipped, with
 the cursor moving on to the first field of the next
 record.  This is because a "BUY" transaction is not
 an income generating transaction by itself.  A tax
 amount may be entered in this field for income
 producing transactions.  When this is done, an "m"
 appears in the right margin to indicate a "manual"
 tax entry.  Ordinarily, however, the user leaves
 this field blank to be filled in later by PFROI when
 the "autotax" command is given.

 Delete Record - To delete a record, hit the "Del"
 key.  Respond with "Y" to the "Are you sure?"
 prompt.  Note that the screen scrolls up to fill over
 the deleted record unless it happened to be the last
 record, in which case the record is just cleared.
 Fill in some of the fields in the last record and
 then delete it to test out this feature.

 Ctrl-Y (Erase Field) - A value in any field of a
 record may be erased by using Ctrl-Y (^Y) or Ctrl-G.
 This command is primarily useful when you want to
 erase an entry, such as a "manual" tax entry.

 Esc - "Escaping" from a numeric field restores the
 original entry.  This is handy to recover from entry
 errors.

 "No Data Required" - Not all transaction types
 require data in every field.  PFROI will skip over
 fields not requiring input.  To see this, move to the
 blank record at the end of the file and enter a
 "Deposit Funds" (enter "DPF" in TAC field)
 transaction.  Note that the Symbol, L# and Quantity
 fields are skipped in entering data.  Note also that
 a new blank last record is appended upon completion
 of data entry into the current last record.


5.6.2  Tax Rate Edits

Access Tax Rate records by using the "Alt+R" (Rate)
command from the transaction screen.  Tax rate
records will appear as follows:

 Mo/Dy/Yr  Hld Prd  CGRate  MaxLoss  TaxRate
 == == ==  =======  ======  =======  =======
 01/01/77        9   0.500     3000     0.25
 01/01/79       12   0.400     3000     0.25
 06/23/84        6   0.400     3000     0.25
 01/01/87      999   1.000     3000     0.28

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5.6.2  Tax Rate Edits (Cont'd)

Tax record fields are as follows:

 HldPrd  - Minimum Holding Period (in months) for
           long term capital gains.

 CGRate  - Fraction of long term capital gains
           subject to ordinary income tax.

 MaxLoss - Maximum loss deductible in any one year.

 TaxRate - User's Tax Rate (see section 6.6).

In this example, a CGRate of 1.0 is used in 1987 to
cause capital gains to be taxed at ordinary rates
while a Hold Period of 999 (or higher) is used to
cause all gains to be treated as short term for
purpose of computing loss carryovers and reporting on
the gains report.  A CGRate of 1.0 also forces the
current hold period requirement to be used in
determining whether a gain is short or long term as
opposed to using the hold requirement when the
security was purchased.


5.6.3  Position Edits

You must go through the "Valuation" display to get to
the "Position" edit.  Return to the main menu (Esc)
and select "Valuations" to get the Valuations screen
appearing as follows:

                    Valuations : DEMOPF  Base = 01/01/80
 Esc  Alt + Add Delete Review Print Base Grfx Help
 Mo/Dy/Yr Valuation Mo/Dy/Yr Valuation Mo/Dy/Yr Valuation Mo/Dy/Yr Valuation
 == == == ========= == == == ========= == == == ========= == == == =========
 01/02/80      3400
 06/30/80     13300
 12/31/80     16300
 06/30/81     28650
 12/31/81     32125
      :
 03/30/84     77030
 06/30/84     77622
 09/30/84     80873
 12/31/84     82084

This screen cannot itself be edited but is a summary
of underlying "Position" records for up to 64
different valuation dates.



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5.6.3  Position Edits (cont'd)

To view the security positions and prices underlying
a particular valuation, hit the Alt+R (for Review)
key combination.  You will be prompted for a
valuation date.  Input one of the dates shown on the
Valuation screen to get the corresponding Position
display which will appear similar to:

                              12/31/82 Position
 Esc Arws Pg ^Pg Alt + Tot Prn Dspl Help Bat dLnk
 T Symbol Description  Position  Mkt Price  Valuation  Cost Base  Gains Val%
 = ====== =========== ========== ========= =========== ========= ====== ===
   *CASH*                                     12483.24  12483.24      0  27%

 B ATT-C  AT&T Bond-c         80  101.1250     8090.00   8000.00     90  17%
 B UST-3  US T-Bill-3         50   98.0000     4900.00   5000.00   -100  11%
          Type S/T                            12990.00  13000.00    -10  28%

 S AMD    Adv. Micro         600   25.1250    15075.00   8736.50   6338  33%
 S ABC    Am. Broadca        100   57.6250     5762.50   3232.00   2530  12%
          Type S/T                            20837.50  11968.50   8868  45%

          Gr. Total                           46310.74  37451.74   8859 100%

   SP500B S&P 500                   250.00
          DJ 30
          NASDAQ


 Five fields may be edited: the type ("T"), descrip-
 tion, price, valuation and beta fields.  Market
 prices may be entered in fractional format (e.g. "11
 5/8") and will automatically be converted to decimal
 format.  Market prices greater than 9999 default to 2
 decimal places.  Prices greater than 999999 default
 to zero decimal places.  Note also that the "Cost
 Base" and "Gain" fields allow you to easily compare
 current valuations with the amount you've invested.

 Try changing some of the prices to see the effect on
 the valuation field.  Now try making an entry in the
 valuation field noticing how the price is changed.
 Use "Alt+T" to regenerate totals and percentages.










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5.6.3  Position Edits (cont'd)

Toggling the "Alt+D" displays the "F/C Inc" and
"Beta" fields in lieu of gains and percents (licensed
version).  Including annual per share dividend or
interest rate in the Description field in the format
"@$2.25" will compute annual income in the "F/C Inc"
field.  Moving the cursor to the beta field permits
the entry of beta values obtained from Value Line,
Standard & Poors, etc. so as to determine your
average portfolio beta.  In general, zero-risk assets
such as cash and money-market funds should be
assigned a beta value of zero.  The Alt+T command
will compute the average beta value.  Note that the
portfolio beta computed here will generally not be
the same as the beta computed by PFROI during an ROI
calculation.

If you have CAPTOOL also try the "Alt+B" and "Alt+L"
commands.  These access CAPTOOL's Batch and DataLink
modules discussed further in Sections 5 and 6 of the
CAPTOOL Manual.

Use "Esc" to return to the Valuation screen.  Note
that the valuation for that date has changed to
reflect the prices you entered.


5.6.4  Deleting/Adding Valuations

The Alt+D and Alt+A keys are used respectively to
delete excess old valuations and add new valuations.

Try deleting a valuation.  Deleting the valuation
also deletes the underlying position records.
Deleting old valuations prevents a build-up of excess
valuation and position records.

Now try adding a valuation.  First check the "Base
Date" in the display header.  This is the date from
which the valuation will be started, and is normally
set to the default base date (first transaction or
last valuation) specified in the PFROI configuration
defaults.  To set another base date, use the "Alt+B"
command.  The base date must be set prior to any new
valuation to be added with the "Alt+A" command.

Following specification of the close date, after a
delay for computation, the position screen will be
displayed.  Note that price fields are empty, unless
you specified an existing valuation date, in which
case existing prices are retained.  Enter prices to
complete position valuations.  Escape to the
valuation screen to see the valuation just added.

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5.6.5  Valuation Graphics

Graphics portraying portfolio and security valuation
versus investment may be generated using the "Alt+G"
command from the PFROI valuation screen.  Upon
executing the command, you will be prompted for a
symbol mask, with the mask "ALL***" the default.
Retaining the "ALL***" mask (hit "enter" key) plots
results for the entire portfolio.  Specifying the
ticker symbol for a particular security instead plots
results for just that security.

Following the symbol prompt, you will be prompted for
an output device.  This is to set up the printer, but
does not cause output to occur until and unless the
"Alt+P" command is given after graphics are plotted
to the screen. If the printer is off or disconnected,
a "Not Ready" message will be displayed, in which
case you must hit any key to cause graphics to
proceed to be displayed.

Valuation plots may be generated on systems with
either monochrome, Hercules, or color/graphics
displays.  Valuation plots, however, are more refined
on systems with graphic (Hercules or CGA) displays.
Printing of plots requires a graphics display plus a
dot matrix printer which handles graphics.  As
shipped, default printer graphics setup codes are
configured for a Panasonic P1091 printer, which is
believed to be compatible with many other dot matrix
printers.  If necessary, however, printer graphics
set-up codes be modified in the program
"Configuration" section.


5.7  Sorting Records

In the review in the previous section, we skipped
some of the commands shown on the "Keys" display
lines.  The first of these is the "Sort" (Alt+S)
command.  The sort command sorts Transaction and Tax
Rate records to ensure they are ordered by date,
essential for proper program function.  Go to the
Transaction or Tax Rates screen to try the sort
command.  First insert a blank record or other out-
of-sequence record.  Examine the results.  Note that
incomplete records (if any) are sorted to the end of
the file.






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5.7  Sorting Records (cont'd)

Transactions should be sorted before doing valuations
if entered out of date order.  This can be done by
executing the autotax command since PFROI automa-
tically sorts records before this operation.  After
sorting check the end of the file for incomplete
records.  If found complete them and re-sort.  In
general it is a good idea to sort and examine your
records if PFROI is giving unexpected results.


5.8  Printing Records

All five record types (Account, Transactions, Tax
Rates, Position/Price, Valuations) may be printed by
invoking the Print (Alt+P) command from the record
screen.  For Transaction and Tax Rate records you are
prompted for start and end dates.  Try the print
command for all record types.  Note that you are
prompted for an output device with "LPT1" given as a
default.  You may hit the "enter" key for this
selection or key in the name of an alternate
selection.  Any selection other than LPT1, LPT2, LPT3
or CON will be treated as disk text file which may
later be edited if desired using a text editor.

Specifying "CON" (without quotes) for report output
will send output to the screen instead of the
printer.  Display scrolling may be stopped with the
Ctrl-S key and restarted with the Ctrl-Q key.  The
display will be double spaced for reports of width
greater/equal to 80 characters.





















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5.9  Symbol Mask

The "Mask" command ("Alt+M") on the transaction
edit screen allows you to isolate one security from
the rest of the portfolio for review, editing and
printing.  The current setting of the symbol mask is
indicated in the title line (top line) of the trans-
action edit screen.  With the mask set to "ALL***",
all securities in a portfolio are displayed.  Keying
the "Alt+M" command sets the mask to the symbol of
the current transaction and displays only trans-
actions involving that security.  Re-toggling "Alt+M"
reinstates the Mask to "ALL***" and redisplays all
transactions.


5.10  Autotax

The "taX" command (Alt+X) from the transaction edit
screen invokes the Autotax computation.  To try this
feature go to the Transaction edit screen with DEMOPF
loaded.  Move the cursor to any record dated 1982.
Hit Alt+X.  Wait for the records to be redisplayed.

Observe ("page" if necessary) that there are now
values in the "Est.  Tax" fields of all transactions
from 1982 down to the end of the portfolio for which
you would expect a tax liability or credit.  Note
that some new records with the transaction codes
"TAX", "SCO", and "LCO" may have also appeared.

These records are a year-end capital gains tax
adjustment and short and long term loss carryovers.
The tax adjustment reconciles the taxes on Schedule D
netted capital gains with the sum of estimated taxes
on individual capital gains transactions so as to get
correct after-tax ROI.

















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5.11  Performance (ROI)

Now you are ready to try the ROI computation.  Select
"Performance" from the main menu to get a screen
appearing as follows:

   -------------------------------- ROI - DEMOPF -----------------------------
  |                                                                           |
  |    Symbol Mask : ALL***       Pf Mask : DEMOPF                            |
  |    Start Date  :   /  /                                                   |
  |    End Date    :   /  /                              (Alt+H = Help)       |
  |                                                                           |
   Mo/Dy/Yr Valuation Mo/Dy/Yr Valuation Mo/Dy/Yr Valuation Mo/Dy/Yr Valuation
   == == == ========= == == == ========= == == == ========= == == == =========
   01/02/80      3400
   06/30/80     13300
      :
   09/30/84     80873
   12/31/84     82084

To perform an ROI on the entire portfolio "carriage
return" through the Symbol setting so as to leave it
set at "ALL***".  If using CAPTOOL you will next be
able to edit the "PFmask" setting.  For this example
leave PFmask unchanged ("carrige return" thru).

Next specify start and end dates.  If a non-valuation
date is choosen for the start or end date an esti-
mated interim value will be computed.   Initially try
using the first and last valuations.  After entering
the end date there will be some delay while the
computer works.  When calculations are complete, the
ROI results are displayed.  Note that sources of
income are summarized (unrealized and realized
capital gains are combined) and ROI is shown both
before and after taxes.

To generate an ROI on an individual security, set the
symbol to that security's symbol before selecting ROI
dates.  If the security is one you no longer hold,
note the buy (or short sell) date.  This date can be
used as the start date of the ROI.  Likewise, the
sell (or buy to cover) date of the security can be
used as the end date of the ROI.

If using CAPTOOL, editing PFmask using DOS "wild-
card" characters "*" and "?" permits computation of
combined ROI for groups of portfolios in the
ACCOUNTS.STD file.  For example, setting PFmask to
"SMITH?.*" computes ROI for portfolios "SMITH1",
"SMITH2", "SMITH3", etc., provided they exist in
"ACCOUNTS.STD.  Setting PFmask to "*.*" computes the
combined ROI for all portfolios in ACCOUNTS.STD.

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5.11  Performance (cont'd)

When the ROI summary is displayed, note the "Funds
Added" and "Funds Removed" categories.  For an ROI of
the entire portfolio ("ALL***" Symbol Mask), "Funds
Added" signifies deposit transactions, while "Funds
Removed" signifies withdraw transactions or cashing
of dividends.  For an individual security ROI, "Funds
Added" signifies buying into the security, while
"Funds Removed" signifies selling out of the
security, or cashing of dividends.


5.12  Reports

Select "Reports" from the main menu to get the
following sub-menu:

           G)  Gains Report
           D)  Dividends Report
           I)  Interest Report
           M)  Misc. Income
           O)  Open Lots
           T)  Transactions
           A)  Account Position
           R)  Relative Strength
           V)  Valuation Plot
           P)  Portfolio ROI    *
           S)  Security ROI's   *
           C)  Client Statement *

           >   _

(* = CAPTOOL only)

Try each selection.  You will be prompted for setup
information.  For each exercise be sure to select a
period containing applicable transactions so there
is meaningful output.  If you are using CAPTOOL you
will be prompted for a portfolio mask.  By responding
with DOS wildcard characters (as described above for
ROI calculations) you can generate reports for
multiple portfolios.


5.13  Saving Updates

The "Save" selection on the main menu saves portfolio
changes to disk.  You should "Save" occasionally to
minimize data loss should your PC malfunction or lose
power.   Portfolios may also be saved using the
"Alt+V" command from the Transaction and Tax Rate
screens.


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