# Positions and accounting

An account can hold `YES` and `NO` contracts in the same market simultaneously.

- `presentation=dual` returns `yes_qty` and `no_qty` separately, plus `yes_reserved` and `no_reserved` locked by active limit orders.
- `presentation=net` returns signed `qty = yes_qty - no_qty`; positive is `YES`, negative is `NO`. This is the default.

Use `dual` for balances and available-quantity calculations. `POST /trading/accounts/{account_id}/merge` converts equal `YES` and `NO` quantities back into cash. Setting `auto_merge: true` on an order requests automatic merging when both token balances accumulate after a fill.

`/accounting` delivers atomic accounting updates containing cash, margin-release, and position deltas. `ref_id` and `client_ref_id` correlate updates with orders or merge commands. Settlement and void are delivered as `accounting_payout`; `GET .../payouts` provides payout records for reconciliation.

> **Critical:** `/accounting` is the authoritative incremental feed, and the public API does not provide deep replay beyond the one-hour WebSocket window. REST positions and payouts do not reconstruct every missed accounting delta. If `/accounting` returns `resume_too_old`, do not reconnect without `since` and assume the ledger is complete; stop automatic accounting application and follow the agreed operational reconciliation process.