How to Review Trades

Oftentimes, for a variety of reasons, trades need to be reviewed in order to generate an accurate tax report.

 

Review Trades

The easiest way to review your trades is to click on the Review button on the toolbar on the left side of every page in the Accointing Platform. It will allow you to review trades in bulk, rather than searching for them in your Full Data Set. 

 

Once you click that button, you will be brought to a new page with four different steps:

1. Unknown currencies
2. Identify internals
3. Classify transfers
4. Missing funds

Go through the steps on each page to ensure that you are reporting your transactions correctly.

 

Step 1: Unknown currencies

There are new coins being created in the crypto market every day and a lot of these new coins are not even tradable or a serious project. Because of that, there will be some cases where we can’t automatically map this coin to our internal currencies. Please review the list below and assign the correct currency.

• If the coin is found on CoinMarketCap, please sync the coin so that it will fetch the correct prices.
• If this coin is wrapped or pegged at a 1:1 ratio, please sync it to the coin it is pegged to.
  
  • Please keep in mind that wrapped & Pegged coins are a grey area of the law. There is an argument that it is a different coin and if that is the case, then please see the last bullet point in this section. If take the tax stance that it is the same coin, then feel free to sync it. Please see the linked article for more details.
• If this is a scam coin or a coin you never transacted, then please mark it as ignored.

(Example of ignoring a scam token.)

• If this coin is an NFT or a coin that does not fit in one of the above options, then you will need to leave it as it is and then manually put in the value of it whenever you trade it in Accointing.

 

Step 2: Identify internals

This is where the system may have found possible matches for internal transfers. These are transactions from one wallet/exchange to own to another wallet/exchange that you own.

• Please select the correct Internals and approve the selection. Accointing will then assign those transfers as transfers between your own accounts. These transactions don't create tax-relevant transactions.
• If you are unable to approve all of your Internals at once, please try to approve them one at a time.
• If your internal transactions do not appear in Step 2, then you must ensure that both transfers were made within a 6-hour window and that the amount of the transaction is the same. In the Full Data Set, you can edit your transfers so that they appear here. If you need help editing Internal Transactions please read this article.
• If all else fails, you can always manually create a new Internal transaction and then mark the original internal transaction(s) as 'Ignored'.
  
  1. Here you can see an unclassified Internal Transaction:
     
  2. Since the internal did not appear in Review Step 2 and edited the times to be the same and the same amount, I decide to manually create a new Internal transaction. (Also remember to include any transaction fees in this manually created internal transaction.)
     
     
  3. After Filling out and saving the manual internal transaction, be sure to mark as ignored the original pieces of the internal to prevent duplicates.
     

Step 3: Classify transfers

Classifying your transactions correctly is critical for the accuracy of your tax report. Certain classifications have different tax implications depending on the country you are filing in. Please read here for more information about what each classification is used for as well as country-specific guidance on which classifications lead to a taxable event. (Please read Step 2 above if you have a questions about internal transfers from one wallet you own to another wallet you own.)

 

Here are some other things to note:

• If one of these is actually an internal transfer between 2 wallets of your own, please see Step 2 by scrolling above
• If the coin is staking, please see more info here.
• If the coin is part of a Liquidity Pool transaction more, info here.
• If you see something like -0.00, then you can most likely mark it with the 'fee' classification

 

Step 4: Missing funds

This is where most users get confused. In this section, the system sees that you have traded a coin, however, it does not see where you originally purchased the coin in the first place. This could be because the API did not import transactions, or it got the fee registered wrong in Accointing. Maybe something might have been marked as 'ignore' that should not have been, or a manual transaction was inputted incorrectly.

• Do not click the 'Fix for me' button for everything, please only use this if:
  1. The transaction is insignificant in value and not worth the time to investigate the issue.
  2. If it is your country's official fiat currency.
  3. After refreshing all your wallets and comparing your Accointing data to your wallet/exchange and you were unable to figure out the missing fund issue.
• Clicking 'Fix for me' or 'Reconcile this transaction' will automatically create a 'reconcile' transaction for all transactions in the selected wallet by creating the deposit of the missing amount right before the trade.
  1. To see all your Reconciled transactions in your Full Data Set, please use the Classification dropdown box.
     
• Otherwise, please click the 'Go to Full Data Set' option and search to see if there is a missing transaction or if something was represented incorrectly. Please make any changes as necessary to your data.
  

Clicking on this button gives you some reasons that could have caused the missing fund.

 

Action to solve the error:	Description:
Fix for me	Automatically reconciles all transactions in the selected wallet by creating the deposit of the missing amount right before the trade.
Go to full data set	It sends you to Full Data Set to analyze your trades and add a new transaction manually.
Reconcile this transaction	Reconcile just the transaction you selected.

• Accointing also displays the transactions from Step 4 of the Review section that needs to be reviewed. Click on this warning sign will take you straight to the transactions that need to be reviewed.
  

• Tagged transactions will appear in red with a circled question mark or with a warning triangle. Clicking on these warning symbols will open up a tooltip with how to fix the issue. 

  
  
  

 

Checking for Potential Duplicates (Beta)

Another good thing to check when reviewing is not in the review section. It is to check for duplicates in your data. This something happens if you needed to update your API or if the system logged a transaction twice.

• You can see your Potential duplicates by going to Transactions > Advanced > Show potential duplicates.
  
• Keep in mind that these are only potential duplicates. Do not just start marking them as ignored. You can do this by comparing the data to your actual data on your wallet and exchange. Only mark the actual duplicates as 'ignore'.
  
  1. Accointing suggests you mark duplicates as 'ignore' instead of Deleting them, to prevent the duplicates from coming back. Ignored transactions are not counted in your portfolio nor in your taxes.
• Most of the time the real duplicates are EXACTLY the same. This means the same date, some amount of coin being transacted, and the same Transaction Hash if available.
• When Marking as 'ignore' be sure to keep one real transaction. You can always unignore them if you accidentally marked too much as 'ignore'.
  
• Please also keep in mind that this is still in Beta and we hope to improve it in the future.

Full Data Set

Alternatively, you can go through your Full Data Set and compare it to your actual data from your Exchange/Wallet and make sure it all looks correct.

While it may be a good idea to take a look at the full data set to get some context as to what the trade was, you may have to go through several pages of transactions to find transactions with error messages. This is why Accointing includes a Review section to help make an accurate tax report.

 

Conclusion

We understand that keeping an accurate tax report is hard work! If you need help with anything, feel free to contact support and let us know if you have any more questions and we will do our best to help!