Post
Topic
Board Service Announcements (Altcoins)
Re: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies
by
rvf
on 08/02/2018, 00:11:08 UTC
I've put the hours in to balancing everything, and it took hours. So is this the greatest accounting software I've ever used, no. But it does a darn good job of tracking everything.

I've been at it a couple days and am also finding it does a good job of tracking everything, and the auto lookup of what USD price was correct at what time is very valuable.  I'm finding manual effort on cleaning up the transactions is required and there are some mysteries which makes me feel like a bookkeeper hunting for pennies.

* I had a BTC transfer from a mining pool to Coinbase of my full balance earned at the pool.  I set the software to auto monitor the BTC  Coinbase deposit address on the blockchain.  Two things happened I didn't understand (1) 48 sitoshi were listed as remaining at the exchange when the exchange reported a 0 BTC balance and Coinbase reported receiving the full sum (2) a BTC withdrawal transaction for my Coinbase address that I didn't initiate showed up on the blockchain and was auto-imported.  This was obvious because it was the first transaction for that address. This happened even though Coinbase reports a deposit for the correct amount and no withdrawal.  I"m wondering if that's related to Coinbase transferring between my virtual wallet address and wherever they actually store the funds?  The funds on the blockchain were also listed as (spent) even though they're sitting in my Coinbase account and I didn't spend them.

* It took a while to get all the numbers in the "balance by exchange" to correctly match up to the actual totals I have spread around Coinbase, Nicehash, etc...  I have one remaining discrepancy, a case at an exchange with no funds where Cointracker reports a $59.95 USD balance corresponding to a 0 BTC balance.  I'm having trouble tracking down why that's happening and getting the USD balance to correctly show $0.  I did get everything in crypto correct.

* I wanted to track my spend on mining hardware and created a fake USD-only exchange and put deposit entries there for each receipt for equipment purchased.  That lets the system total my HW spend and compare it to my earnings for tracking payback.

* There's also a subtlety with fees.  It seems you want the fee to be recorded when you are transferring between your own wallets because it's your expense.  You don't want it recorded when an exchange sends you your mined funds as part of a batch to a bunch of customers.  Then it's the exchange's expense.  Cointracker automatically capturing the fees on BTC transfers but not capturing the fees on ETH transfers from ethermine.org.  It doesn't seem to have a way to separately track mining pool fees vs wallet-to-wallet transfer fees for a transaction.

* I haven't figured out how to record an entry and have it categorized as a commodity.  Has anyone found out how to do that?