Hello Cointracking
I originally posted the following questions here some 59 days ago seeking clarification and advice re the following simple basic transaction so that I (and others) might better achieve an understanding of how Cointracking values and handles each transaction that is inserted.
At this stage I am still waiting for a proper response to these very important questions that I have been asking for some time.
Understanding of this very basic principle of varying values within the software would certainly be advantageous to all concerned as we would be better equipped to locate, identify and correct these wrong values that are automatically inserted by Cointracking.
Obviously it would be far more professional if these incorrect values were not introduced in the first place.
Post of the 2nd March below
Hello
I have been trying to get Cointracking to function accurately since December with very mixed results unfortunately.
So I thought I would go back to basics and start again in trying to understand the workings of this mysterious software.
To this end I set up a new empty account and have been trying some dummy entries to try and understand how this software works but I am even more confused now.
Does anyone have any valid explanation as to why there are 4 different values that appear when I simply enter a sample buy transaction of
1 BTC as shown below?
Interestingly and very confusingly Cointracking provides 4 differing values for the 1 BTC purchase on the nominated date and time which just serves to muddy the waters and potentially produce reports that are wrong. Check it out yourself but in my example below this is what I found for the
1 BTC dummy purchase on 24 /02 /2019, I Entered $5898 as the Cost and $898 as the Fee and Home as the Exchange
$5898 The actual fiat cost value entered into the Enter Coins page (from LiveCoinWatch), Populates to the 'Sales Value' box✔
$5870 Cointracking automatically inserted this figure in the 'Purchase Value' box disagreeing with the above Sales Value box? Why ❓
$5535 The Cointracking Coin Calculator for 1 BTC on the purchase date value showed this figure when I checked out of interest. Why
(Somewhat explained but your explanation should be noted on the Coin Calculator webpage as it was not at the time. Alternatively why cannot the Calculators resultant values be the same data set as the 'Sales Value" makes sense to me and removes one of the discrepancies)
$5875 Showed as the current value of 1 BTC in the Summary box on the Enter Coins page at the exact time of the purchase entry? Why❓
Next I checked the Total Realised and Unrealised Gains Report and this report uses the incorrect $5870 that Cointracking inserted automatically as a Purchase Cost Value to do the calculation which can then only ever be wrong!.❓
This is further complicated and messed up beyond comprehension when I check the Tax Report / Closing Position Report which shows a 5th differing Cost value now inserted for this one simple purchase transaction of $5786. ❓
Is there any wonder that confusion reigns supreme within this software when you have now 5 differing values for 1 BTC at the same date and time. Every transaction entered for every coin will be likewise affected so it would be required to be be very careful and triple check everything as there are potentially so many mistakes.
The only factual amount was the $5898 that I theoretically paid to buy the 1 BTC and believe it or not the Cointracking software totally ignores the one and only cost value that matters. How could this software ever be relied on to produce correct reports when it uses so many differing values for the same coin?
There has got to be a better more realiable way to manage crypto surely.
I have applied extensive manual editing to correct these mistakes this but it is so labour intensive to make it not really worth the time especially when Cointracking could and should correct their introduced problems so that all of this manual editing is not required.
Maybe I am missing something here so I am open to any advice as to why there should be any more than the one and only correct cost value used for all calculations, especially fiat based transactions.
Hopefully someone very knowledgeable from Cointracking will chime in here and explain this for all of us.
Thank you