Accointing is... a lot of work

There’s a lot to love about Accointing, the updates, the support, and the whole idea of a automated crypto accounting software which handles all the complexity. The fact that it handles all the complex UK pooling calculations for me and creates tax reports is awesome.

But there is a but :slight_smile: it is a lot of work to maintain a clean data set.

One month everything was clean - no missing funds, no unclassified transactions. If I looked on Coinbase Pro all the figures matched those on Accointing on every refresh. Great.

After just one month of trading I took a look at Accointing today. I now have a list of 100 or so transactions which need to be classified as internal, and a list of 80 or so missing funds. After classifying the transactions as internal and trying to fix the missing funds, Accointing still reports ‘This external wallet reports a different balance than the imported transactions result in on Accointing’. The internal transactions I was expecting - Accointing have said they can’t automatically recognise Coinbase Pro portfolio-to-portfolio transfers as internal. But the missing funds, this was a surprise.

I don’t think I’m doing anything odd either. I don’t have multiple wallets, I just use CoinbasePro, and within that only use two portfolios.

I don’t really like the idea of creating fake transactions using the ‘Fix for Me’ tool. If HRMC ever interrogate the tax report I won’t be able to explain why my Accointing data is different to my Coinbase Pro statements. If Coinbase Pro can show me an accurate transaction history when I export my statements, why can’t Accointing show the same?

Anyway apart from my messy dataset I do like Accointing. I just wish it was less work, and makes me doubtful the figures on Accointing are what they should be.

This explains the many, misidentified as fully taxable, entries wrt Coinbase<->CoinBasePro, and each exchange independently. Inexplicably, there’s apparently no efficient corrective path either.

That Accointing does many things better than the rest is shaded by their ineptitude of judgement evidenced by not prominently posting known problems in a manner rendering my wasted time ‘on me’.

If Accointing proves I’ve got this wrong, then I’ll gladly amend.

Hi,

Your points are valid, and its something we need to work on.

Regarding Accointing not recognizing the transfers.

When one uses Coinbase and Coinbase Pro, the deposit and withdraw transactions are always routed through Coinbase. If you withdraw or deposit from Coinbase Pro directly to your wallet or other exchange, it will always first “send it” to Coinbase, and then send it to your wallet/exchange.

This what you need to do is make sure that Coinbase and Coinbase Pro are both properly integrated into Accointing.com, then classify the Coinbase<–> Coinbase Pro as internal, then the Coinbase<–> Wallet/Exchange as internal as well.

Hope that helps!

1 Like

Hey guys, does this article help? Using the Coinbase Pro API with ACCOINTING.com - Accointing Blog - Cryptocurrency Portfolio Tracking & tax Software

There is no option to classfy Coinbase or Coinbase Pro as “internal” How do I do this?

Hi, you can’t classify a wallet/exchange as internal. It is only possible with transactions. Troubleshooting: Internal Transactions - Accointing Blog - Cryptocurrency Portfolio Tracking & tax Software

1 Like