So I am stuck with the following seemingly simple problem. My accounting logs starts with a transfer of BTC from a wallet to a Binance account. I know the cost basis of this BTC but how do I input this into my accounts?
Because currently my first transaction is just a BTC deposit classified as ‘add funds’ but nowhere is there a cost basis for this BTC or from what I can see a way to manually add the cost basis? (So I assume it is guessing that the cost basis is zero as there is no other history?)
In short I need to be able to add the cost basis for this initial BTC investment.
Please help! / Many thanks!
Accointing get’s the cost basis from the fair market value as reported by CoinMarketCap at the time of the transaction.
If the Cost Basis is incorrection, then please do an OTC transaction to set it right.
The issue is that the first documented transaction is from my custodial BTC wallet to a Binance account. The transaction does not know the cost at which I first purchased this BTC. Therefore all my future calculations will be wrong unless I first adjust this cost basis to the correct amount…
Thank you for the article, am I right in thinking that the steps to do this are:
Step 1: Create an ‘add funds’ transaction (To the amount of what I originaly paid for the BTC).
Step 2: Create an ‘OTC’ transaction that swaps these funds for BTC.
Step 3: Delete the original BTC wallet to Binance transaction so it isnt a duplicate.
I think the above is correct but would welcome you thoughts?
Many thanks for your help,
Is Step 1’s add funds USD or whatever your main fiat currency is in your country?
If so, Looks great!
I would suggest that in step 3, you ignore them instead of deleting them, just in case the API would try to bring them back for some reason.
And I would also add a comment to the OCT transaction as to why you create it as a future reminder
Perfect — Thanks for your help!
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