How to capture multiple buys and receipts for an ICO properly

As part of an ICO I have made multiple purchases and received the coints it multiple batches. How can I properly capture this with accointing.

Currently I have

  • multiple (e.g. 10) outgoing transactions (into the ICO)
  • multiple (e.g. 2) incoming transactions (for coins received via the ICO)

With the current functionality it seems that I can only match exactly one outgoing to one incoming transaction. How can I manage a more complex ICO entry as described above?

What wallet or exchange did you use to purchase these ICO?
Make sure to classify them properly: Crypto Tax Classifications : Accointing AG

I have used the Metamask for purchasing and receiving the coins. It seems that it is only possible to connect exactly one outgoing with one incoming transaction for an ICO.

However I need to connect multiple outgoing transactions to one incoming transaction for the ICO. How can I do this?

In Accointing, can you ignore all the outgoing transactions. Then add up the total and manually add one transition and connect that new one as an ICO?
Would this cause a tax issue for you?

Yes, this will cause a tax issue. The value of the tokens on the timestamp of the outgoing transactions must be used for calculating gain/loss of the tokens being sold for taxation purposes. This is my most important use case and I guess I have to look for an alternative solution as Accounting cannot handle this use case :worried:

Have you tried the Accointing Template to upload a spreadsheet of your ICO’s?

No, all the related transactions are imported via the blockchain import (ETH). If I then upload additional stuff via template I would have doubled the transactions …
I am a bit puzzelnd that a common case like this is not supported with the functionality available. Are there plans to add such functionality?

2 Likes

Can you try uploading a CSV of your ICO’s with the Accointing Template?
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This is what support told me:
Unfortunately, Accointing only has ICO support for 1-1 transactions at the moment. For people that have several transactions for 1 ICO. they either sum everything up and have 1 transaction. or they divide the total amount they paid for the ICO for the amounts of each round they received.

Eg. 100usd -2x50 x Tokens
first example:
100usd-100 x tkoens
2nd example:
50 usd-50 tokens
50usd- 50 tokens

Feel free to put in a feature request for people to vote on multiple ICO transactions :slight_smile:

Hi Matt,

I have now added an own wallet for the ICO and this actually seems to be the best solution.
Thanks for your support!

Best regards,
Olaf

Am I good to close the ticket? :slight_smile:

Hi Matt,

I do have some challenges matching transactions on the Metamask with Transactions in my wallet (i.e. when I mark some transactions in the wallet as “internal” it does not show up in the internal transaction list). These however show up in the “missing classification” list …

Is there a solution for this?

Thanks,
Olaf

Can you send me a photo of your internal transactions that are not showing up on the internal list?

Hi Matt,

I have now been able to match transactions. The clue was to set the outgoing transactions imported from MetaMask to “unclassified”. From the Blockchain import they were classified as “swap” and I was thus not able to match them with the incoming transaction in my ICO wallet. After setting the outgoing transactions to “unclassified” I was able to match them.

I assume the manual orders in the wallet (i.e. where incoming coins are traded form ICO coins) is considered as a taxable event.

BR,
Olaf

1 Like

Good catch @olafm :slight_smile: Yes, they have to be unclassified before they are classified as internals.

There is a classification for ICO’s. Please see here :slight_smile:

Here are the breakdown of classifications: Crypto Tax Classifications : Accointing AG
Here is how you are taxed per classification: You searched for classifications - Accointing Blog - Cryptocurrency Portfolio Tracking & tax Software

Using the ICO classification does not work in my case, thats why I need to do it via an ICO wallet.

You can go ahead and close this ticket now :slightly_smiling_face:

1 Like