Koinly shows warnings for several of my exchanges and wallets because the reported balance doesn’t match what Koinly has. In most cases, the amounts are really small. But I don’t want to file my taxes knowing there’s discrepancies.
Anyone have tips on how to track down where the discrepancies are coming from and how to fix it?
I, too, am hoping for an answer to this question. There really should be a video about this.
I have used a blockchain scanner like Etherscan or TzKT and have gone through each wallet that has a material imbalance to identify where Koinly may have failed to accurately import transaction data using API. This can be a painstaking process if you have a lot of transactions in the wallet that has an imbalance. However, I have been able to clear up any material errors this way. I haven’t bothered to address a few very minor discrepancies. The materiality principle in accounting accepts that there will always be minor discrepancies in accounting and tax reporting.
Thanks! That seems like a good way to tackle it.
I wonder if Koinly let’s you export transactions to excel. I think it’d be pretty easy to use power query in excel to grab the transactions from a Blockchain scanner, then just do some vlookups/index match formulas to pinpoint all the discrepancies.
I am not that familiar with Excel and the Koinly tax reports look quite static to me so I think you would have to contact Koinly Support to see how you could export your Koinly data to Excel. I know that third party vendors such as TurboTax and Wealthsimple have enabled their clients to export Koinly data directly into their user interfaces for tax reporting purposes. This tells me that it should not be difficult for Koinly to facilitate exports to Excel. Good luck with your clean up.