Purchase price Needs setting

Koinly Support
#1

Describe the problem:

We bring in crypto currency from one of our international subsidiaries. We need to book in the price of the cryptocurrency according to the value at the time it is transferred over on our books. How can we do this?

Which exchange/wallet is this regarding?

Crypto is paid to either Kraken or on to a ledger.

How did you import data into this wallet?

It is an automatic sync

What have you tried to fix this so far?

We are just reviewing

#2

Hi @Tom_Raikes

Since you are receiving cryptocurrency from an international subsidiary and need to book it at its value at the time of transfer, here is what you can do in Koinly:

  1. Ensure correct import: You can use automatic sync for Kraken and Ledger, Koinly should already be pulling in these transactions. Double-check that all deposits appear correctly in your transaction history.
  2. Adjust cost basis if needed: Koinly will assign a cost basis based on the imported data. If the recorded value does not match what you need for your books, you can manually edit the transaction and adjust the “worth” to reflect the correct value at the time of transfer.
  3. Use manual adjustments if required: If the transfer is between company accounts but needs a specific valuation, you might need to add a manual deposit with the correct cost basis instead of relying solely on the automatic sync.
  4. Consult your accountant: Since this involves international transactions and corporate accounting, I highly recommend speaking with your accountant to ensure compliance with financial reporting and tax regulations.