In most cases, CoinLedger will automatically detect bridges, transfers and trades without any manual classification being required. However, some blockchains or exchanges send CoinLedger incomplete transaction history data, which will cause these transactions to get imported as two separate transactions (a deposit and withdrawal). While this is not the fault of CoinLedger, our software does offer a solution to these problems!
CoinLedger will identify any potential bridge, transfer or trade transactions that were not automatically mapped upon import on the Transactions page. If our system flags any of these potential bridges, transfers or trades on your account, they will be shown here under the Potential Bridges, Trades and Transfers tab. Using this tab, you can review each of the transactions CoinLedger has flagged and easily merge them together to resolve any Missing Cost Basis warnings on your account.
CoinLedger will flag each potential bridge, trade or transfer transaction in pairs, and will suggest the most likely classification that these two transactions should be merged into.
You can accept CoinLedger’s suggestions for each of the potential trades, bridges and transfers shown on this page. To accept the suggestion and merge these transactions together, check the box next to each potential transaction match, and then select Confirm All from the pop-up menu at the bottom of your screen. This will merge each pair of transactions together under the transaction type CoinLedger suggested.
Finally, to confirm these changes, press Save All.
Each of your selected transaction pairs will now be merged together. Repeat this process for all of the potential bridges, transfers and trades that CoinLedger has flagged on your account.
What if I want to change the transaction type before merging the transactions together?
If you don’t accept CoinLedger’s suggestion for a specific transaction and would like to change the transaction type before merging the transactions together, you can do so by checking the box next to it, and clicking Reclassify on the pop-up menu at the bottom of your screen.
For example: CoinLedger may suggest a potential bridge to be merged together on your account, but you may want to merge that transaction into a trade instead. You can do this by hitting Reclassify and then selecting Trade.
How can I ignore a suggestion on the Potential Bridges, Trades and Transfers tab?
You can ignore a suggestion by clicking the three dots next to the potential match and selecting Ignore. This will remove the suggestion from the Transactions page. However, the two transactions from this potential match will still be present in your account.
Why is my merge failing?
If your attempted merge fails, CoinLedger will show an error message explaining why the merge failed and how to fix it. In the example below, you can see that two of my potential transfers failed to be merged together. A pop-up menu then showed up on my screen explaining why this occurred.
In both of the Transfers shown above, my transactions failed to be merged together because the withdrawal and deposit transactions contain two different assets. In order for a transaction to be a transfer, the same asset has to be sent from one wallet to another, so the transfer classification is not appropriate here. For these transactions, I could merge them into a different transaction type like Trade or Bridge instead.
CoinLedger may also prompt you to edit one or both of the transactions before merging them together. Usually, this is because the amounts sent and received in each transaction do not match. This is necessary for a merge of two transactions to be successfully completed.
You can fix this by selecting the 3 dots next to the transaction, hitting Edit transaction, and changing the Amount Sent or Received to match the amount shown in the other transaction.
Once you have finished editing the transaction, press Save to ensure your changes go into effect. Then, you can retry the process of merging the two transactions together.