CoinLedger integrates with hundreds of exchanges, blockchains and wallets. Unfortunately, some exchanges do not export all the data required in order for CoinLedger to calculate both sides of a crypto transaction.

For example, if you purchase crypto with fiat, some exchanges will not export the fiat amount spent in the transaction and instead only export the crypto amount received. This means your transaction would get imported into CoinLedger incorrectly as a simple deposit.

This is especially the case for exchanges that use third-party payment platforms such as Ramp, Gem, Simplex, or Moonpay to facilitate debit, credit or ACH bank transfer purchases of crypto.

When exchanges only export the crypto amount received, CoinLedger does not have enough data to parse the transaction as a Buy. Instead, the transaction will be imported as one-sided crypto Deposit transaction (meaning it is excluded from your report calculations), which can cause missing cost basis warnings.

CoinLedger allows you to fix this by reclassifying any Deposit into a Buy.

In the CoinLedger app, a Buy refers to any transaction where fiat currency is exchanged for crypto. Purchasing crypto with fiat currency is not a taxable event in that there is no profit or loss to report until the crypto is sold or traded away. However, it is still critically important that all buys are imported in order to ensure that the original cost basis for the coin is included in your tax calculations.

Within CoinLedger you can reclassify any Deposit into a Buy if the exchange imported the transaction incorrectly. Check out the step-by-step walkthrough on this process below, or watch our short walkthrough video documenting the steps:

If you know that you purchased crypto with fiat currency on any of the exchanges listed above, the first step is to confirm whether those buy transactions have been imported as Deposits within CoinLedger.

Navigate to the Transactions stage and select filters for the exchange and the transaction type Deposit.

In the above example, some of the transactions labeled as Deposits are actually debit card fiat purchases made through a fiat-onramp provider on Exodus.

Log in to your exchange account and search for the original buy transactions. The timestamp and the crypto amount displayed in your exchange account should match up with the timestamp and the crypto amount on the Deposit in CoinLedger.

Here is an example of a buy transaction on Exodus:

Here is how the Deposit transaction appears within CoinLedger:

You can now change the Deposit transaction to a Buy in one of two ways:

Either of these methods is acceptable. Here are instructions on both processes:

Locate the Deposit transaction that is actually a Buy.

Click on the three dots next to the transaction, select Change Classification and then select Buy.

Then, press Save. Now this Deposit has been changed to a Buy.

CoinLedger will use the fair market value of that asset at the time it was received as your cost basis moving forward.

Click the three dots and select Edit Transaction.

From the Edit Transaction window change the Classification to Buy, select a fiat currency as the Sent asset and enter in the amount of fiat currency you paid. You can also enter in any associated transaction fees.

It's important to carefully review all your original transactions within the exchange app to confirm which Deposit transactions should be changed to Buys (exchanging fiat for crypto). If you transferred crypto from one wallet to another, this should be left as Deposit.

Have any questions? Our support team would be happy to help :)
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