In double-entry bookkeeping, every transaction is associated with two or more accounts. You can think of it this way: every transaction moves money from an account to an account.
Accounts can represent actual accounts you have at a financial institution, such as a checking account or credit card account. Or, they may represent a digital wallet, such as a bitcoin address.
For more information about double-entry bookkeeping, please read our Accounting Basics page in the learning center. It's pretty important to understand this stuff if you want to use CoinReporting.
Creating Accounts is easy in CoinReporting. Select the Accounts page from the left menu, then click Add Account.
You'll enter the name of the account, its currency, and select an account type.
Optionally, you can also enter today's balance at this stage. This will create a single transaction transferring that amount from an Opening Balance Equity account to the new account. This is good if you do not have access to prior financial statements for the account. If you do, it is much preferable to input the prior transactions individually after you add the account.
Asset and liability accounts may be created in any fiat or digital currency.
Income, Expense, and Equity accounts must be in your base currency. That's because in order to file taxes, you must report income and expenses in your base currency.
Nested Accounts and Sub-Accounts
CoinReporting does not currently support nested accounts or sub-accounts. We hope to add this feature in the future.
Currently the only change to an account that can be made is a rename. To rename an account, highlight it on the Accounts page and click edit.
To remove an account, highlight it on the Accounts page and click delete. Accounts may only be removed if they do not contain any transactions.
Automatically Created Accounts
CoinReporting will automatically create accounts for you when needed to represent things such as Fees, Opening Balance, and imported transactions from exchanges. Once created, these work just like any other account and you are free to rename them.
CoinReporting automatically creates a pair of special accounts called trading accounts for each foreign currency you have represented by an account. You may not create or delete these accounts yourself.
These trading accounts are used automatically in the background by CoinReporting to track trading activity between currencies. You may also add transactions to these accounts yourself via the Advanced tab of the Add or Edit Transaction page.