CoinReporting supports several report types where you can dive deeply into the financials of your organization or your personal accounts.
Generating A Report
To generate reports, simply click Reports on the left hand menu of CoinReporting. Then just click the type of report you'd like to see.
Each report applies to a particular timeframe. You can change the timeframe by clicking the calendar boxes at the top of the report page. There is also a drop down menu that allows you to select commonly-accessed time periods. CoinReporting will remember your time period selection within each login session and apply that to all reports.
Printing and Exporting Reports
We will soon release a feature to allow Excel/CSV exporting of all reports as well as PDF generation. Neither of those features are currently available.
Highest Balance Report
The highest balance report shows the highest balance in each Asset and Liability account during the selected period.
This report is useful for US Citizens who need to file the FinCEN FBAR form.
Our Preparing For Taxes page has more information about filing the annual FBAR form.
Sales of Capital Assets Report
This report is the reason many of you are here. The Sales of Capital Assets Report is a single view that looks at all your foreign or digital currency trades and generates a line item for each sale date, acquisition date, sale price, and acquisition price.
US Citizens can use the information from this report to file IRS Form 8949 - Sales and Other Dispositions of Capital Assets.
This report will be generated using either the FIFO, LIFO, or HIFO method of basis calculation. You can select your basis calculation method on the Settings > Tax & Accounting page. Different countries allow different methods, so please be sure that you've selected a usable option for your country. The default option is FIFO.
In case that last paragraph was confusing, let me try to break it down. Whenever you sell a capital asset (such as some bitcoin), you need to report the date you sold it and the amount you sold it for. That part is easy. But you also need to report the date that you bought it and the amount you bought it for. If you are constantly trading, there are probably many such buys that would work for any given sell. The basis selection method is how we figure out which one to use.
The FIFO method stands for "first in, first out". This means we simply take assets in the order that you bought them. The LIFO method is the opposition: "last in, first out". In general, FIFO will result in reduced tax liability if prices are trending down and LIFO will result in reduced tax liability if prices are trending up. For most businesses, once you choose a method, you must stick with it, even in future years! The HIFO method is a "highest cost, first out" method designed to reduce your tax liability. Please consult an accountant to decide which method is best for you.
The report also identifies whether an asset was held for a Short Term or Long Term period. You can change the definition of short term by visiting the Settings > Tax & Accounting page. The default value is 1 year, which is valid for many countries, but certainly not all. Check with your country's tax policies to learn how to set this value.
The report is automatically regenerated whenever new transactions are added, utilizing your selected basis calculation method. Therefore, you are not required to input or import your transactions in any specific order. CoinReporting will do the right thing.
Please note that there is a slight delay between when you enter a transaction and when it's available on the Sales of Capital Assets Report. These reports require considerable background resources to calculate. We recommend you log out and wait 10 minutes before using this report to file any tax form.
Our Preparing For Taxes page has more information about filing capital gains tax returns.
The balance sheet, also called a statement of financial position, is the most basic accounting report. It provides a snapshot of the balances of the company's (or individual's) assets, liabilities, and equity at a point in time.
Accounts in foreign currencies or digital currencies are shown both in their native currency and automatically converted to your base currency using the exchange rate as of the date of the report. Remember that if your assets or liabilities are in currencies that we cannot automatically mark-to-market, we will use your last trade amount as the valuation for that currency. You can override this by manually adding the exchange rate to CoinReporting via the Settings > Exchange Rates page.
There are three main sections on a balance sheet: Assets, Liabilities, and Equity. To understand the difference between these three types of accounts, please review our learning center topic on Accounting.
The CoinReporting balance sheet does not currently distinguish between current and long-term assets and liabilities. We hope to expand the capabilities of the balance sheet in future versions.
Unlike the Profit and Loss Statement and Transaction Report, the Balance Sheet's "Start Date" doesn't have much meaning. The Balance Sheet report shows balances as of the end date. CoinReporting's balance sheet does not currently differentiate between Retained Earnings (Net Income from before the start date of the report) and Net Income, though we hope to add this feature in the future.
The P&L statement, also known as the income statement or revenue statement, indicates your company's (or your individual's) revenues, expenses, and net profit during a particular period.
Unlike the Balance Sheet report, the P&L statement is expressed solely in your base currency. That's because you file taxes based on your income and expenses in your base currency.
The P&L statement only shows realized gains and does not include unrealized gains. This means that you will only see trading gains or losses where you actually sold your position. To get information about your unrealized gains or losses, we recommend you look at the Summary page or the Balance Sheet report. We also hope to build a more detailed Unrealized Gains and Losses report soon.
Statement of Cash Flows
A cash flow statement shows how changes in accounts affect cash in the business during a specified time period.
CoinReporting does not treat digital currency balances as cash for purposes of the cash flow statement.
Currently, all 'other income' and 'other expense' accounts are classified as Investing Activities. In the future, we hope to add additional account types to allow for further specificity here.
Chart of Accounts
The chart of accounts is a useful report if you're looking to mirror your accounting in another system. It shows your entire chart of accounts, with types, descriptions, and current balances.
Income and Expenses By Category
These reports show your income broken down by account for a specific time period. We also show a pie chart of the various categories.
The transaction report, also known as a transaction detail report, lists all the transactions that occurred in a particular account during the selected time period.
Transaction reports are useful to cross-checking your financial statements from your bank, exchange, etc. to ensure correctness.
For account types that support the Register, the Transaction Report should contain information identical to the Register.