What is Koinly?
Think of Koinly as an intelligent excel sheet. You add your transactions (rows) and it fetches market rates, matches transfers between your own wallets and generates your capital gains and income tax reports. The accuracy and completeness of Koinly's tax reports rests entirely on the transactions you add to it.
Let's look at how you go about using Koinly step by step.
Step 1. Adding your wallets
To make adding and managing hundreds or thousands of transactions as simple and easy as possible, Koinly uses Wallets.
To create a wallet, go to the Wallets page and click on Add Wallet. There you can select your wallet by searching for it or finding it in the list.
Can't find your wallet?
Try searching for your exchange/wallet/service, if it doesn't exist in Koinly yet you will see the option to create a custom wallet as seen below.
Step 2. Importing transactions
Once you have clicked on a wallet, you will be able to choose how you want to import your transactions.
For ex. I selected Kraken on the previous page which takes me to this page:
For most exchanges you will find a Setup auto-sync option which uses API keys to download your transaction history automatically and keep your data in sync even in the future. This is the recommended method as you won't have to deal with csv files.
- How to add an exchange account using API keys
- How to import transactions using a downloaded CSV file
- How to import transactions using your own CSV file / custom file
- How to add transactions manually
Step 3: Let Koinly calculate your gains
Koinly does a couple of things after you import new transactions, such as fetching market prices, matching transfers between your own wallets and calculating your capital gains. You will see an indicator while this is happening.
In the meantime it might be worthwhile for you to learn about some settings that affect how your gains are calculated such as:
Step 4: Downloading your tax reports
Once your gains have been calculated you can go to the Tax Reports page to see a brief summary of your capital gains and income.
Scroll to the bottom to download one of the tax reports. Koinly offers a number of tax reports that you can download in csv, excel and pdf formats.
Also check out our Troubleshooting section for articles on how to fix common errors and issues. If you feel stuck or need any help with anything, simply jump on our Live Chat!