Kinesis Cointracking Integration

An email with the title
Kinesis integrates with CoinTracking platform
announces the availability of a new import page for Kinesis files at cointracking.info

The body contains the title
Simplified reporting with Cointracking


The Cointracking CSV extract file contains KAU and KAG as the core Kinesis currencies.
Cointracking uses KAU2 for Kinesis Gold and is able to find historical prices back to when KAU was added to coinmarketcap.com.

There is a link in the email to a Kinesis specific import page.
It's also included in the Export CSV window.
It's important to use this for the benefits below.

A key feature of the new import page is that KAU is swapped to KAU2 as part of the import process.
This means that Cointracking will automatically price Income, Deposit, Withdrawal etc records (Trade records were already priced by the other side of the trade).

When doing your taxes, this means that only records prior to the coinmarketcap.com add date need to be manually priced. It may be worth double checking records on the add dates as I don't know what time of day they were added.

The coinmarketcap.com add dates were:

• KAU 14th April 2023
• KAG 19th April 2023

 

[Uchiki]

If you already have previous year(s) data in your Cointracking account and have manually priced it, then you won't want to overwrite that.
Identify the most recent transaction that you already have in Cointracking.

Edit your newly downloaded Cointracking CSV file and remove everything up to the most recent transaction that you have in Cointracking.
The more recent transactions that remain are what you'll be loading into Cointracking via the new import page.

If you've previously changed the KAU currency to KAU2 for the data already in Cointracking, then nothing else to do before loading the file.

If your existing Kinesis gold in Cointracking is still KAU, then you can create a Trade record to swap your balance of KAU at the time of your last Cointracking data to KAU2.

You can do this via the Enter Coins page, New.
You should set the date to just after the last transaction you already have in Cointracking.
Make sure that you include "Swap" in the Trade Group field.


Then you can load the new file.
The cost basis of your previous transactions should be retained, but will be referenced as KAU2, so should be incorporated in the Capital Gains calculations for the new KAU2 records that are created via the Kinesis import page.

 

[Uchiki]

Cointracking free account limits

In terms of cost, Cointracking does allow use on a free basis if you have less than a certain number of transactions.
There are two limits.

The first is on adding transactions after the total exceeds 200.
It is possible to successfully import more than this number, but then not possible to add further transactions.

The second is having a higher number of sales/disposals than 100 in a given year.
You can have lots of Income records (yields) which do not affect this total.

It makes sense to start with a free account and try things out and then upgrade when you find that you need to.
As in the announcement email and Export CSV window, there is a discount link available.
If you want to use the API functionality, this will require a paid account.


Using a single paid account to cover several Cointracking accounts

If you have a partner, spouse or business that also have Kinesis accounts, you can create free Cointracking accounts for each.
When you need to upgrade to a paid Cointracking account, you may want to consider choosing a paid plan for one of them and link or "join" the other accounts.

This article contains information on joining Cointracking accounts:

Create Multiple Accounts On CoinTracking

You can create up to 10 accounts on CoinTracking and link them. To create an additional account: 1. Log off from your first account (if you are logged in) 2. Register for your new account (we recommend entering an email address here –...

cointracking.freshdesk.com

 

[ROS]

Had my accountant on the phone when I entered CoinTracking. He was able to walk me through all the reports he needed to comply with the US IRS requirements. I was able to use the Free version this year. Wondering if that option fades out as time passes and more than 100 transactions need accounted for?
Thanks Uchiki!

 

[Uchiki]

Wondering if that option fades out as time passes and more than 100 transactions need accounted for?

If you're activity next year is similar, then you'll probably be within this limit:

The second is having a higher number of sales/disposals than 100 in a given year.

However, as your transactions across multiple years accumulate, you are likely to eventually exceed this one:

The first is on adding transactions after the total exceeds 200.

You may be able to work around this for a time based on this:

It is possible to successfully import more than this number, but then not possible to add further transactions.

 

[ROS]

I went ahead and upgraded to Pro, as when exporting my personal KMS accoun,t only 120 of 290 lines were coming through. Tried multiple times to rectify and finally opened a ticket with Cointracking. Stay tuned...