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Preparing Crypto Records with Koinly
A practical workflow for collecting, reconciling, and reviewing your crypto history.
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A polished report is only as reliable as the transaction history behind it. For crypto recordkeeping, the difficult work often comes before the report: finding old accounts, matching transfers, and documenting where an asset originally came from.
Koinly can help organize that information. It cannot reconstruct facts that were never supplied or decide every unusual transaction correctly without review. This article describes a preparation workflow, not a personal tax determination or hands-on software test.
1. Inventory every account
List exchanges, self-custody wallets, networks, and any platforms used for mining, staking, or other activity. Include closed accounts and wallets with no current balance if they contain relevant historical transactions. Record which sources have been collected and the periods they cover.
2. Preserve original records
Download the available transaction exports and retain the original files separately from edited copies. Keep trade confirmations, relevant receipts, transaction hashes, and notes explaining unusual activity. An opening balance alone may not establish when an asset was acquired or what it cost.
3. Import with a coverage plan
Follow Koinly’s instructions for each supported integration. Depending on the source, an import may use a connection, a public wallet address, or a transaction file. Confirm which dates and transaction types are included. Never provide recovery words or a private key to import records; where API access is used, follow the documented permission requirements and avoid unnecessary trading or withdrawal permissions.
4. Reconcile your own transfers
A withdrawal from one account and a deposit into another may describe the same movement. Both sides need to be present. Koinly documents automatic transfer matching, but missing records, incorrect timestamps, or mismatched assets can prevent the intended match. Compare the amount, network, timing, and transaction hash before making corrections. Preserve an explanation for manual changes.
5. Investigate warnings
Review missing purchase-history and cost-basis warnings rather than dismissing them. A missing acquisition can produce misleading calculations. Negative balances may point to an omitted trade, an incomplete import, or an ordering problem. Compare the software’s entries with source records; do not invent a purchase price simply to clear a warning.
6. Review before exporting
Check the reporting period, country settings, asset identification, transaction categories, and balances. Ask a qualified tax professional to review uncertain items, especially complex activity. Review current plan pricing and reporting coverage before purchasing. Software output is a preparation aid, not assurance that a filing is complete or correct.
A useful completion standard
Your records should let another reviewer follow an asset from acquisition through movement and eventual disposal or current holding. Keep source exports, correction notes, and final reports together. That audit trail is more valuable than a report generated quickly from incomplete data.
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Sources and methodology
Official reference material reviewed October 2, 2026. Product guidance is based on published documentation, not a hands-on test. The mining examples use explicitly stated arithmetic assumptions.
- Koinly import instructions
- Transfer matching documentation
- Cost-basis troubleshooting
- Transaction filters and warnings
Educational information only. Product features and terms may change. Obtain qualified advice for your circumstances.