Ledgible automatically obtains pricing data to calculate gains and losses on transactions. Users may want to edit this data in order to gain more accuracy on pricing for certain transactions. This article will demonstrate how the cost basis can be edited.
To edit the cost basis on an incoming transaction:
- Navigate to the transactions tab in Ledgible, and find the event you would like to edit the cost basis for. Please note that this will impact proceeds and gains and losses calculations.
- Click the action buttons to the right of the transaction and select Edit Cost Basis.
- In the pop-up that opens, enter either the exchange rate you would like your transaction to be calculated with, or update the cost basis of the incoming transaction directly.
- Tick the box to acknowledge the impact this may have on your tax calculations, click Confirm and your transaction pricing will have been updated. You can revert the changes at any time by clicking the Cost Edited flag.
To update the cost basis of an outgoing transaction:
- As the cost basis for an outgoing transaction is calculated from the cost bases of previously incoming transactions of the same asset, users will need to edit the cost bases for the corresponding incoming transfers.
- Ledgible makes this easy: navigate to the Transactions tab, find the outgoing transaction in question, and click it to expand with more details.
- You will then be able to view the corresponding incoming transactions which provide the cost basis for the outgoing side. Click Edit Cost Basis under the Action Button next to one of these to make the changes.
- In the pop-up that opens, enter either the exchange rate you would like your transaction to be calculated with, or update the cost basis of the incoming transaction directly.
- Tick the box to acknowledge the impact this may have on your tax calculations, click Confirm and your transaction pricing will have been updated. You can revert the changes at any time by clicking the Cost Edited flag.