KoinX offers an intuitive platform for users to automate their crypto transaction reports for tax filing. In this guide, we will take a look into the various terminologies and sections of the KoinX platform. To make the most of KoinX’s capabilities, it is crucial to have a clear grasp of the various terminologies used by the platform.
Terms Found In The KoinX Customer Login Page
An overview of the various sections and the terminologies used in KoinX is given below.
Dashboard
The Dashboard is the first section you see upon logging in to KoinX. It displays information regarding your crypto holdings which are utilised in tax calculations.
Here are some important terms found in the Dashboard:
- Invested: This is the total monetary cost of your holdings, calculated using the First In, First Out (FIFO) method.
- Current: This is the current market value of your holdings.
- Returns/Unrealised Gains: This is the profit you have made on your holdings that you haven’t sold yet. Returns/Unrealised gains are not taxable.
- Taxable Gains: This is the profit amount that is subject to taxation.
- Portfolio Allocation: This is a visual representation of your portfolio’s assets and holdings in a pie chart.
- Allocation by Segment: This is a breakdown of the types of crypto assets in your portfolio and the percentage of each type present.
- Holdings: These are the assets you hold in your portfolio for potential returns.
Transactions
Transactions are the next available section. This section allows you to edit, add and delete transaction data.
Various filter options are available, making it possible to view the data sorted by that specific filter. A description of the filters is given below:
- Wallets: To filter out transaction data based on the wallets/exchanges traded on.
- Types: To filter transaction data based on the type of transaction made. Options include trade, deposits, withdrawals and rewards.
- Coins: To view transactions of a specific cryptocurrency.
- Start Date and End Date: To view all the transactions made within a specified period, specified by mentioning the start date and the end date.
- Sort By: To sort the available transactions based on the option selected by the user. Options include name, cost, fees, highest gains, highest losses, most recent and oldest.
Moreover, there are two tabs below the transaction data, namely Details and Analysis. The Details tab provides complete transaction details, while the Analysis tab offers financial analysis. Both can be downloaded as a CSV file.
Integrations
The next available section is Integrations. In the Integrations section, you can integrate your wallets and exchanges with KoinX by uploading the respective report files.
To integrate a wallet, click Add Integration and select the required wallet. After selection, upload the required transaction files to link and integrate the wallet with KoinX. To get an accurate tax report, Download your transaction files for all years of trading and upload them. Every deposit, withdrawal & p2p trade should be added. Upon successful integration, all the transaction data will be available in the Transaction section.
The Sync All button will sync all the transaction data across all wallets integrated with KoinX. However, remember that the Sync All button only works with data synced with an API key. Data synced with Excel sheets cannot be synced as KoinX will not have permission for it.
Detailed Transaction Insights
To get the information of a particular transaction, you can utilise the Details section. In the Details section, you can get the required details of a particular transaction such as the wallet address, transaction hash, source, destination etc. You can also download the transaction details as a CSV file.
Tax Report
Next, the Tax Report section creates an in-depth report of the transaction details which can be used in filing ITR.
The KoinX Tax Report gives insights into the Tax Summary, derivative income summary, other gains income summary, the TDS summary, and Schedule VDA reports needed to file an ITR. details of the transactions made, including the type – whether it was a withdrawal, deposit, trade, or other.
Settings
In the Settings section, you can change your account and your billing and invoice settings.
Under account settings, you can change your name, email ID, and phone number, whereas the billing and invoices setting lets you generate an invoice for your chosen plan. Additionally, you can upgrade your plans by clicking on the Update button.
Familiarising yourself with the various sections and the terms used enables you to effectively use KoinX. Feel free to explore the different sections of KoinX and if you still have a doubt, you can reach out to the support team at https://care.koinx.com.
