Once you imported all your wallets/exchanges, you should do a few checks to make sure the data is complete.

We are sharing below a general framework of how to approach checking the data you imported to Koinly in order to get the most accurate tax calculations.

Importing complete data is essential for Koinly to be able to find all the costs of acquisition.

➕ Add every:

❌ Do not add:

🧑‍🏫 Further reading:

✅ After completing step 1, import of all your exchanges/wallets:

Review data in each wallet imported. Look for:

If the balances calculated by Koinly do not match reality and you see "missing purchase history" warnings in your transaction history, this usually indicates that some data wasn't imported. Most common solutions include:

For more detailed troubleshooting, check:

✅ After completing step 2, checking for incomplete data:

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⏭️ SKIP if you never did any LPing

Majority of your liquidity-related transactions should be automatically merged and tagged as such, but for some lesser known protocols (especially concentrated liquidity) some adjustments may be necessary. Follow:

⏭️ SKIP if you never did any staking

Koinly will automatically tag staking/unstaking transactions but may miss some lesser-known protocols. In such cases, you need to tag those transactions yourself to stop gains from being realized on them. Follow:

⏭️ SKIP if you never traded reflection/taxed tokens

Tokens like SAFEMOON, AMPL, and other tokens with “advanced tokenomics” require adding manual rebalancing transactions, as the changes in the tokens held are not reported on the blockchain.

Wrong wallet balances of tokens like BABYDOGE, SFM, etc. in your wallets are almost always caused by missing reflections/taxes. Follow:

✅ After completing step 3, review of DeFi transactions:

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⏭️ SKIP if you never traded NFTs

NFTs can be quite troublesome because:

Steps needed:

🧑‍🏫 Further reading:

✅ After completing step 4, review of NFT transactions:

Use the following filters on your transactions page to narrow down the search:

There are a few things worth looking out for simultaneously:

When transacting newly released or migrated tokens, Koinly's database may not yet be updated and an unidentified token gets imported. If the correct token does exist in our database, you can fix this by following:

Koinly does a very good job with matching withdrawals and deposits between your own wallets into non-taxable transfers. Sometimes the transfers will not be matched automatically due to incomplete or inaccurate data:

If you decide to fix a transfer manually, be sure to edit the side that is wrong - the correct timestamp of a transaction is the one that is in UTC timezone (API data will always be in UTC). Follow:

Sometimes a trade you did doesn't show as one "Exchange" transaction but instead as a separate Deposit and Withdrawal. This is usually caused by ambiguous on-chain data (transaction has multiple inputs/outputs) or missing market prices. You can merge such trades manually:

The more you traded on-chain, the higher the chances are that your wallet was targeted by spammers. It's good to mark those transactions as such because:

You shouldn't have a lot of transactions showing the Missing market price error as you fixed most of these errors by merging trades and fixing unidentified currencies but this warning may still show for low-cap tokens you traded that aren't listed on CoinGecko or CoinMarketCap.

For those tokens, you will need to add the market price (worth of the transaction) manually but if you traded the same token a lot, it might be worth adding a custom price feed - see Settings > Custom prices.

Koinly tries to automatically tag all your transactions when appropriate, using the tags like Airdrop, Reward (from staking) or Realized PNL (for Futures)

However, sometimes the data from the exchange/blockchain is unclear and you need to find and tag those transactions manually (or remove the tag if it was added incorrectly). For a full list of available tags with explanation how they affect your gains, see What are tags?

🧑‍🏫 Further reading:

✅ After completing step 5, review of unclassified deposits and withdrawals:

Go to your Transactions page, clear any filters you might have and

When reviewing implausible gains, follow:

Detailed analysis of cost basis may uncover issues with the data you didn't notice before. Data review is an iterative process - don't shy from going back to any of the previous sections if you feel it's needed.

✅ After completing step 6, spot-check of outliers:

Finally, go to the “Tax reports” page, select the year for the tax report you’re interested in and see if there are any issues/missing costs mentioned there:

If you followed the steps above, there shouldn’t be any errors listed, or they can be small enough to consider ignoring the slightly higher taxes you’ll need to pay on some transactions.

For more information about the warning mentioned here, see We have assumed a cost of zero for some assets.

✅ After completing step 7, review of the tax summary:

Since you're about to download your reports, it's good to set a lock date in your settings to ensure that the data up to the end of your last tax year stays the same and you don't modify it by mistake or due to a system error.

Remember that, if needed, you can always remove the lock date.

✅ After completing step 8, setting the transaction lock:

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Do not hesitate to reach out to our Support via our in-app chat. Our team will happily assist you in how to use Koinly. Our team will support you in solving the issues yourself by pointing you to the correct help resources or giving an example of how the issue can be fixed. Please note that our team cannot give tax advice and it's your responsibility to ensure you're following legislation. See our scope of support for detailed information.

Alternatively, if you need help with data import and amendment, you may want to consider our Expert Review - read more about this service in our article on what is an Expert Review.

You may want to consider hiring a crypto accountant to help you with importing and checking your crypto transactions - we have quite a few accountants listed on our website, from different countries.