TaxBit has created a tool to help users resolve certain missing cost basis issues. The initial launch of our Resolution Center will help identify and walk you through the following scenarios:
- Integration Issues
- Duplicate Transactions
- Linking Transfer In Transactions With a Matching Transfer Out
- Transfer In Transactions Without a Transfer Out
This article will focus on Integration Issues that are identified and how to resolve them in the Resolution Center.
Integration Issues: There are multiple formats to account for the data in your TaxBit account:
- CSVs
- Manually adding transactions
- API connections
- Main accounts
- Sub accounts
If you're using multiple formats to add data from a particular integration into your account the categorization of those multiple formats you're utilizing is important. Ultimately, you want to make sure that all transactions are properly assigned to the right account. If transactions are in your account, but aren't being properly assigned to the correct account, it's considered an "Integration Issue".
Example: You have multiple Coinbase accounts. You connect your first Coinbase account to TaxBit, which establishes the initial connection. Then your Coinbase transactions begin coming through the API. You also have a sub account that you connect to your TaxBit account via CSV, and the name of that connection is "Coinbase 2". When you go to check your Transactions page for your "Coinbase 2" transactions, you realize the transactions from the CSV aren't showing under the sub account "Coinbase 2". This is when the issue should appear in the Resolution Center under Integration Issues for you to make sure your transactions are classified correctly.
How do I work through Integration Issues?
First you'll want to access the Resolution Center, you'll login to your account and navigate over to the left side to select "Resolution Center".
From there, the system will identify if there are transactions in your account that have any Integration Issues or any that are Possible Duplicate Transactions. This example only shows one issue in the account, if there were more than one you'd want to work through the list from top to bottom.
If you choose to work through the issue that has been identified, you'll click the "Resolve" button.
Once you hit "Resolve" a screen will appear with the issue you're dealing with labeled at the top:
Review
When you first begin working through identified issues in the Resolution Center, it gives you the option to review the transactions in question.
If you choose to review the transactions select "Review" on the right side. This will then take you to your Transactions page with the necessary filters already applied so you can take a look at what transactions are in question.
Resolve
After reviewing the transactions on the Transaction page, you can work through resolving the issue based on the suggestions presented in the Resolution Center.
For resolving the Integration Issue, you are presented with two options: Delete CSVs and connect multiple sub accounts or Merge Transactions.
Delete CSVs: This option is presented when you have both, CSVs from a particular source and the API connected to your TaxBit account. For example, if you connected Coinbase via API and you had a sub account that you decided to upload CSVs for. This can cause an Integration Issue because of the use of multiple formats. The system is trying to determine which is the correct account to assign those transactions to. The goal for deleting the CSVs would be to remove the data that isn't properly assigned to the correct account. Then you can try accounting for the data by connecting your second account via API in order to classify that the transactions are from the same account.
By resolving the Integration Issue through Deleting CSVs, the system will direct you to the connected CSVs in your account and provide you with the option to delete the CSVs from your account. Once deleted, you'll need to connect any sub accounts you have via API.
Merge Transactions: This option is presented when you have transactions from an integration already established in your account. You can take the transactions that are not showing under the correct integration and merge them into the correct integration. Essentially, it's like you are assigning the transactions to the particular source they are from.
If merging transactions is the option that works best for you, you'll be able to select which connected account (if you have multiple) with the dropdown above "Resolve", so that all the transactions are connected to that particular source.
Once that is done, you'll see a pop up asking to confirm that you want the following edits to be made to the transactions in question. If so, you'll then hit save and the edits will be made to those transactions.
After you've resolved your Integration Issues in the Resolution Center, you can continue working through other identified issues in your account. You want to keep working through issues until you no longer have anymore identified issues.
Please Note: After you've worked through all of the identifiable issues in the Resolution Center, you'll see a screen with this message if you still have Missing Cost Basis within your account. This message is due to the transactions with Missing Cost Basis not being able to be resolved through the Resolution Center at this time. Right now, the Resolution Center helps users with working through four scenarios: Possible Duplicates, Integration Issues, Linking Transfer Ins with Transfer Outs, and Transfer In Transactions Without a Transfer Out. There are more to come soon!
Still have questions? You can interact with our Chatbot by selecting the Chat Widget located at the bottom right side of your screen, or fill out this form HERE to submit a support inquiry request. Our team is happy to help!
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Keywords:
Integration Issues
Integration
Missing Cost Basis