❓FAQs -2
Q: Where can I view or download a ledger of trading fees for tax reporting?
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You can run the Journal Entry Expanded report and filter it by the fees GL account to get a ledger of trading fees for a specific period.
Q: Why is a specific capital loss missing from my summary report?
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This may be due to timing differences. For example, if a token (like HNS) was sold during the selected report period but is missing in the summary, the loss might not be included if the date range doesn't align perfectly between reports.
Q: Is there a report that helps confirm the digital asset balance pushed to QuickBooks (QBO)?
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Yes, use the Reconciliation Table found under Accounting → Period End Close. This shows expected balances in QBO, allowing you to compare against what’s been pushed. Ensure all transactions are categorized and gains/losses are recorded before using this tool. More info here.
Q: Does Bitwave’s Balance Report include uncategorized transactions?
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Yes, the Balance Report includes both categorized and uncategorized transactions.
Q: Why do some Bitwave reports show EIGEN while others show EIGEN-5?
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The difference in naming is due to the wrapping treatment applied to the Eigen token. The Balance Report reflects the actual asset name, such as EIGEN-5, while other reports (like the Cost Basis Roll Forward and Lots Reports) display the wrapped token, EIGEN, for consistency in tax treatment. This wrapping ensures that internal movements between EIGEN and EIGEN-5 are treated as non-taxable events.
Q: Why are some of my revenue-coded deposits not appearing in the rolled-up journal entry report?
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This may be due to date mismatches. Bitwave may interpret manually entered timestamps differently (e.g., 12:00 AM on 12/2 may be included in 12/1 reporting). Double-check the dates for accuracy.
Q: Does the wrapping treatment of tokens affect all Bitwave reports?
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No, the wrapping treatment specifically affects the Inventory View, ensuring that transfers between wrapped and unwrapped tokens are classified as non-realizable (non-taxable) events. It does not impact the Balance Report, which shows the actual tokens held.
Q: I’m unable to generate my month-end reports—some reports just keep loading. What should I do?
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If reports like Gain/Loss, Rolled-up JE, or Balance reports are not generating and appear stuck, please try clearing your browser cache and refreshing the page. If that doesn’t resolve the issue, let us know your organization name and the reporting period so we can assist further.
Q: How can I view realized and unrealized gain/loss reports?
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You can use Bitwave's Inventory Views to view realized and unrealized gains/losses. Please follow our Inventory View setup guide and Cost Basis Summary documentation for step-by-step instructions.
Q: What should I do if I get a “Problem generating report” error when running a Balance Report?
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This error can occur due to high transactional volume or temporary platform issues. First, try refreshing the page, clearing your browser cookies, signing out and back in, or closing and reopening the browser. If the issue persists, try using the Balance Report Expanded instead, which is optimized for high-volume organizations. If you still face issues, please contact Bitwave support with your Organization ID and details.
Q: What is the Balance Report Expanded and when should I use it?
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The Balance Report Expanded is an alternative version of the standard Balance Report designed for organizations with high transaction volume. It’s more stable and less prone to errors when loading or exporting large data sets. If you frequently encounter errors or slow loading times with the regular Balance Report, we recommend using this expanded version.
Q: Why does the Balance Report sometimes work and other times fail without warning?
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Intermittent failures in the Balance Report often relate to backend load or browser/session issues. Trying again after refreshing, clearing cache, or switching browsers may help. However, repeated failures, especially with larger datasets, likely point to volume-related challenges, in which case the Balance Report Expanded is your best alternative.
Q: Why isn't a disposal transaction showing up in the Actions Report even though I categorized it?
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If a disposal (such as the sale of tokens) isn't appearing in your Actions Report, it's possible that a related or prior transaction—like an inflow—has not been fully categorized. The reporting system relies on a complete categorization of all linked transactions to accurately reflect disposals and calculate cost basis. Double-check your transaction history for any uncategorized entries.
Q: How can I ensure my disposal transactions are accurately reflected in reports?
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To ensure disposals are properly reflected, categorize all relevant transactions—including any prior inflows of the asset being disposed. An uncategorized inflow may prevent Bitwave from recognizing the asset’s cost basis, which is necessary for accurate reporting.
Q: How can I find the acquisition date for lots I’ve sold to calculate days held?
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The Inventory Report includes a field called lotAcquisitionTimestamp. You can convert these timestamps to readable dates using a tool like epochconverter.com or with a custom Excel formula.
Q: Can you help me understand timestamp fields in Bitwave reports?
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Absolutely! Timestamps are in Unix format. You can convert them using online tools or Excel.
Q: How can I identify what transactions led to negative coin balances in Bitwave?
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Use the Register Report filtered by coin to view transaction histories for the individual wallets. This helps identify the transactions that may have caused negative balances.
Q: Why do transactions that are marked as categorized still appear as uncategorized in the inventory report?
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This may be due to an outdated inventory view. Click the "Update Now" button and refresh your browser. If errors persist, resubmit the inventory report.
Q: Is there a report in Bitwave that shows a coin’s balance history over time?
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The Register Report can be used to view transaction history by coin and assess balance changes. Alternatively, the Actions Report provides similar insights.
Q: Why is the date format in the Register Report CSV different from other Bitwave reports?
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The Register Report uses a unique date format that may differ from other Bitwave exports.
Q: Why does my reconciliation report in Bitwave show variances?
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Variances in reconciliation reports are often due to categorization errors or the addition of new wallets after transactions were already categorized. To troubleshoot, use a binary search method to narrow down the exact date of the discrepancy by comparing Export and Actions reports.
Q: Why are some transactions missing from the reconciliation screen?
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Transactions marked as trades are not shown on the reconciliation screen. To view and reconcile these, go to the Trading section under the Transactions tab.
Q: Can I generate gain/loss and journal entry reports in Bitwave without QBO integration?
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Yes, Bitwave allows you to create custom categories and contacts internally. You can then generate gain/loss and JE reports by selecting Bitwave as the accounting platform in reporting views.
Q: Are Gain/Loss and Cost Basis reports still accurate if negative balances exist in inventory?
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Yes, these reports can still be accurate as long as the underlying transactions are finalized and categorized. Negative balances may indicate issues but do not inherently prevent the calculation of gain/loss or ending cost basis unless they reflect true transaction errors.
Q: Why might a trade fail to save after combining transactions in Bitwave?
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Trade save errors can occur if the combined transactions contain inconsistent values or amounts. This is more likely with data from platforms like Coinbase. Review the individual transactions to ensure they align before combining.
Q: Can the Balance Check Report include FMV (Fair Market Value) in USD of Bitwave balances?
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Currently, the Balance Check Report does not include FMV values, but this feature has been submitted as a request. Including FMV would help identify and sort positions more effectively.
Q: Will pricing show in reports for manually categorized transactions after pricing is added?
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No, pricing will not automatically show in reports for transactions that have already been categorized. To include pricing, uncategorize the transaction, let the automated pricing populate, then override and save the correct price. This allows pricing to appear in reports such as unrealized gain/loss.
Q: What does a wrapping treatment error mean in Bitwave and how can I fix it?
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A wrapping treatment error occurs when tokens are not properly formatted (e.g., using a comma instead of a plus sign). This causes Bitwave to interpret multiple tickers as a single, invalid one. Fix this by ensuring wrapped tokens use a plus (+) separator, such as “aEthWETH+WETH”.
Q: Why are transactions from fiat wallets like USD not appearing in the Gain/Loss report?
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The Gain/Loss (G/L) report in Bitwave excludes transactions involving fiat currencies such as USD. This is expected behavior since G/L reports focus on crypto asset movements and their associated gains or losses.
Q: Can I use a starting balance from July 7, 2021, for a Solana wallet in Bitwave?
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Yes, you can start your Bitwave balance from July 7, 2021, if earlier transaction data is unavailable. However, this may still produce a negative balance if the first synced transaction reflects a post-balance from earlier activity.
Q: How can I manually record transactions outside of Bitwave for end-of-month reporting?
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If you need to manually record transactions, use Bitwave's Journal Entry Report to view totals by GL account. This helps ensure accurate manual entries into your ERP, such as Sage.
Q: How can I update token prices in the Bitwave balance report?
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You can override token prices in the balance report by clicking the pencil icon next to the asset, entering the desired rate, and re-running the report. However, this may not be ideal for audit trail purposes.
Q: Why am I seeing errors in the gain/loss report after modifying a transaction?
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Gain/loss report errors may occur if a transaction was incorrectly entered for example, if a trade was marked as a deposit. Ensure the transaction type is correctly set to “Trade” and verify all required fields.
Q: How can I run a report for transactions involving a specific token (e.g., BEAM-8) in Bitwave?
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Bitwave does not currently support filtering by token directly within the report interface. To isolate transactions for a specific token like BEAM-8, export all transactions for the desired date range and filter for the token in the downloaded file.
Q: Why is there a variance between the Gain/Loss Report and the Balance Report in Bitwave?
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Variances between Gain/Loss and Balance Reports can arise due to uncategorized or misclassified transactions especially internal transfers. To resolve these, ensure all relevant transactions are properly categorized (e.g., as internal transfers). You can request Bitwave support to help identify suspect transactions but will need to classify them yourself.
Q: Why does my Balance Report quantity differ from the Actions Report and Gain/Loss Report in Bitwave?
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Discrepancies between these reports may arise due to miscategorized transactions. First, ensure the engine version used for your reports matches the one in Inventory View. Then, check for and fix any incorrectly categorized transactions—such as trades marked as internal transfers. Also, categorize any uncategorized transactions and update the Inventory View before rerunning your reports.
Q: Do inventory reports in Bitwave include only reconciled transactions?
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No, inventory reports in Bitwave include categorized transactions, regardless of whether they are reconciled. Categorization is sufficient for inclusion in inventory reporting.
Q: How do I access the Register Report in Bitwave?
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The Register Report can be found under the “Transactions” menu in Bitwave. If it fails to load, you can request the support team to generate it manually. Make sure to provide screenshots of any loading issues to assist troubleshooting.
Q: Why might my open tax lot quantities not match wallet balance quantities in Bitwave reports?
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Discrepancies between open tax lot quantities and wallet balances typically occur due to uncategorized transactions or incorrectly categorized transactions. Since the tax lot report is based on categorization, any inconsistencies or gaps in categorization can lead to mismatches between reported tax lots and actual wallet holdings.
Q: How does Bitwave generate the tax lots report?
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The tax lots report in Bitwave is generated based on the categorization of transactions. Only transactions that are properly categorized contribute to the calculation of tax lots. As a result, any missing or miscategorized data can affect the accuracy of this report.
Q: How can I use the Journal Entry Expanded report as a workaround for the rolled-up version?
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In the JE Expanded report, you can use columns S (debits) and T (credits) to sum values manually. Creating a pivot table to aggregate totals by category or contact can replicate some of the rolled-up view’s insights. Bitwave support can assist with this setup if needed.
Q: Can Bitwave provide a backend export of rolled-up JE data if the report is broken?
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Yes, Bitwave support may be able to extract the rolled-up JE data directly from the backend and share specific period reports on request while the issue is being resolved. This depends on engineering support availability.
Q: What should I do if I notice a variance in the reconciliation workbook at month-end close?
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If you observe a variance in the reconciliation workbook, verify all manual transactions—especially those close in time. Check the timing of deposits and withdrawals, as simultaneous timestamps can cause reporting discrepancies. Updating the deposit time slightly (e.g., by 1 minute), followed by reprocessing (unreconcile, uncategorize, edit, recategorize, reconcile) may resolve the issue.
Q: How do I confirm that my manual transactions are reflected correctly in Bitwave’s reports?
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To ensure a manual transaction is correctly reflected, compare its timing and categorization in the Transactions UI with your reconciliation worksheet. A good practice is to run the Inventory View and Balance Report and confirm their fair market values match—this suggests that the transaction is properly integrated.
Q: What’s the best practice to avoid reconciliation issues before syncing with QuickBooks (QBO)?
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Before syncing with QBO, always complete your reconciliation workbook and check for any dashboard errors or mismatches in unrealized/realized gains. Matching the FMV values between the Inventory View and Balance Report is a useful pre-check.
Q: Why is there a discrepancy between the ETH quantity in the Balance Report and the Inventory View?
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A mismatch between the ETH quantity in the Balance Report and Inventory View (e.g., 174.76 vs. 181.56) may result from uncategorized transactions or missing contact/category IDs. Ensure that all transactions, especially those affecting balances, are properly categorized. Unresolved entries can lead to errors in gain/loss calculations and final quantities.
Q: What does the message “There are negative balances in the Asset Balance column of the Actions report” mean on the Gain/Loss report?
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This message indicates that your organization has transactions withdrawing more of a specific asset than it had previously acquired, leading to a negative asset balance. These must be reviewed and resolved to ensure accurate gain/loss reporting.
Q: Can I use the Actions Report to calculate gain or loss in Bitwave?
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Yes, if your gain or loss report in Inventory View contains errors, the Actions Report can be used to identify issues and derive gain/loss figures. Ensure you have no outstanding data issues for accurate reporting.
Q: How can I generate a gain/loss report using Inventory View in Bitwave?
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To generate a gain/loss report using Inventory View, go to the left-hand menu and click on Inventory, then select Reports. Click Cost Basis Roll Forward, choose your date range, and run the report. This report provides details on cost basis movements during the selected period.
Q:Why does my gain/loss report show only categorized transactions but no disposals?
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If the Cost Basis Roll Forward report shows all transactions as categorized but no disposals, it likely means there were no disposals during the selected date range. The report will reflect gains or losses only when there are actual disposals of assets.
Q: Why does the downloaded Cost Basis Roll Forward report look different than the on-screen version?
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The downloaded version of the report may present data in a different order than what appears on-screen. However, the content remains the same and reflects the same transactions and calculations.
Q: How can I run a balance report if the chat popup is blocking the view?
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If the chat popup blocks access to your balance report or any part of the Bitwave UI, simply click on the chat box again to minimize it. This should restore visibility to the underlying content.
Q: What should I do about the message saying the Gain/Loss scenario runner will be retired on April 30, 2024?
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Bitwave's Gain/Loss scenario runner was officially retired on April 30, 2024. Going forward, gain and loss reporting should be done using Inventory Views. Refer to the updated guide for extracting gain and loss data via Inventory Views: Inventory View Gain/Loss Guide.
Q: Can I build custom reports using Bitwave’s API, such as pulling data into PowerQuery?
🅰️:
Yes, It's a Feature Flag where Bitwave allows you to build custom reports using its API. You can use it to pull data into tools like PowerQuery. To get started, refer to the API key setup guide here: Get an API Key.
Q: Why is a token with zero quantity and cost still showing up in the Gain/Loss Summary?
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Tokens with zero quantity, cumulative cost, and unrealized/realized gains may still appear in the Gain/Loss Summary due to legacy report behavior. This report is being deprecated in favor of new Inventory Views that represent this information more accurately. Meanwhile, you can export the report as a CSV and manually remove these rows if needed.
Q: Why do some tokens with a 0 balance still appear in the balance report?
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This can happen when a token has a very small residual balance (e.g., 0.0000001), which rounds to zero in the UI but is technically not zero. Bitwave recommends downloading the balance report to check for these small amounts. If the balance is exactly zero and still appears, it could be a UI issue and should be reported to support.
Q: How do I mark prior-year transactions as reconciled without pushing them to QuickBooks Online?
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Bitwave allows you to mark historical transactions as reconciled via an System Job. You can use the System Jobs "Mark Transactions as Reconcied" and select the desired date range or you can also use the CSV Bulk Action in the System Jobs and upload the transactions in the template and use "markReconciled" as action to mark them reconciled without pushing it to the ERP
Updated 5 days ago