CoinTracker automatically tries to identify the tokens from your transactions. (For more information on how this works, see this help guide.)
That said, there will be times when you need to edit the transaction to use a different token than the one CoinTracker selected. Some reasons this may happen are:
- The token is unsupported and edits are needed to confirm the cost basis or proceeds. (These edits can resolve “Missing Price History” errors.)
- The token is being misidentified in CoinTracker. However, the correct token is supported. Manual editing the transaction token will resolve this.
- The token is being misidentified in CoinTracker. The correct token is also not supported. Custom Currency with Manual editing the transaction token will resolve this.
- The token is a token you have never heard of and you believe it to be spam. You can mark the transaction as “ignored” (screenshot needed) and this will remove the token from all calculations on your CoinTracker account.
For more detailed instructions on these scenarios please refer to the examples below.
Example 1 - Token is correct, but not supported
(Reminder: an unsupported token will show with a blue symbol, like the screenshot below. For more info on this, please see this guide).
You received 333 SolFi tokens in your ETH wallet in July. CoinTracker does not support SolFi, so the transaction looks like this:
(The blue circle around the symbol indicates this is an unsupported token, as does the “missing price history” error.)
To resolve the Missing Price History error, you need to tell CoinTracker what the cost basis is for this transaction (remember, cost basis is the value of that token on that date). To do this:
1. Hover over the transaction until the three-dot menu appears.
2. Click the menu and you’ll see these options:
3. For these errors, CoinTracker assumes this token is worth $0 / the cost basis = $0.
- You can click “Confirm $0 cost basis” if this is true
- You can click “Edit cost basis” and set the cost basis manually
4. In this example, let’s say you know SolFi is worth $1 on the date you received it, so the cost basis should equal $333. You choose to Edit cost basis and enter this information in the pop up:
5. After clicking “Update” the cost basis of $333 will be used if you ever sell/dispose of that asset. For example, a year later you sell the 333 SolFi for $100, you will have a capital loss of $233. (cost basis - proceeds = capital gain/loss)
Example 2 - Token is incorrect. Correct token is supported
(Reminder: a supported token is one for which CoinTracker has pricing, symbol, logo, and other information.)
Let’s take a similar scenario to Example 1, but with a key difference.
You received 333 SolFi True tokens to your ETH wallet in July. But this time it’s the wrong token - CoinTracker is seeing the transaction as `SolFi` which you know to be a different token. The correct token you received is `SolFit`
1. Go to the SolFi transaction and click “edit transaction” on the menu:
2. Select the menu next to the token and click “edit asset”
3. You search the token name in the search bar. If it appears then it means the token is supported (and we have pricing for it).
4. Select the correct token
5. Click “Apply Changes” and then “Save Transaction”
Example 3 - Token is incorrect. Correct token is unsupported
This is very similar to example 2, except this time let's assume the correct token is NOT supported, which means it will not appear in the dropdown menu when you edit the transaction (see the screenshot directly above)
In this example, let's say that correct token is named “SolFi True” but it doesn’t appear in the search. This means the correct token is not supported. The next steps here would be to 1) make a Custom Currency and then 2) edit the transaction to choose the Custom Currency.
2. Enter the currency information you would like to add to CoinTracker:
3. After that custom currency is saved, go back to the SolFi transaction and click “edit transaction” on the menu:
4. Then click “edit asset” next to the token:
5. And select the custom currency you just created:
6. Click “Apply Changes” and then “Save Transaction”
(PS You’ll now see the SolFi “custom currency” on the Dashboard page too!)
Example 4 - You have never heard of the token/ believe it to be spam. You want to Ignore the transaction.
This is a different scenario than the other three. In this case, you see a transaction for a token called SolFi in your ETH wallet, but you have never heard of that token, nor do you want it accounted for in your tax calculations. You believe it to be a spam or scam token.
Note: the instructions below will remove the token from tax calculations. If you are unsure if you should do this, please consult a tax professional.
1. If you choose to, you can "ignore" the transaction.
2. After this, the transaction will have a "strike through"
- Will not display on balances on the Dashboard, Wallets, Portfolio pages
- Will not factor into capital gains/loss calculations for taxes
- Are treated essentially as they "don't exist" by CoinTracker
- Will be viewable here in the transactions page, and can be "Enabled"
Disclaimer: CoinTracker is provided for informational purposes only. This service is not intended to substitute for tax, audit, accounting, investment, financial, nor legal advice. For financial, tax, or legal advice please consult your own professional. The information on CoinTracker is subject to change without notice. All information is provided "as is." CoinTracker disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Please see our full disclaimer.