This article applies to US customers only.
If you’re attempting to migrate from Universal to Per-Wallet cost basis tracking and received the following message, keep reading for tips to troubleshoot this issue:
Common cause of this error
Since your account is set to Universal tracking, which tracks your cost basis by combining transactions from all wallets, your transaction history in CoinTracker may show that you’ve transferred more of an asset from a wallet than was available.
Example: Insufficient balance error with Universal tracking
- You receive 5 ETH in Wallet ABC
- You receive 5 ETH in Wallet XYZ
- You send 6 ETH from Wallet ABC
Even though Wallet ABC never received the 6 ETH to send, missing transactions in your CoinTracker history might make it appear like the send happened. However, with Universal cost basis tracking, CoinTracker won’t flag this transaction as Review suggested. In this case, the 6 ETH will be treated as if it was sent from Wallet XYZ, maintaining accurate tax lot tracking.
To avoid this scenario, make sure all missing transactions are added.
Steps to troubleshoot
Step 1: Switch to Per-Wallet tracking to identify missing transactions
Switch your account to Per-Wallet cost basis tracking temporarily, then review your transaction history to identify any missing transactions. To change your cost basis tracking:
- Navigate to the Settings page > Tax.
- From the Cost basis tracking field, click Universal.
- Select Per-wallet tracking from the dropdown menu.
- Click Save settings to confirm.
Once you’ve changed your cost basis tracking, allow time for your cost basis to be recalculated. This may take a few minutes, depending on the number of your transactions.
Step 2: Filter Review suggested flags
Navigate to the Transactions page and filter transactions with the status Review suggested. You’ll see an error message for any relevant transactions, highlighting insufficient quantities.
Step 3: Add or correct transactions
Add any missing transactions causing this error or correct any incorrect one. Then, confirm that there are no remaining transactions with the Review suggested status prior to 1/1/2025.
Step 4: Switch back to Universal tracking
After completing this process, switch back to Universal cost basis tracking by following the steps outlined in Step 1.
If you’ve used Universal tracking in previous tax filings, it’s critical to switch back. However, we recommend consulting a tax professional to confirm the best option for your situation.
Step 5: Complete the migration
You can proceed with migrating from Universal to Per-Wallet tracking.