This guide provides steps for creating and using custom currencies in CoinTracker. It's essential for tracking transactions of cryptocurrencies not fully supported in CoinTracker, ensuring accurate calculation of capital gains and taxable income.
How to Create a Custom Currency in CoinTracker
Navigate to Settings: Go to the Settings page on CoinTracker.
Access Custom Currencies: Select ‘View custom currencies’ at the bottom of the page.
Add New Custom Currency: Click the ‘Add Custom Currency’ button at the top right corner.
Fill Out the Form: Enter details like Symbol (e.g., BTC), Name, Description, and Price in the pop-up form. Please remember that “Current price” cannot be 0.
Save Changes: After filling out the form, click on ‘Save Changes’. Your custom currency will now appear in the custom currencies table.
- Consistency in Token Selection: Ensure that all transactions for the same custom currency use the same symbol, which is crucial for accurate tracking of cost basis and capital gains.
- Visibility in Dashboard/Portfolio: Custom currencies will appear on Dashboard/Portfolio pages for users with upgraded balancing features.