Detailed Beginning of Year Balance of Assets Report
Understanding Your Beginning of Year Balance of Assets Report
The Detailed Beginning of Year Balance of Assets Report from KoinX gives you a snapshot of your crypto holdings at the start of the financial year. It shows your asset balances, their acquisition cost, and their value, helping you track and report your crypto portfolio accurately.
Note: The disclaimers in the report will vary depending on your country. Your report will automatically adapt to your local tax jurisdiction.
What the Report Includes
At the beginning, the report contains key details such as:
- User name
- User Country
- Currency used for calculations
- Accounting method (e.g., FIFO, Share Pooling, etc.)
- Financial year covered
- Report generation date and time
Why This Report is Useful
- Portfolio Tracking – See your starting crypto balances for the year
- Tax Filing Support – Provides the base values used to calculate gains and losses across year
- Audit Readiness – Keeps a verifiable record of holdings at the beginning of the financial year
- Compliance – Uses cost-basis methods aligned with your country’s tax regulations
Key Terms in the Report
- Asset Name → The cryptocurrency you hold (e.g., BTC, ETH, MATIC)
- Quantity → The number of coins/tokens you hold at year start
- Cost → The acquisition cost of those assets
- Value → The market value at the beginning of the financial year
- Remarks → Additional notes such as the average cost per coin
Example from Report
| Asset Name | Quantity | Cost | Value | Remarks |
|---|---|---|---|---|
| MATIC | 10 | 2.33 | 7.16 | Average price of 0.23 per coin |
This means at the start of the financial year, you held 10 MATIC tokens.
- The total acquisition cost was 2.33
- The market value at year start was 7.16
- Each coin was valued at approximately 0.23
This balance acts as the opening point for calculating your gains/losses during the year.
Where Can You Use This Report?
- To file taxes, since it provides the base value for capital gains calculations
- To share with your accountant/tax professional for yearly reporting
- During a tax audit, as proof of your starting balances
- For personal tracking, to measure how your portfolio grows across the year
The Beginning of Year Balance of Assets Report is an essential tool for crypto investors and traders. It clearly shows your holdings at the start of a financial year, ensuring accuracy in both tax reporting and portfolio management.