Syla needs to know your transaction history before it can do your tax calculations. The way we get transactions into Syla is by adding your exchange platforms and wallets as Data Sources. Let's find out how.
Adding a Data Source
A Data Source is any location you have transactions that involve cryptocurrency. This includes your exchanges, wallets and any other services that you used. You'll add each of these as a Data Source in Syla, so your transactions can be imported.
If you only have one exchange, then you'll only need a single Data Source in Syla.
For multi-platform activity, you'll find having each location represented as a separate Data Source in Syla makes it really easy to manage your transaction history and keep your data up to date.
You can add a new Data Source by clicking the Add Data Source button on the Data Source page. Then just search for your data source and follow the instructions.
Note: Reach out to our support if you can't find your data source. We'll let you know what information we need to get it added for you.
Import methods
Data Sources in Syla can support one or more methods to import your transaction data. While each Data Source will have specific instructions on how to setup the import, we'll go through some of the common considerations here.
API Sync
Where supported, the API Sync is often the recommended and most convenient way of importing your transactions from your exchange platform.
To setup an API sync, you'll need to login in to your exchange account and generate an API key. The API key works in a very similar way to a password, except you can specify the permissions that you want to provide.
When you enter you API key in Syla, it gives us permission to request your transaction history directly from your exchange platform.
Important: It's very important that you only ever provide Syla with read-only permissions to your exchange account. Our instructions will always guide you through the correct process to ensure that read-only permissions are provided.
Syla is not responsible for any loss of funds if you give us API keys that provide more than read-only access.
How to safely setup an API key
Because the API key works like a password, it's really important to set it up correctly so you don't give us more permission than necessary.
Ensure you set API permissions to read-Only.
If you accidentally create an API key with write access, then delete it and create a new API key with read-Only access.
Copy and paste your API key directly into Syla. Don't store it on your computer or send via email.
Note: It's perfectly safe to share read-only API keys with Syla as we won't have access to trade on your account or withdraw funds.
Benefits of API Sync
Ensures the correct data is imported to your account.
Easier then downloading multiple CSV files.
Easily re-sync your transaction data at any time.
Disadvantages
Some platforms restrict the data that can be accessed through the API. For those platforms it's recommended to use a File import instead, as a more complete record of your transactions can often be imported.
Connect Sync (OAuth)
The connect sync is a less common method but the most recommended where supported. It's the most streamlined and simple setup process and ensures that you can only provide read-only access to Syla.
When using the Connect method, you'll only need to click the Connect button and accept the request for read-only access. Once you complete a Connect setup, you can sync and re-sync your transactions on demand.
Blockchain Sync
The Blockchain Sync import allows syncing your transactions directly from the blockchain.
To setup a Blockchain Sync, you just need to input the public address of your wallet. With the public address, Syla is able to sync all the transactions that occurred on the account.
Important: Make sure you never input your private keys into Syla. We only require your public address which allows us to view the transactions that occurred on your account.
File import
A file import is supported on almost every Data Source in Syla. To import your transactions this way, you only need to login in to your exchange and download your CSV transaction files by following the instructions in Syla.
Once you have your CSV transaction files, you can upload them into Syla.
Tip: Don't open or edit your transaction files in excel or similar programs. Doing this can modify the data and affect the accuracy of the numbers and dates in the CSV file. We recommend uploading the original files that you exported from the exchange without modification.
When importing your files, ensure that you import your entire history of transactions and not just for the last financial year. If you don't, your final balances and tax calculations won't be correct.
Disadvantages
There's no convenient way to re-sync your data with a File Import. You'll need to login to your exchange platform and export your transaction files again.
Manual CSV import
Our Custom CSV Template can be used on any Data Source in Syla, whether it's been setup as a Sync or a File import.
The Custom CSV template is perfect for Data Sources that we don't yet have an active integration for in Syla.