Sometimes the transaction data you get isn't perfect, and while there's a lot of smart logic built into Syla, you may still need to view and make edits to your transactions.
Why you might need to edit a transaction
You'll need to edit a transaction whenever it doesn't accurately represent what happened.
Here's some of the most common reasons:
The exchange platform has not accurately reported what occurred.
Deposits and Withdrawals need to be classified to say what actually happened.
The data from the exchange may have rounding errors in it.
Ticker asset codes are non-standard and were mapped to the wrong asset.
How to view detailed information about a transaction
You can get an overview of all your transactions from the Transactions page.
Just click on any transaction to bring up a detailed view. The detailed view tells you everything going on with a given transaction.
The detailed view looks like this.
Details
Contains general information about the transaction.
Syla Suggestions are suggestions you should follow to make your tax outcomes more accurate. Once you've made the required change, the suggestion will disappear.
Location is the name of the data source where the transaction occurred.
Date is when the transaction happened, measured in your local timezone.
Description is more information about a transaction provided by you or the exchange.
Transaction Hash is an on-chain transaction reference for transfers of crypto.
Tip: Use the Description field to add additional information about a transaction. This can be really beneficial if you need to come back in a few years and understand what happened.
Ledgers
These describe each change in asset balance that occurred.
Classification describes why the asset balance changed.
Change and Asset describe which asset changed balance and by how much.
Market Value is the market value in AUD at the time of the transaction.
Note: The Market Value is not the unit price.
Market Value = Change * Unit Price
For example, if the ledger describes a change in balance of 10 BTC, and the unit price of BTC is $20,000 per BTC, then the Market Value should be specified as $200,000.
Balances
The balances are a running total balance of the asset. It tells you the final balance of each asset after the transaction happened.
Location Balance is the running total balance on the data source
Portfolio Balance is the running total balance across all data sources
Tip: Knowing the running balance can be helpful if you need to work out why balances are not adding up.
Tax Outcomes
Detailed information on every taxable event that occurred due to the transaction.
Classification is the type of tax outcome.
Amount and Asset describe what caused the tax outcome.
Outcome is the net tax outcome in AUD.
How to edit a transaction
After you've opened up the detailed view of a transaction, you click the Edit button in the top right to change any of the details.
You can edit any of the Details or Ledgers of the transaction.
In this example, we decided to change the classification of the Deposit to clarify what actually happened. In this case, the deposit was received as a gift from a friend, so we click on the ledger classification and change to Gift Received.
Once you're done making your edits, click the Save Changes button.
Your updates to the transaction will be immediately saved.
Depending on the number of transactions in your account, it may take a few seconds to a few minutes to re-calculate the balances and tax outcomes on your account. You can still continue making edits while you wait for the calculations to finish.
Important: The Balances and Tax Outcomes sections won't be up to date until the calculations have finished.
You can view the status of the tax calculations in the status bar, it will say Calculating while it's still calculating.
You'll know the tax calculations have finished when the status has changed to say Up to date.
