Syla is your record-keeping solution for crypto investments, which feeds data into BGL, allowing a complete accounting and tax solution for SMSFs and other entities.
Note: The BGL sync feature is only available on Private Wealth plan. It allows syncing transaction data from Syla to BGL Simple Fund 360 and BGL Simple Invest 360.
Note: This article uses examples for Simple Fund 360, but applies equally to Simple Invest 360.
Before syncing to BGL
Reconcile all your transaction data
Make sure all your transactions are correct in Syla before syncing to BGL.
If you need to make any changes, it’s much easier to do this in Syla first. Once the data is in BGL, fixing errors can take extra steps.
Checking your data in Syla first helps keep everything accurate and avoids unnecessary work later.
Important: Before syncing to BGL, make sure there are no negative balances in Syla, as BGL cannot handle cases where there are more disposals of an asset than acquisitions.
To check for any issues, go to the Transactions page in Syla. In the Filters, select Status > Syla Suggestions to review and fix any necessary transactions.
Get your BGL Account ID
You can get your BGL Account ID from the Settings > General page in Syla. This will be used later on to setup the feed in BGL.
Setting up the file in BGL
In BGL, first set up the entity as you normally would.
Entity Settings
Make sure the Date Formed for the entity is earlier than the earliest transaction in Syla. BGL will not import any transactions that occur before this date.
Create a bank account
Set up a new bank account in BGL for crypto activity.
All AUD transactions will be recorded in this cash account. You only need to create one bank account in BGL, no matter how many data sources exist in Syla.
Connect BGL to Syla
To set up the feed in BGL:
In the left navbar, click Connect and select Feed Management.
Go to the Wraps and Platforms section and click Setup.
In the Feed Provider dropdown, select Syla.
In the Account ID enter the BGL Account ID that you copied earlier from the Account Settings > General page in Syla.
In Bank Account, select the previously created bank account.
Click Save.
The connection between Syla and BGL has now been established.
Sync transactions from Syla to BGL
Once Syla is connected to BGL, you can sync transactions on demand.
Go to the Tax Reports page in Syla.
Select the Financial Year that you would like to sync transactions for.
Important: Start with the oldest financial year first.
Click the Sync button.
Tip: Start syncing transactions from the earliest financial year first.
If you sync later years first, transactions may arrive in the wrong order, and BGL may ignore some data due to negative balances.
It’s also best to wait for each financial year to fully sync before starting the next one. This ensures all transactions are processed correctly in BGL.
Once you press Sync, all transactions will be sent from Syla to BGL. It usually takes a minute or so for BGL to process the transactions and import them, but it can take longer in some cases.
You can sync as often as you like to keep the transactions up to date in BGL. Only new or updated transactions from Syla will be synced, so you won't get any duplicates.
Enter manual adjustments for certain transactions
Most crypto transactions will sync from Syla to BGL automatically. However, some
transaction types require manual adjustments.
You’ll need to enter manual journals for the following transactions:
Foreign Currency Gains or Losses
Other Expenses
Fortunately, you only need to create a single manual journal to get each of these into BGL:
In Syla, download a Crypto Tax Report from the Tax Reports page.
Check the Crypto Tax Report to see if there are any Foreign Currency Gains or Losses. If there are, you’ll need to create a manual journal in BGL to account for it.
Check the Crypto Tax Report to see if there are any Other Expenses listed. If there are, you’ll need to create a manual journal in BGL for the expense item.
Reviewing synced data
You can confirm completeness of all transactions by checking a few reports in BGL.
Review the Investment Summary Report
Use the Investment Summary Report to confirm the correct final balances and market values have been achieved.
Create an Investment Summary Report in BGL.
Check that the quantities of the crypto closing balances shown on the Investment Summary Report match what is shown in Syla’s Crypto Tax Report.
You should also check that the quantity in the closing balances are matching what is shown on the client’s account statements from the digital currency exchange.
Check that the closing market values shown on the report are reasonably close to what is shown in Syla.
the market values won’t be exactly the same, as the crypto pricing in BGL uses a different valuation source to Syla.
Fixing missing Market Values
Although all the major cryptocurrencies are supported in both Syla and BGL, it’s possible that the market values for some of the less known cryptocurrencies to be absent.
Missing market values are an easy problem to solve in BGL:
Review the BGL Investment Summary Report for any market price that says 0.0000. As this indicates that a market value is missing.
In Syla’s Crypto Tax Report, there is a Closing Balances section that includes the Closing Balance and Market Value of each crypto asset on 30 June.
Calculate the market price for the asset by dividing the Market Value by the closing balance quantity.
Follow the instructions from BGL to add a manual price reference.
As a final check, you can compare the total market value of the portfolio in BGL against what is shown in Syla's Crypto Tax Report.
Note: The market values for closing balances in the BGL financial statements are supplied by BGL, as such, they may differ from the market values shown in Syla. Some price references for less common assets are missing from BGL, and will need to be manually entered.
Review the Investment Income Report
Complete these steps to confirm that all income sources have been correctly reported:
Create an Investment Income Report in BGL.
Check that the Other Income shown in Syla's Crypto Tax Report is present in the Investment Income Report in BGL.
Confirm that the income totals match up.
Review the General Ledger
Complete these steps to confirm that there is no net movement in the data clearing accounts, as you don’t want these to appear in the final SMSF statements.
Prepare the General Ledger in BGL.
Check if there are any non-zero balance in the data clearing accounts related to the crypto activity.
If there is a net amount, then you should start by reconciling any cash movements between the SMSFs bank account and the digital currency exchange.
Finally, you can create a manual journal to offset the data clearing accounts to zero.
Reach out to our team if you need help
If you encounter any issues, please reach out to our team at Syla.