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How to import Opening Balances
How to import Opening Balances

Use the Opening Balances import to migrate from any tax software to Syla.

Updated over a week ago

The Opening Balances import is a simple way to migrate from a previous tax software into Syla. It allows you to conveniently import your opening balances across multiple data sources.

Opening Balances template

When using the Opening Balances import, you'll need to manually fill in the details of your transactions using our CSV template. You can find a copy of the template here:


Understanding the CSV template

The template is used to enter each parcel of crypto that you own, including the cost base when you purchased it and the current Data Source that it's located on.

Each row in the template corresponds to a CGT parcel with the specified Quantity of the given Asset. The CGT parcel was originally acquired on the Acquisition Date and has its Cost Base.

Just complete the template and import it to Syla. The corresponding Data Sources and transactions will be automatically created for you.

Tip: The Opening Balances will also import to existing data sources in your Syla account where possible. If you don't want that to happen, then you can define a Data Source Name that doesn't exist in your Syla account.

Acquisition Date

Data Source

Data Source Name (Optional)

Asset

Quantity

Cost Base (AUD)

20/11/2021

CoinSpot

BTC

1

23,000.50

21/11/2021

CoinSpot

BTC

1.05

24,000.75

23/11/2021

CoinSpot

BTC

2.1

40,100.10

24/11/2021

Binance

BTC

0.5

12,250.20

25/11/2021

Binance

ETH

6

18,005.10

25/11/2021

MetaMask

NFT Wallet

LAND-100

1

3,000.00

25/11/2021

MetaMask

NFT Wallet

LAND-105

1

2,500.00

1/01/2022

MetaMask

DeFi Wallet

UNI

500

6,000.00

5/01/2022

MetaMask

DeFi Wallet

ETH

6

18,005.10

6/01/2022

Custom

OTC Trades

XRP

1000

300.5


Usage notes

Let's go through each of the fields in the template to understand it in more detail.

Acquisition Date

This is the date that the asset was acquired. It's important, as it will get used for determining eligibility to the CGT discount where applicable.

The date can be entered in any standard format, with or without a time specified.

For example, the common Australian usage of 30/11/2021 or 30/11/2021 10:00 PM can be used.

Tip: We recommend specifying dates in ISO8601 format where possible. This format has greater precision and it avoids ambiguity in the intended timezone

e.g. 2021-11-30 10:00:00+10:00.

Data Source

The Data Source is the exchange, platform or wallet that the data will be imported to. Syla will try and find the Data Source with the matching name that you entered. If it can't be found, then a Custom Data Source will be created instead.

Tip: You can find the correct names for each Data Source by looking through the options available when adding a new Data Source in Syla.

Data Source Name (Optional)

This is an optional field that can be used when you have multiple of the same Data Source in Syla. It's particularly helpful for on-chain wallets, where you may have multiple MetaMask or other wallets that you need to keep separate in Syla.

Asset

Enter the ticker code for the asset here. Make sure you use the standard ticker codes. If an asset with the specified ticker code does not exist, then a custom asset with that name will be created instead.

Quantity

The quantity is the number of units of the CGT asset.

Note: There are often multiple parcels of the same Asset on a given Data Source, with each parcel acquired at a different Acquisition Date and Cost Base. You need to have a separate row for each parcel that you have.

Cost Base (Optional)

This is the total Cost Base for the Quantity of the Asset specified. It's measured in Australian dollars.

If the Cost Base field is left empty, then Syla will automatically apply the market value of the Asset on the Acquisition Date.

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