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Why does the Highest Balance report not match what I own?
Why does the Highest Balance report not match what I own?
Written by Eivind Semb
Updated over a week ago

There are a few reasons why the balance values seen in the Highest Balance report might not match your true holdings during the tax year or the portfolio balance seen in the Complete Tax Report.

Balance is calculated separately for each wallet/exchange

In the Highest Balance report, the total balance for each day during the tax year has been calculated for each wallet separately. This means that we are simply taking all incoming transactions - outgoing transactions in each unique wallet or exchange account. All transactions that are imported to the same wallet in your Coinpanda account are considered in this calculation, including Transfers, Deposits, and Withdrawals, which are internal transfers.

This means that if you have made an internal transfer from Coinbase to Binance but only imported the deposit transaction in your Binance wallet and marked this as Deposit, your Coinbase balance will not be correct because the withdrawal transaction is missing. However, the Dashboard and PDF report balance does not consider internal transfers (Transfers, Deposits, Withdrawals) in the calculations since your total balance is not affected by transfers between your exchange accounts or wallets. This is why the balance in your Highest Balance report might differ from the balance seen on the Dashboard and in the Complete Tax Report.

How to make sure the Highest Balance report is accurate

The solution to ensuring your Highest Balance report is accurate is quite simple: you need to import all transactions from all years of trading from all exchange accounts and wallets.

Here are a few tips to get you started if you think the balance is not accurate:

  1. Check that you have added all wallets and exchange accounts you have ever used when buying, selling, trading, or storing cryptocurrency.

  2. Verify that all transactions have been imported into all your wallets on Coinpanda. You should also verify that the amount sent or received is accurate.

  3. Verify that all tokens and cryptocurrencies have been identified correctly. If a token is identified as the wrong token, it can result in major errors in the balance calculation

  4. Make sure to import all fiat deposits and withdrawals since these transactions are also considered in the balance calculations.

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