BGL has integrated with Syla, a Cryptocurrency Tax Software. This on-demand semi-automated data feed will import all your crypto trades, income and other crypto transactions directly into your Simple Fund/Invest 360.
You can find the full list of cryptocurrency exchanges and other services that Syla has integrated with here: https://www.syla.com.au/integrations.
Any cryptocurrency exchange that you have added to your Syla account can then be synced directly into your Simple Fund/Invest 360.
|From the Main Toolbar, go to Connect.|
|Select Feed management from the list.||
Select the Wraps and Platforms Global tab.
1. From the Wrap and Platform Global tab, select (+) Setup.
2. The Wrap Feed Setup screen will appear. The entity name will appear.
3. Select Syla as the Feed Provider.
4. Input the Account ID
Instructions on obtaining the Account ID from Syla
1. Login to Syla
2. In Syla, navigate to the Settings page
3. Copy the BGL Account ID from Syla and paste it into the Account ID in BGL.
5. Select the bank account where cash transactions from the digital currency exchange will be recorded.
7. Select Save.
Once completed, you will need to request a tax report within a financial year from Syla:
- In Syla, go to the Tax Reports page.
- Select the earliest financial year that contains transaction data that you would like to sync to BGL.
- In the BGL Report section, click Sync (note: you must have an active subscription).
- You must repeat the Sync for each financial year that contains transactions, from oldest to newest.
Once a tax report for a financial year has been requested from Syla, this will be automatically imported to Simple Fund/Invest 360.
The re-request function can be used to import deleted transactions:
1. From Feed Management.
|Locate the Syla Wrap and Select the Re-Request Transaction Button located under the Actions column.|
2. From the Re-Request Transactions screen, Input the dates Do Not Load Before (earliest import date) and Do Not Load After (last import date). Transactions within this date range will be requested and imported.
3. Import the transactions from the chosen date range.
The following data is imported:
- Cryptocurrency trades (purchases/disposals)
- Investment Income
- Cash Movements
- Cash and Cryptocurrency balances
Certain tax items will not be synced and will require manual adjustments to be entered in Simple Fund/Invest 360.
- Expenses will not be synced and will need to be manually entered
- Foreign currency gains and losses will not be synced and will need to be manually entered
You can easily find the required adjustment amounts in the PDF Crypto Tax Report that can be downloaded from the Tax Reports page in Syla.
How will transactions be coded?
All cash and investment transactions will be allocated to the correct account in Simple Fund/Invest 360. For purchases of new investments not previously held by the entity, new accounts will be created and transactions will be automatically allocated.
Which transactions will be matched?
Investment transactions (purchases and disposals) will be automatically matched to their corresponding cash transactions by Simple Fund/Invest 360. Income will also be automatically coded to the linked 26500 Other Investment Income account.
Can historical transactions prior to the feed activation be uploaded?
Historical transactions are dependent on the data that is available in Syla. Perform a sync for a tax report within a financial year from Syla to be imported to SF360, (see Setup tab for instructions).