Accounting for Companies using Kraken Pro

[ggb858585]

Hi,

I use Kraken Pro to off-ramp crypto for my UK LTD.

I use Koinly‌ for crypto tax tracking. For some reason Koinly/ Kraken Pro do not match up with‍ the amount I withdraw.

Here is a real example of an off-ramp I just made.⁠

I transferred $28,000 USDT to Kraken Pro which had £0 in before.

That $28,000 USDT⁤ gave me an asset balance of £20,747.14

I then converted that USDT into GBP. It⁣ said the fee was £204.14

After the conversion, my asset balance which was now all⁢ GBP was £20,410.43

So on top of the quoted £204.14 I lost another £132 somewhere...︀ I assume in the currency exchange rate?? But does anyone know how to get this︁ cost for accounting purposes?

 

[JohnLocke]

Best thing you can do is post in the right section.

Thread has been moved‌ 😉

 

[juggle]

My accountant told me to just convert the coins as soon as I receive them‌ from a client.

I’m using Kraken Pro for this since it’s the cheapest option, and‍ I rely on their history logs as proof for exchange rates and records. No hassle⁠ with bookkeeping and crypto here in Sweden as long as I do it this way.⁤