How to Generate Reports & Documents

Owned by Andrea Elliott
Sept 19, 2024
3 min read

NODE40 Balance offers clients the ability to generate several different helpful reports and documents.

All reports can be accessed from the Reports & Documents tab.

Each report allows the user to select a specified date range, specific to each report. Report generation is quick and easy and provides an audit trail that can be verified on both the front end of the platform and the blockchain.

Reports Offered

  1. Balance Sheet Report - A comprehensive spreadsheet comprising many sub-reports focusing on activity within a certain time period, typically a tax year. It includes a 1-page printable summary of your entire portfolio, plus a long form balance sheet broken down by source (each exchange and wallet), a closing position report, two reports per source (USD and QTY) containing reconciliation data for each ledger within the source, as well as visual representation of your portfolio, and a categorized transaction export.

  2. IRS Form 8949 - Lists all trades that resulted in a gain or a loss complete with date acquired, date sold, cost basis, and proceeds. NODE40 Balance automatically fills out the transactions for you and provides the details as spreadsheets all in one download.

  3. Gain and Loss Report - Shows all lot dispositions for trades that resulted in a gain or a loss complete with date acquired, date sold, cost basis, and proceeds. A lot is a piece of digital currency acquired at an earlier date. This report can be used by anyone looking for gain/loss information, but in the USA, this is most useful for taxpayers looking for IRS Form 8949.

    Note: a single trade may result in the disposition of multiple lots and will display in the report as one record per lot (not one record per trade).

  4. Closing Position Report - A spreadsheet (.xlsx) that reports balances for all sources and for all cryptocurrencies in your portfolio as of a specified date and time. The report is grouped by digital currency with totals for quantity and USD value as of the report date. A closing position report is generated upon request and represents the most accurate information as of the date and time generated. It can be opened in spreadsheet software like Microsoft Excel or Google Sheets.

  5. Unrealized Gains Report - A spreadsheet (.xlsx) that displays the value of all open positions and the gain or loss you would realize if you disposed of (e.g., sold) each position. This is particularly useful in cases where you want to maximize your losses (sometimes referred to as loss harvesting) or gains. The report can be used with specific identification, FIFO, LIFO, etc. strategies.

  6. Daily Balance Report - A CSV (Comma Separated Value) report of the sum USD value of all your coins by exchange (or Ethereum wallet) for which you had activity during a certain time period. It can be opened in spreadsheet software like Microsoft Excel or Google Sheets. In addition to being of general interest, this data is import to share with your accountant or tax preparer so they may make a determination of your Foreign Asset Reporting obligations. The Financial Crimes Enforcement Network (FinCEN) and the IRS both have certain reporting requirements for foreign assets with values that exceed certain thresholds throughout a tax year. FinCEN enforces the Report of Foreign Bank and Financial Accounts (FBAR) via Form 114 while the IRS enforces the requirements of Foreign Account Tax Compliance Act (FATCA) via Form 8938.

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