Adding and managing cryptocurrency assets
Mclowd does not currently have a dedicated asset type for cryptocurrencies (such as Bitcoin). We recommend you use the managed fund asset class.
Note: At present, Mclowd only allows a volume and unit prices with up to 4 decimal places. We acknowledge that you cannot record the correct volume and unit price, but you can accurately input the total market value of crypto holdings in accordance with the following workaround.
The following example will show you how to record the purchase of crypto.
Purchase 0.12467891 Bit coins at a total price of $7480.73.
To add the purchase of crypto, choose Assets then choose Add New Asset and the Add New Asset screen will appear
1. Choose Fund or an individual member from the Member Account
2. Choose Managed Funds as the Asset Class
3. Choose New Holding and new parcel as the Holding (if you are adding more Bitcoins, then you can add to the existing Asset name)
4. Choose Unlisted as the Listing Status
5. Enter Bitcoin, Dogecoin etc as the Asset Name
6. Choose the From Account
7. Enter the Volume – I entered 0.1247 as it is rounded to the 4 digit (actual volume was 0.12467891)
8. Enter the Share Cost which is in this case is $7480.73
Year end valuation
You can value your crypto assets at year end or during the year. In this example, the value of your Bitcoins is $7,551.25 on the 26th of August 2021.
The valuation screen is as follows:-
For the Bitcoin asset, under the Mode column, change the Mode from Unit to Total
Then you update the market value of the Bitcoin asset to $7551.25 and choose SAVE. You will notice that the market value of the Bitcoin asset is $7551.25 and there is an unrealised gain of $270.52