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How can I currently track my cryptocurrency wallet in Quicken.

Safi
Safi Member ✭✭
How can I currently track my cryptocurrency wallet in Quicken. Assume I have a wallet with more than five crypto. If quicken does not have this feature, what is the most current practical way in the current quicken version

Best Answer

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    I've set up a separate "Coinbase" Account for my crypto with a separate "security" for each coin.  I record my buys to the 6 digits of precision and use the correct "per share" amount for the full 8 digit purchase.  That typically gets me some fairly small dollar rounding error which I record as a cash adjustment + or - and I'll also note the correct 8 decimal place number in the memo.  The few sells I've done  I've recorded in a similar fashion.  Then each day I update the prices of each security.
    I have very few transactions in any given year and this works fine to give me an indication of the total holdings in dollars.  It certainly wouldn't work as well if you were very active and actually using the crypto as "currency", making many small purchases in various cryptos.  In that case it would make more sense to use one of the hardware or software wallets that are available. 

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @Safi,

    Currently, Quicken does not support crypto currency, however it is one of a number of planned improvements that they are currently working on.  Here's a link to an Idea Post tht has additional information but unfortunately no specific date - LINK.

    Obviously, for now, you can track the investment manually and there are a number of websites from which you could download prices as part of your manual tracking.

    Frankx


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  • Safi
    Safi Member ✭✭
    Many thanks @Frankx
    If I am going to go manually, what will be the best practice to record in Quicken, assume I will be treating the all wallet of different crypto as one (ex: open one account). Do I just create an asset account and recorded the increase and decrease, or is there other way
  • splasher
    splasher SuperUser ✭✭✭✭
    One of the issues currently with trying to track crypto-currencies is that Quicken does not retain enough precision (number of decimal places) to track it accurately.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
  • Safi
    Safi Member ✭✭
    @splasher what will be the practical way to record cryptocurrencies in Quicken manually. Assume that I will treat multiple crypto in the wallet as one and just going to update my stand manually.
  • splasher
    splasher SuperUser ✭✭✭✭
    You could treat it like a cash account and just update the current balance by adding a deposit or a debit of recent changes.
    I'm not aware of any "great" way to track it in Quicken.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    I've set up a separate "Coinbase" Account for my crypto with a separate "security" for each coin.  I record my buys to the 6 digits of precision and use the correct "per share" amount for the full 8 digit purchase.  That typically gets me some fairly small dollar rounding error which I record as a cash adjustment + or - and I'll also note the correct 8 decimal place number in the memo.  The few sells I've done  I've recorded in a similar fashion.  Then each day I update the prices of each security.
    I have very few transactions in any given year and this works fine to give me an indication of the total holdings in dollars.  It certainly wouldn't work as well if you were very active and actually using the crypto as "currency", making many small purchases in various cryptos.  In that case it would make more sense to use one of the hardware or software wallets that are available. 
  • Safi
    Safi Member ✭✭
    @Tom Young thanks for the info
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