Manually Creating a COINBASE Account

regracia

Coinbase allows to trade crypto.

Coinbase has a account base and a wallet with in coinbase I know and I don't care using Coinbase wallet.

I can purchased Crypto using one or all my Bank accounts. so that is fine and outside Quicken.

After a purchase Crypto like BitCoin that stays with the account so I want to track those purchases under Quicken.

So figure ok I know that Coinbase can not be connect to quicken to download transactions ok so I created a Coinbase investment account (MANUALY) EVERYTHING APPEARS OK!.

SO! When I purchase a Bitcoin I get charge a commission and also the charge appears on the bank account that I choose to pay for the BitCoin. Example if I purchase 500 dollars of BitCoin I get charge the 500 dollars on my bank account. I have created manually an investing account in quicken name COINBASE, so under CATEGORY of the bank charge I key [COINBASE] to indicate the transaction is a cash funding for that account then the plan is to enter the amount of BitCoin (BTC) and the price paid and quantity or fractional qty of Bitcoin and then create another transaction to enter the commission.

OK that is idea I guess I am wrong and there is a BIG BUG in quicken as soon as you enter in the category [COINBASE] quicken adds another transaction to your bank account and your balance is wrong by the amount of transaction, however the amount of this example of 500.00 is posted and Xin in the manually created investment account.

I can't use directly into the manually created account a Enter transactions with a transaction of "Cash Transfer into the Account" because you can't chose a particularly transaction from the Bank account.

So in conclusion creating a manual investment account DOES NOT WORK! THERE IS A BUG. THAT NEEDS TO BE FIXED or provided a method to keep those purchase and sells of BTC on Coinbase.

Looking forward for a solution, fix and or suggestion

Quicken Kristina

Hello @regracia,

Based on what you are describing, it sounds like what may be happening is that the way the information is being entered into the manual investment account is making Quicken think there is another transfer from the funding account.

To clarify, you have a manual investment account named COINBASE. When you purchase BitCoin, the transaction downloads into the funding account (based on your description, it sounds like that is a separate checking account). Are you manually documenting the Buy transaction in your investment account before the transaction downloads, or do you wait for the transaction to download, update the category to transfer the cash to your investment account, then do the Buy transaction?

When you add the Buy transaction to your investment account, are you choosing the account's cash balance as the source for cash for the transaction, or are you selecting the checking account as the account it's from?

If you're selecting the checking account it's from, that may be what is causing the transaction to show up twice: you'd have the downloaded transaction that you edited to show as a transfer, plus the automatically created transfer from the Buy transaction.

I look forward to your reply!

regracia

Perfectly what you are saying. but the issue is that when the transaction arrives from MY bank doesn't have a category associated with it. which is perfect. so you are explain how to enter a purchase of an asset.

OK so in my sample there is transaction of 500.00 with not description. Also I have an Investment account that enter manually name COINBASE at this point is zero value on it. Everything cool, so then I add at the description to apply the transaction to my investment account known as COINBASE as soo as I press enter to adding the investing account Quicken adds another equal transaction. for a additional 500 dollars so it shows that I expend 1000.00 plus it add's 500.00 to the investing account as "Xin" ( I think it should say "Cash Transferred into Account" )

SO the errors are from Quicken.

1. creates a duplicate entry into the register making it out of balance
2. Creates a Xin as a purchase of a Asset - I think it should enter as "Cash Transferred into Account"

TEST it is very simple you will see that quicken has a BUG and ALSO an incorrect assumptions that a the transfer of funds from you bank account to an investment account ALWAYS should be a transferred of cash into the account.

Quicken Kristina

Thank you for your reply,

If I'm understanding correctly, you're saying that the transaction downloads from your financial institution without a category. You change the category to [COINBASE], so that Quicken will see it as a transfer to your manual investment account.

When you hit enter to save that change, is that when the duplicate transaction appears in your checking account? If not, please provide more detail exactly when in the process that duplicate transaction is appearing.

Thank you!

regracia

That is exactly correct this is when the duplicate entry is created on the register of the bank and creates a transaction correctly on the Investment account however it's created as an Xin when it should be as a "Cash Transfer into the Account"

Tom Young

I've had a manual Coinbase Investment Account since 2014 and it's worked just fine.

First, "Xin" is the shorthand notation you see in the Action column in the Transaction List (Investment Register) when money is transferred into an Investment Account. Obviously you can't cram "Cash Transferred into the Account" in that very narrow column so Quicken simply puts that "Xin" in the Action column.

"Cash Transferred into the Account" (the long name of the Action) = "Xin" (the shorthand version of the Action in the Transaction List.)

Second, I don't understand the issue of entering "commission" separately from the purchase price of the crypto. Coinbase provides the total price associated with a purchase so if you're really interested in keeping track of commissions paid for some reason there's a separate box for that charge when you enter a new "Buy - Shares Bought" Action (noted as "Bought" in the Action column of the Transaction List), so why are you creating a separate transaction for that? Your total basis for the crypto you've bought is the sum of the cost of the crypto plus the commission so as a practical matter I've always just entered the total purchase price and ignore the the commission all together.

In your first post you say "When I purchase a Bitcoin I get charge a commission and also the charge appears on the bank account that I choose to pay for the BitCoin" and I don't understand that statement. Is Coinbase allowing you to buy crypto after the fact for the actual purchase price and then, somehow, separately "pulling" money from your bank account for the commission? I wouldn't think that would be the case. Too, in your first post you claim that Quicken is duplicating a Transfer ($500 in your example) when you're trying to enter the commission transaction (in the Investment Account, one presumes), but in your reply to @Quicken Kristina's post where she posits that simply entering the initial transfer in the Checking Account is creating the duplicate, you agree.

IF you memorize a transaction - let's say a $500 transfer of cash to Coinbase - THEN when you go to enter another transfer to Coinbase Quicken will you show you the memorized transaction exactly as it was saved as a suggested entry. If you click on that transaction that Quicken has suggested then Quicken WILL put that same entry into the transaction you're working on right now, but you don't need to accept it, you can always change that before it's posted to the Register. Is this the problem you're dealing with?

regracia

Tom.

Thanks for your input

By reading very carful your response you hit it right on it - It was the automatic memorize new payees option check under Data Entry and Quickfill the Automatically memorize new payees who create the duplicate entry. so after uncheck the option everything is fine and no duplicate transaction was created (You always learn new things everyday even if you have use it from the 80's)

No I still insist that the Xin should be replaced for a "Cash Transferred into Account" if you can enter directly into the Investing account as transaction obviously there is space but I go with the Xin as long as it enters into the account.

Now on the Transactions itself the investing account will show a 500.00 Xin which is correct, from there I will create another transaction of the actual purchase less the commissions which for this case Coinbase today charges 9.20 per 500 purchase and the actual amount of Bitcoin BTC is base of 490.80 that gives you at the price of 59186.5110709 406048649 a purchase of 0.00829243 of a BitCoin.

So if I add the proper transaction as 490.80 it matches Coinbase so my holding should match Coinbase shares which is the important value.

I appreciate the response that direct me to the memorize issue.

Tom Young

Assuming that for some reason you want to keep the commission distinct in the transaction then I can still do that in one transaction.

Cash comes into the Account:

You click "Enter Transaction", specify Bitcoin, the number of shares, the commission, and the total dollar amount:

You click on Enter/Done and Quicken calculates the per share price:

You click OK and the entry is created:

Quicken has the correct number of shares, the correct total cost for this "lot", and it has the commission information.

regracia

Exactly I appreciate the steps, thank you very much. Really thank you!