How to Import Cryptocurrency Trades into Drake Accounting Software
Drake accounting software is a widely used platform for tax professionals preparing tax returns on behalf of their clients. With the growth and popularity of bitcoin and other cryptocurrencies, many tax professionals find themselves wondering how to import their clients crypto transactions into the platform. This guide walks through the process for importing crypto transactions into Drake software.
Step 1: Collect your clients tax report from CryptoTrader.Tax
Because cryptocurrency trading can get quite complicated, traders often need to use specialized crypto tax software to bring all of their crypto transaction history together from each of their exchanges and wallets.
These reports include forms like IRS form 8949.
Step 2: Navigate to the Drake knowledge base to download the 8949 import format
Once you have the necessary reports built in CryptoTrader.Tax, you can transfer this data into the required Drake 8949 import format.
The Drake 8949 import template can be found here.
Scroll down to the attachments section and download the 2016 and Future Blank Excel Spreadsheet.
Step 3: Map data from CryptoTrader.Tax report into Drake excel file format
Open the Short Term Gains CSV from CryptoTrader.Tax and transfer the following fields into the Drake file downloaded in the previous step:
- Date Sold
- Cost Basis
Repeat for the long term gains CSV from CryptoTrader.Tax if your client has any long term gains.
Save this new file once complete.
Step 4: Import the new excel file into Drake
Open the clients file to the data entry menu. Click Import > Form 8949 Import.
Import the file that you created here.
*Note - you will have to start the import at row 2 so that descriptive titles are not imported.
After successful import, your clients trades will populate within Drake.
This concludes the guide for importing cryptocurrency and bitcoin transactions into the drake accounting platform. Feel free to share this article with other tax professionals.
For a video walk through of this process, see the Drake help center video here.