Disclaimer: This article is intended as an informative piece. This is not accounting or tax advice. Please speak to a qualified tax professional about your specific circumstances before acting upon any of the information in this article.
The Income Report provides a detailed record of every income transaction made during a given tax year. You can access it by navigating to the Tax screen, selecting the relevant tax year card, and clicking the download button under the Reports section.
Use this report to review the income proceeds for each token. You can do this by examining each transaction line by line or by navigating to the Asset Summary section to see the total proceeds by token.
Identifying Issues in the Income Report
If the proceeds for any income transactions or assets seem too low or too high, or if you notice missing income transactions, here are some potential causes and how to resolve them:
Asset Mapping Errors
A common cause of incorrect proceeds is an incorrect asset mapping, which can result in inaccurate or missing pricing for income transactions.
Follow the steps outlined in the Unidentified Assets section to correct asset mapping and ensure accurate pricing.
Income Transaction Not Being Valued
If an income transaction hasn’t been valued, its proceeds will incorrectly appear as £0.
Refer to the Failed to Value section to resolve this issue and ensure the transaction is correctly valued.
Incorrect Transaction Type
If an income transaction is missing from your Income Report, it may have been assigned the wrong transaction type.
Navigate to the Activity screen and use filters to locate the transaction. Change the transaction type by pressing the Edit button under the Details tab.
If the Edit option is unavailable, update the transaction data in the source CSV file for the account. Once updated, re-import the CSV file into Recap to correct the issue.