| Feed Type |
Cash Movements (Bank Transactions |
Investment Movements (Buys & Sells) | Income Movements (Dividends & Distributions) | Historical Data |
| Semi-Automated |
Overview
BGL has integrated with Syla, a Cryptocurrency Tax Software. This on-demand semi-automated data feed will import all your crypto trades, income and other crypto transactions directly into your Simple Fund/Invest 360.
You can find the full list of cryptocurrency exchanges and other services that Syla has integrated with here: https://www.syla.com.au/integrations.
Any cryptocurrency exchange that you have added to your Syla account can then be synced directly into your Simple Fund/Invest 360.
Important
Users will need the Private Wealth plan with Syla in order to sync data to BGL. For more information, refer to the Syla website.
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Entity - Ensure that the correct entity has been selected.
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Feed Provider - Select ‘Syla’.
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Account ID - Locate the Account ID on the Syla platform by following the below steps.
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Log into Syla.
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In Syla, navigate to the Settings page.
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Copy the BGL Account ID from Syla and paste it into the Account ID field in BGL.
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Bank Account - Select the bank account where cash transactions from the digital currency exchange will be recorded.
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Do not import data before - Users can restrict the data that is imported by the feed by inputting a date. Clicking on the three dots will allow you to also enter a Do Not Import Data After date. If data has already been manually entered, this step will be necessary to prevent any duplication with manual work.
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Account Mapping - Users are required to link asset accounts to the feed to ensure that data is allocated to the desired asset accounts. If this step is not completed, the system will create new accounts to allocate the data. If this results in duplicate asset accounts, please refer to our help article Wrap Feed has created duplicate accounts?
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Save - Click this button to ensure that any changes made are saved.
Once the setup in BGL is completed, you will need to request a tax report within a financial year from Syla (see next tab ‘Request Data’).
To request data to be sent from Syla to BGL, please follow the below steps to request a tax report within a financial year from Syla:
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Log into Syla.
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Navigate to the Tax Reports page.
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Select the earliest financial year that contains transaction data that you would like to sync to BGL.
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In the BGL Report section, click Sync (Note: you must have an active subscription. Users will need to purchase the Private Wealth Plan in order to sync the data to BGL).
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You must repeat the Sync for each financial year that contains transactions, from oldest to newest.
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Cryptocurrency trades (purchases/disposals)
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Investment Income
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Cash Movements
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Cash and Cryptocurrency balances
Please Note
Certain tax items will not be synced and will require manual adjustments to be entered in Simple Fund/Invest 360.
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Expenses will not be synced and will need to be manually entered
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Foreign currency gains and losses will not be synced and will need to be manually entered
You can easily find the required adjustment amounts in the PDF Crypto Tax Report that can be downloaded from the Tax Reports page in Syla.
What subscription do I need with Syla to sync data to BGL?
Users will need the Private Wealth plan with Syla in order to sync data to BGL. For more information, refer to the Syla website.
How will transactions be allocated?
All cash and investment transactions will be allocated to the correct account in Simple Fund/Invest 360. For purchases of new investments not previously held by the entity, new accounts will be created and transactions will be automatically allocated.
Can transactions from the feed be automatically matched and coded by the system?
Investment transactions (purchases and disposals) will be automatically matched to their corresponding cash transactions by Simple Fund/Invest 360. Income will also be automatically coded to the linked 26500 Other Investment Income account.