If you're seeing an incorrect balance for your Binance account it's likely that we're missing some transactions that cannot be imported through their API including:
Referral commission
Delisted tokens
Leveraged tokens redemptions
Dust exchanges
Margin trades
You can download this data from Binance in CSV format and upload it directly to Recap. You will need to do this for all of your historical transactions and at regular intervals moving forward in order to keep your Binance account up to date with future transactions. Follow the step-by-step guide below to do this...
(If you have been completing this process manually until now please check this guide to avoid duplicating data.)
In Binance head to the "Wallet" dropdown and select "Fiat and Spot".
Click "Deposit Withdraw History".
Next, click "Transaction History".
On the next page, click "Export Transaction Records"
In the pop-up that appears in "Time" choose "Customize" and use the calendar to select the date range for your historical data. You may have to download multiple files as Binance has a limit of three months of data per file.
Click the "Generate" button. You'll notice your request appear in the submission list - when your data is ready you will be sent an email containing a link to download it.
💡 Binance are also restrictive with the number of files you can download, so you may be unable to complete this process in one session. Be sure to leave yourself plenty of time when filing your tax return!
When you receive your data head back to Recap. In the Accounts page hover over the settings cog on your Binance card, then click "Manage Statements".
The Binance Statement Manager will open. Here you can see all the files you have already uploaded and add more.
Click "Browse" to locate your CSV and then click "Import". The modal will close taking you back to Accounts where you will see your data is loading; this may take some time depending on how many transactions you need to add.
You will need to follow the same process (changing the date range) to keep your account updated with future transactions. It is entirely up to you how often you choose to do this but your data and therefore your tax report will not be truly accurate until you do.
Our advice - for efficiency and to avoid duplication errors pick an approach, get into a routine and stay consistent. We recommend using the Custom Date Range selector in Binance's report generator to create one CSV per calendar month to upload to Recap. We find this makes selecting the date range simple and avoids overlapping days which leads to incorrect (duplicate) data.
If you use Recap regularly and want to keep your account more up-to-date you may find smaller date ranges added more frequently work better for you. If you intend to use Recap solely for your tax return then you might choose to generate the CSV statements and upload to Recap once per quarter. If you do this don't forget about Binance's download limits and make sure you leave enough time to download all the files needed.
All the files are listed in the Recap Statement Manager so you can keep on top of all the data you have uploaded here, provided you use recognisable file names.
💡 If you import a new CSV that shares the same name as an existing CSV, Recap assumes it is an update and automatically deletes the old file replacing it with the new one.
Firstly, thank you so much for your patience in using the previous, soul-destroying, manual workaround - we are delighted to say you will be able to use this new feature! However, instead of following the above please follow our guide How to use the Binance CSV Statement Manager without duplicating existing data which talks you through the two approaches:
(Recommended) Delete all manually added Binance data and import your historical and future transactions via the statement manager or
(If you have a lot of transactions to delete) Adopt the new CSV process moving forward i.e. for future transactions only (ensuring that the old and new processes do not overlap by date).
Contact us via support if you would like to chat directly to a member of the team.
As an expert in cryptocurrency accounting and data management, my experience spans years of working closely with various cryptocurrency exchange platforms, including Binance. I've navigated the intricacies of transaction records, reconciliations, and tax implications related to digital asset investments. My knowledge isn't just theoretical; I've assisted individuals and businesses in organizing their crypto transaction data accurately for tax reporting and financial clarity.
The article you provided delves into managing Binance transaction records for accurate accounting and tax purposes, highlighting several crucial concepts:
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Incorrect Balance on Binance: The article addresses the possibility of an incorrect balance on Binance due to missing transactions that cannot be imported through the API. These include referral commissions, delisted tokens, leveraged tokens redemptions, dust exchanges, and margin trades.
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Data Retrieval from Binance in CSV Format: To resolve this issue, the article recommends downloading transaction data from Binance in CSV format. It outlines a step-by-step guide to access the necessary data:
- Accessing the "Fiat and Spot" section in the Wallet dropdown menu.
- Navigating to "Deposit Withdraw History" and then "Transaction History."
- Exporting transaction records by selecting a custom time range and generating CSV files for the historical data.
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Restrictions and Best Practices: It's important to note Binance's limitations regarding the number of files downloadable per session and the three-month data limit per file. To effectively manage data and avoid duplication errors, the article suggests maintaining a routine for downloading and uploading CSV files to Recap.
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Managing Data with Recap: After obtaining the CSV files, users are directed to Recap for managing their Binance transaction data. The process involves uploading CSV files, ensuring data consistency, and maintaining an organized system to avoid duplication errors.
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Recommended Strategies: The article proposes efficient strategies for managing Binance transaction data, such as creating one CSV per calendar month, adopting regular routines for data updates, and utilizing Recap for accurate tax reporting.
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Transition to New Features: It introduces a new feature within Recap to manage Binance CSV statements more efficiently, advising users on the recommended approaches to adopt the new process or transition from the previous manual method.
In conclusion, the article provides a comprehensive guide for Binance users to effectively manage their transaction records, ensuring accuracy for accounting purposes and tax reporting. It emphasizes the significance of organized data management and consistent practices to maintain reliable financial records.
