You will just have to put your trading details i.e. Transaction Type (buy or sale), Date & Time of Transaction, Bitcoin Quantity in columns A to D, and the sheet will automatically calculate FIFO gains and other important data for every row. You will see Gain or Loss after every transaction on FIFO basis in column U. Besides this, the spreadsheet will also show you other important data e.g. Cumulative Cost of Bitcoin Purchased, Cumulative Earning from Sell of Bitcoin, Total Bitcoin Purchased, Total Bitcoin Sold, Bitcoin in Hand after every transaction.
Columns P, Q, R, and S contain formulas for calculating the costs of coins sold in parts. These formulas are complex and doing the calculation on FIFO method. These contain intermediate results. You may show or hide them as per your choice.
You can set exchange commission for buy or sell transactions in 2 ways:
The first method is to set a fixed percentage for all Buy and Sell transactions in cells B1 and B2. It will be used to fill the amount of commission (in $) for each transaction in column F and remove values from column E.
In the second method you can manually fill the amount of variable commission (in $) for each transaction in column E. In that case, the value in column F will NOT be used by the sheet.
Formula to calculate Effective Price after Commission in column G will first look for commission amount in column E. If it is blank, then commission amount from column F will be used (which itself is derived from %age values from cells B1 and B2).
You can adopt both the methods together, but remember that the value in column E always takes precedence over column F.
Google Sheet is ready to calculate FIFO gains up to 2000 transactions, which can easily be extended further by dragging the formulas as per your requirement.
Sheet automatically highlights the rows for Buy and Sell transactions in Green and Orange colors so users can easily identify a Buy or sell transaction.
The tool is ready to calculate gains for 5 coins (Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple) and a summary of these gains is shown in the "Summary" sheet. Users can copy or rename these sheets for other cryptocurrencies as well.
We believe that you will find this Excel calculator very handy in analyzing and keeping records of your trades and perfect in calculating the gains with 100% accuracy for taxation purposes.