When it comes to crypto, a lot of people are knowledgeable at the buying, selling, sending, receiving, storing and securing part. However, one thing that people either forget to do or aren't good at is tracking it.
I would say that this is an important part of everyone's crypto journey as well for two reasons. The first is to see how much you've made or loss on your coins and the second is that it'll help you a lot when it comes to tax season.
There are numerous apps out there that are specifically made to help you track your portfolio. But for myself, I like to keep things simple. I don't want to have to use a specific application for one specific purpose unless I really have to. That's why I track my buy and sell orders all with Google sheets. I prefer using it for several reasons.
The first is that I'm quite familiar with it; I would say that I'm quite proficient when it comes to using it. The second is that I can customize it the way I want. I can add whatever data or numbers I would like to see. In addition, I can also change the user interface as well if I don't like it. Last but not least, I can even integrate my personal finances to reflect my financial position at any given moment which I think is the best part about it. Once you know how to use Google Sheets, it helps to automate things.
In this post, I'll show you how you can create a simple and basic spreadsheet with Google Sheets to track your buys and sell orders. This will allow you to see how much you've made or lost in a particular year.
If you don't already have a Google account, you'll need to create one first. After you've signed in, go to www.drive.google.com where you can then create different documents. Click on the "New" button on the top left corner. Then select "Google Sheets." They offer some templates but we'll be creating one from scratch. Here's a sample of what the spreadsheet would look like with a brief explanation.
The "A" column is the date the transaction happened.
The "B" column is the dollar amount of whatever it is you bought (in this case, Bitcoin).
The "C" column is the price that you bought it at including fees.
The "D" column is the amount that you've received in total.
The "F" column is the total amount of money you've put in minus any amount that you've received back from selling.
The "G" column is the total amount of Bitcoin you've accumulated minus any amount that you've sold.
The "H" column is your average cost of the Bitcoin that you've bought.
Some parts of the spreadsheet can be automated but some parts you'll have to enter the numbers yourself.
If the above looks confusing or doesn't make any sense, here's a semi-detailed video I made showing you, step-by-step, how to create a spreadsheet to track your crypto. I tried making it as simple as possible so that even those who don't know how to use a spreadsheet can create one.
Here's a link to the spreadsheet used in the video that you can download to play around with yourself: https://docs.google.com/spreadsheets/d/1rTzWphsVU_QXFXEEaOlhSCtIulVGxrDjBsVW-RGNudE/edit?usp=sharing
I hope that this post has helped you out with learning how to better track your crypto buy and sell orders. However, if you'd like a custom made spreadsheet based on your needs, feel free to contact me and I'll see how I can help.
For those who do track your crypto, what do you use or how do you do it? Let me know in the comments below as I'd love to read them.
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