Wallets are central to tracking your cryptocurrency transactions in Koinly. Proper management of your wallets ensures data accuracy and minimizes discrepancies in your tax reports.
If there's a wallet you added by mistake or you want to delete it to recreate it, you can delete it. To delete a wallet from Koinly, click the 3-dot menu next to the wallet, and select "Delete":
This will delete the wallet and all transactions in it.
Deleting a wallet not only removes all associated transactions permanently but also impacts manual adjustments made to those transactions. If a deleted wallet is re-added in the future, users will need to redo these manual adjustments.
🚨 Deleting a wallet is irreversible
Keep in mind that once you delete a wallet, there is no way to restore it. If you want to get it back, you will just have to add it anew by clicking the button
"+ Add wallet/exchange" on the Wallets page
Once a wallet is deleted, any transactions that have been merged into transfers will be unmerged, as all transactions in a deleted wallet are removed.
What happens to transfers if I delete a wallet?
When you delete a wallet, all transfers and cross-wallet trades will be split. For example, if you have a transfer of 1 BTC from Kraken to Binance and you delete the Kraken wallet, the result will be a deposit of 1 BTC on Binance, while the withdrawal from Kraken will be deleted.
Please note this only applies when you delete an entire wallet, not when you bulk delete transactions from the Transactions page.
If you have lost access to wallets from the past, you can still add their data to Koinly. Use your public key (also known as a receive address) to import historical transaction data. Public keys are part of public blockchain data and can often be identified from other transactions in your account.
Archiving a Wallet/Exchange
For wallets you no longer use, you shouldn't delete them (as the historical transactions in this wallet are still needed) but you can Archive them by clicking "Archive" from the 3-dot menu on the "Wallets" page:
Archived wallets:
Are removed from the main view on the "Wallets" page
Can still be access by clicking the "Archived" tab on the "Wallets" page
Don't sync automatically if you click "Sync all" on the "Wallets" page
Can still be synced manually by clicking "Sync now" on the particular wallet
Keep their transaction history in Koinly, and the transactions can still be viewed on the "Transactions" page
Are still included in the tax reports
As a best practice, double-check the need for deletion or archiving, as unnecessary deletion can lead to complications. Retaining unused wallets and utilising secondary accounts for testing changes are practical measures to ensure data integrity.