Frequently Asked Questions
What is Moonie?
Moonie is a desktop accounting app designed for small-scale cryptocurrency investors/traders. Moonie provides an easy way to document all your cryptocurrency transaction activity.
From the data you enter, Moonie will:
- Calculate un/realised capital gains for your chosen tax/fiscal year.
- Provide a timeline of held assets maturing to long-term holds.
- Generate a variety of customisable reports such as tax year summary, transaction history, current balances, fees paid, gains and holds.
- Display a current estimated value of your portfolio, broken down by currency and account (*Please note: An internet connection is required for retrieving live prices from various exchanges (optional)).
Moonie is an ideal low-cost solution for small-scale traders looking to get their crypto activity documented and sorted ready for tax time reporting.
Are there any ongoing costs?
No. Purchase Moonie once, keep forever, and enjoy continued updates as we improve. No subscription fees or hidden in-app purchases.
The idea behind Moonie was to create an affordable, easy to use record keeping app for crypto investors and traders.
Does Moonie work on mobile devices?
No. Moonie is a standalone desktop application available for Mac OS and Windows computers.
What type of transaction info is required?
The basic types of data required to be entered are your incoming, outgoing and trade transactions. You are required to enter the price (in your local currency) each time a cryptocurrency is transacted. These prices are used to calculate gains made on each transaction. You are also required to enter the end of tax year day prices for currencies transacted within that period. These prices are used to calculate end of tax year currency balance values and unrealised gains. A simple google search for Historical Cryptocurrency Prices will help you gather any missing prices you may require.
Additionally, you can enter in fees paid, reference numbers, descriptions, account addresses and transaction IDs.
Transactions can be entered manually or via a generic CSV file import.
Please note: All data is stored locally on your computer. No data is sent away from your computer. It is your responsibility to make regular backups. We have no way of retrieving any lost data. An easy backup/restore feature is provided within the app.
What is capital gains and how does Moonie calculate it?
If you sell a cryptocurrency, you usually make a capital gain or a capital loss. This is the difference between what it cost you to acquire the crypto and the price when you dispose of it. This could be when you trade one cryptocurrency for another on an exchange (eg BTC => ETH), trade a cryptocurrency to fiat (eg BTC => USD) or when you make a purchase or gift someone using cryptocurrency. Also when fees are paid, gains on the fee amount is accounted for.
Transferring crypto between your own accounts is not classed as a taxable event and these transfers will not effect your short to long-term holds.
Upon starting Moonie for the first time, you will be asked to choose a Cost Layering Method. The selected method will determine how Moonie calculates capital gains. An example method is First In, First Out (FIFO). This method means that, of a given cryptocurrency, you sell your oldest holdings first and newest holdings last. You should consult with your accountant/tax advisor prior to selecting a cost layering method.
Will Moonie submit tax forms for me?
No. Moonie is a tool used to record your cryptocurrency transaction activity and help you prepare for tax time reporting. It is your responsibility to consult with your accountant or other registered tax adviser prior to submitting any tax forms based on the material generated by Moonie.
Does Moonie provide historical prices?
No. All historical prices for your transaction activity are to be entered by you. Moonie can only retrieve current prices from various exchanges.
Each day a cryptocurrency is transacted, Moonie requires its price (in your local currency) at that point in time. These prices are used to calculate the cost basis/disposal value of the transacted currency. Ultimately, these values are used to calculate gains made on each transaction.
Where is my data stored, and is it secure?
Moonie stores all its data in a database locally on your computer. No data is sent away from your computer. It is entirely your responsibility to make regular backups. We have no way of accessing or retrieving any lost data. An easy backup/restore feature is provided within the app for your convenience.
With the exception of retrieving current currency prices (optional), Moonie can be used offline for all data entry/editing and report generation.
Are more features planned for Moonie?
Yes. Being only recently released in late 2018, Moonie is very much in its infancy and will continue to evolve over time based on user feedback and our product roadmap.
Moonie’s roadmap ranges from general improvements, additional country specific reporting options, graphs/charts, exchange file/api data import, through to natively coding the app for both platforms and access to historical price data.
Your feedback during these initial times is greatly appreciated and early backers can currently enjoy a 50% discount off Moonie’s purchase price.
What DOESN'T Moonie do?
- Moonie does NOT complete or submit tax forms.
- Moonie does NOT provide historical currency prices.
- Moonie does NOT provide tax or accounting advice.