If you're a CCH Axcess user, then Ledgible is the perfect crypto tax solution for you. Ledgible Crypto Tax Pro is SOC 1 & 2 Audited, has integrated team and client management, and fully integrates reporting with CCH Axcess along with most other leading professional tax software. If you'd like to learn more about Ledgible and Wolter's Kluwer, you can read their press release on our partnership here.
Exporting Ledgible Reports into CCH Axcess Guide
If you've gotten started with Ledgible and are looking for a tutorial on how to export Ledgible's reports into Wolters Kluwer CCH Axcess, then this quick guide will walk you through the easy process. Keep reading to learn more. Prefer watching to reading? Check out our video tutorial for this article, and many others, on the Ledgible YouTube channel!
To add a client's transaction history data in the Ledgible dashboard to Wolters Kluwer CCH Axcess™, you will first need to create and download two reports in Ledgible. The first report, the CCH Axcess™ Import report, will tell CCH Axcess™ how to map the columns from the second report, the Income Transaction Export report, to the appropriate fields in CCH Axcess™. Both of these reports are provided as CSV (comma-separated values) files. This guide will walk you through obtaining these reports and then using them to add the client's data to CCH Axcess™.
This article contains step-by-step instructions organized into the following sections:
Get the CCH Axcess Import Report and Income Transaction Export Report from Ledgible
- While logged into your Ledgible Crypto Tax Pro account, select the Reports button from the Actions column for the client for which you wish to export data. Alternatively, you can select the Reports tab from your Tax Pro dashboard, then click the Create Report button and choose the client for which you wish to export data.Note: You can download the reports using whichever method is more convenient for you. If you have any difficulty accessing reports from the Reports button for a client on the Clients tab in Ledgible, you may want to try running the reports from the Reports tab on your Tax Pro dashboard instead.
- From the Professional tab, select CCH Axcess Import. A description is displayed at the bottom of the window.
- Click the Create Report button in the bottom right of the Generate Client Report window.
- A message will be shown indicating that your report request is processing. Select Close to exit this window or Go To Reports to go directly to the Reports tab to check the report status and download the file.
- Next you will download the report from the Reports tab. Click the Download Report icon in the Actions column next to the report you created to save the CCH Axcess Import report to your local device. Be sure to note the location where you save it as you will need it for the import step.
Note: Most reports are typically quick to finish, but if you see the Cancel Report icon (red circle containing an X) in the Actions column, please allow some time for the report creation process to finish the calculations. Once the report has been created, the Cancel Report icon will disappear and you will instead see the green Download Report icon. - Next, repeat step 1 to create a new report by selecting the Reports button from the Actions column for the client for which you wish to export data. Alternatively, you can select the Reports tab from your Tax Pro dashboard, then click the Create Report button and choose the client for which you wish to export data.
- Select the Other section and then the Income Transaction Export. A description of this report is shown at the bottom of the window.
- Click the Create Report button in the bottom right of the Generate Client Report window.
- A message will be shown indicating that your report request is processing. Select Close to exit this window or Go To Reports to go directly to the Reports tab to check the report status and download the file.
- Finally, download the Income Transaction Export report from the Reports tab. The reports are listed in descending order with the most recent report request listed at the top. Click the Download Report icon in the Actions column next to this report to save it to your local device. Be sure to also note the location where you save this report as you will also need it for the import step.
Import the client's crypto tax records into Wolters Kluwer CCH Axcess™
- Log in to your Wolters Kluwer CCH Axcess™ portal for your firm.
- Open the desired client from the portal.
For Capital Gains & Losses
- From the Worksheets tab, click to expand Federal > Income > Sch D / 4797 / 4684 - Gains and Losses (1099-B, 1099-S, 2439) > Capital Gains and Losses.
- From the Capital Gains and Losses window, click the Import icon on the top right.
- The Import Worksheet Grid Data from Spreadsheet window will open prompting you to select the path and file name of the import file. Click the Browse... button to locate the CCH Axcess Import report that was downloaded from Ledgible for your client in Step 5 and then select the Open button in the lower right.Note: The default name of the CCH Axcess Import report is axcess_MM_DD_YYYY_Client Name.csv.
- Click the Select Template button to open the mapping settings. Verify the following mapping settings:
- Review the value listed in the field after Start at row: and update it to 2 if has a different value.
- Verify that the preselected column mappings are correct then select the Next button in the lower right.
- Select one of the following options depending on where you are in your workflow:
- Append data to grid: Keeps the current data in the grid and imports data into additional rows.
- Replace data in grid: Deletes all data currently in the grid and all associated detail data, and then imports data in its place.
Note: If no data is listed in the grid currently, then either option will import the transaction data properly.
- Next, the system reviews the data in the file to ensure that it can be imported. The status of the validation process displays in the Validation log summary box. When validation completes, one of the following messages displays:
- Validation completed. All data in the source file can be imported. You can continue to the next step in the import.
- Validation partially succeeded. Some data in the source file cannot be imported. You can continue with the import without fixing the errors. However, only the data that passed validation will be imported.
- Validation failed. The data file cannot be imported in its current form.To view information about the problematic data, click Details. You must exit the wizard and fix the errors. Then, you can repeat the import process.
- Once the data validation is complete, click Import to begin the import process.
- Click Finish to complete the import process.Once the import has completed, the Capital Gains and Losses grid will list all of your client's cryptocurrency sales for the year along with the following information:
- Description: Usually the cryptocurrency symbol (such as BTC) followed b the quantity
- Quantity
- Sales Price
- Cost Basis
- Date Acquired
- Date Sold
- Term Code
- 1099-B Code: As cryptocurrency transactions are not currently reported on 1099s, they have the code C 1099-B not received.
- Click Import
- Click Finish
For Ordinary Income
- Determine the nature of the income based on client specifics and IRS guidelines at https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions
- Using the totals from the Income Transaction Export report, enter the income in the appropriate worksheet (example: Other Income on Schedule 1)
Confirm your forms
Verify that the income and gains and losses show up properly on the forms
