Exempting Income

If the Income value for your ledger summary looks high, you may need to exempt some transactions. When a transaction is marked as exempt in NODE40 Balance, it is removed from the income calculation. This is common for transactions where you purchased the asset as an investment. As opposed to receiving the income in exchange for a good or service. 

In the Ledger click the drop down tab to expand the transaction details for the received transaction. To mark a transaction as exempt, click the flag to toggle the Exempt option. The flag will now appear green so you can easily scan for transactions that have been marked as exempt. 

While reconciling your ledgers it is important to be consistent and reasonable in your adjustments. Be sure to click save for comments and description notes in the Memo box. This information will carry over in the Capital Gains Report worksheet NODE40 Balance generates with the IRS 8949 form.