diff --git a/exchange/bitswap/bitswap_test.go b/exchange/bitswap/bitswap_test.go
index 78467ce9456..548c4a62d9b 100644
--- a/exchange/bitswap/bitswap_test.go
+++ b/exchange/bitswap/bitswap_test.go
@@ -11,6 +11,7 @@ import (
 	blocks "github.com/ipfs/go-ipfs/blocks"
 	blockstore "github.com/ipfs/go-ipfs/blocks/blockstore"
 	blocksutil "github.com/ipfs/go-ipfs/blocks/blocksutil"
+	decision "github.com/ipfs/go-ipfs/exchange/bitswap/decision"
 	tn "github.com/ipfs/go-ipfs/exchange/bitswap/testnet"
 	mockrouting "github.com/ipfs/go-ipfs/routing/mock"
 	delay "github.com/ipfs/go-ipfs/thirdparty/delay"
@@ -489,3 +490,165 @@ func TestWantlistCleanup(t *testing.T) {
 		t.Fatal("should only have keys[0] in wantlist")
 	}
 }
+
+func assertLedgerMatch(ra, rb *decision.Receipt) error {
+	if ra.Sent != rb.Recv {
+		return fmt.Errorf("mismatch in ledgers (exchanged bytes): %d sent vs %d recvd", ra.Sent, rb.Recv)
+	}
+
+	if ra.Recv != rb.Sent {
+		return fmt.Errorf("mismatch in ledgers (exchanged bytes): %d recvd vs %d sent", ra.Recv, rb.Sent)
+	}
+
+	if ra.Exchanged != rb.Exchanged {
+		return fmt.Errorf("mismatch in ledgers (exchanged blocks): %d vs %d ", ra.Exchanged, rb.Exchanged)
+	}
+
+	return nil
+}
+
+func assertLedgerEqual(ra, rb *decision.Receipt) error {
+	if ra.Value != rb.Value {
+		return fmt.Errorf("mismatch in ledgers (value/debt ratio): %f vs %f ", ra.Value, rb.Value)
+	}
+
+	if ra.Sent != rb.Sent {
+		return fmt.Errorf("mismatch in ledgers (sent bytes): %d vs %d", ra.Sent, rb.Sent)
+	}
+
+	if ra.Recv != rb.Recv {
+		return fmt.Errorf("mismatch in ledgers (recvd bytes): %d vs %d", ra.Recv, rb.Recv)
+	}
+
+	if ra.Exchanged != rb.Exchanged {
+		return fmt.Errorf("mismatch in ledgers (exchanged blocks): %d vs %d ", ra.Exchanged, rb.Exchanged)
+	}
+
+	return nil
+}
+
+func newReceipt(sent, recv, exchanged uint64) *decision.Receipt {
+	return &decision.Receipt{
+		Peer:      "test",
+		Value:     float64(sent) / (1 + float64(recv)),
+		Sent:      sent,
+		Recv:      recv,
+		Exchanged: exchanged,
+	}
+}
+
+func TestBitswapLedgerOneWay(t *testing.T) {
+	net := tn.VirtualNetwork(mockrouting.NewServer(), delay.Fixed(kNetworkDelay))
+	sg := NewTestSessionGenerator(net)
+	defer sg.Close()
+	bg := blocksutil.NewBlockGenerator()
+
+	t.Log("Test ledgers match when one peer sends block to another")
+
+	instances := sg.Instances(2)
+	blocks := bg.Blocks(1)
+	err := instances[0].Exchange.HasBlock(blocks[0])
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	ctx, cancel := context.WithTimeout(context.Background(), time.Second*5)
+	defer cancel()
+	blk, err := instances[1].Exchange.GetBlock(ctx, blocks[0].Cid())
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	ra := instances[0].Exchange.LedgerForPeer(instances[1].Peer)
+	rb := instances[1].Exchange.LedgerForPeer(instances[0].Peer)
+
+	// compare peer ledger receipts
+	err = assertLedgerMatch(ra, rb)
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	// check that receipts have intended values
+	ratest := newReceipt(1, 0, 1)
+	err = assertLedgerEqual(ratest, ra)
+	if err != nil {
+		t.Fatal(err)
+	}
+	rbtest := newReceipt(0, 1, 1)
+	err = assertLedgerEqual(rbtest, rb)
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	t.Log(blk)
+	for _, inst := range instances {
+		err := inst.Exchange.Close()
+		if err != nil {
+			t.Fatal(err)
+		}
+	}
+}
+
+func TestBitswapLedgerTwoWay(t *testing.T) {
+	net := tn.VirtualNetwork(mockrouting.NewServer(), delay.Fixed(kNetworkDelay))
+	sg := NewTestSessionGenerator(net)
+	defer sg.Close()
+	bg := blocksutil.NewBlockGenerator()
+
+	t.Log("Test ledgers match when two peers send one block to each other")
+
+	instances := sg.Instances(2)
+	blocks := bg.Blocks(2)
+	err := instances[0].Exchange.HasBlock(blocks[0])
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	err = instances[1].Exchange.HasBlock(blocks[1])
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	ctx, cancel := context.WithTimeout(context.Background(), time.Second*5)
+	defer cancel()
+	blk, err := instances[1].Exchange.GetBlock(ctx, blocks[0].Cid())
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	ctx, cancel = context.WithTimeout(context.Background(), time.Second*5)
+	defer cancel()
+	blk, err = instances[0].Exchange.GetBlock(ctx, blocks[1].Cid())
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	ra := instances[0].Exchange.LedgerForPeer(instances[1].Peer)
+	rb := instances[1].Exchange.LedgerForPeer(instances[0].Peer)
+
+	// compare peer ledger receipts
+	err = assertLedgerMatch(ra, rb)
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	// check that receipts have intended values
+	rtest := newReceipt(1, 1, 2)
+	err = assertLedgerEqual(rtest, ra)
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	err = assertLedgerEqual(rtest, rb)
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	t.Log(blk)
+	for _, inst := range instances {
+		err := inst.Exchange.Close()
+		if err != nil {
+			t.Fatal(err)
+		}
+	}
+}
diff --git a/exchange/bitswap/decision/engine.go b/exchange/bitswap/decision/engine.go
index f4b17080098..6c1a9e93653 100644
--- a/exchange/bitswap/decision/engine.go
+++ b/exchange/bitswap/decision/engine.go
@@ -286,6 +286,9 @@ func (e *Engine) AddBlock(block blocks.Block) {
 
 func (e *Engine) MessageSent(p peer.ID, m bsmsg.BitSwapMessage) error {
 	l := e.findOrCreate(p)
+	l.lk.Lock()
+	defer l.lk.Unlock()
+
 	for _, block := range m.Blocks() {
 		l.SentBytes(len(block.RawData()))
 		l.wantList.Remove(block.Cid())
diff --git a/exchange/bitswap/workers.go b/exchange/bitswap/workers.go
index 6c6fe0e8be2..028b9735d88 100644
--- a/exchange/bitswap/workers.go
+++ b/exchange/bitswap/workers.go
@@ -6,6 +6,8 @@ import (
 	"sync"
 	"time"
 
+	bsmsg "github.com/ipfs/go-ipfs/exchange/bitswap/message"
+
 	process "gx/ipfs/QmSF8fPo3jgVBAy8fpdjjYqgG87dkJgUprRBHRd2tmfgpP/goprocess"
 	procctx "gx/ipfs/QmSF8fPo3jgVBAy8fpdjjYqgG87dkJgUprRBHRd2tmfgpP/goprocess/context"
 	logging "gx/ipfs/QmSpJByNKFX1sCsHBEp3R73FL4NF6FnQTEGyNAXHm2GS52/go-log"
@@ -63,6 +65,12 @@ func (bs *Bitswap) taskWorker(ctx context.Context, id int) {
 					"Block":  envelope.Block.Cid().String(),
 				})
 
+				// update the BS ledger to reflect sent message
+				// TODO: Should only track *useful* messages in ledger
+				outgoing := bsmsg.New(false)
+				outgoing.AddBlock(envelope.Block)
+				bs.engine.MessageSent(envelope.Peer, outgoing)
+
 				bs.wm.SendBlock(ctx, envelope)
 				bs.counterLk.Lock()
 				bs.blocksSent++