A Quick Guide to Help You Start Strong from Day 1 with Cryptio
Welcome to Cryptio!
Over 350+ companies use Cryptio to support their crypto accounting, tax, and financial reporting. Even the biggest and busiest have all been where you are now. So, use the tips & tricks we've all picked up along the way to help you succeed at speed - you've got this!
The 8 steps featured below will all take a little time, so your day 1 might involve familiarizing yourself with the product and planning out who is going to handle each particular step and when they'll do it. Setting aside consistent time to do this will compound your efforts, and you'll be going live before you know it! 🚀
In this guide, you will learn end-to-end how to prepare your crypto sub-ledger and connect it with your general ledger by following these high-level steps:
- Import data
- Identify contacts
- Label transactions
- Review transactions
- Import chart of accounts
- Map your chart of accounts
- Syncing and reconciling transactions to your accounting software
- Generate reports
👥 Click here if you'd like to invite a teammate to Cryptio to complete setup with you.
Step 1: Import Your Data Sources
Sources include wallet addresses, exchange accounts, custody solutions, etc.
The initial step is to import your sources and assign each source an identifiable name. For instance, name it as MyBusinessWallet. The platform will automatically retrieve the entire transaction history from the source's creation date.
You also have the option of selecting a Start and End Date. Choosing a start date is common for users who've previously accounted for accounting periods and prefer to keep reconciled transactions separate from unreconciled ones.
That said, I appreciate having all my crypto data securely stored in my Cryptio Sub-ledger.
Step 2: Identify Your Contacts
💡 Classifying transactions involves adding metadata to transactions for better context, making them easily searchable and identifiable when synced to your accounting software.
To classify transactions based on their accounting nature (e.g., salary, staking interests), you need to identify your contacts to create auto-labeling rules based on these counterparts.
Contacts can either have 1 address linked to them, for instance, "Antoine's Wallet," or have multiple addresses linked to them, such as "Employees."
Step 3: Label Your Transactions
You're ready to automate the labeling of transactions by setting rules in the labels section, establishing connections between your imported sources and identified external counterparts.
Example 1: MyBusinessWallet withdraws ETH sent to an address identified as Blockchain Consultant.
The logic/rule: Label every transaction from MyBusiness wallet to the Blockchain Consultant contact as Professional Services Expense.
Example 2: MyBusinessWallet receives monthly ETH deposits from multiple addresses categorized under the Subscribers contact.
The logic/rule: Label all deposits from Subscribers to MyBusinessWallet as Monthly Subscriptions.
For additional support, refer to our comprehensive articles on label management.
Step 4: Review Transactions
You've labeled and added contacts to your transactions; now, it’s time to ensure nothing's overlooked. At Cryptio, we've made this extra simple for you! Navigate to the transactions page and select Needs review.
This view summarizes all outstanding items that need your review. The goal here is to go through transactions without labels and close the gap as much as possible. For all other tabs, feel free to revisit them after completing all the steps in the Quick Start guide.
Explore the Needs Review module article to understand its benefits and how-tos.
Step 5: Sync Your Chart of Accounts from ERP Software to Cryptio
💡 We advise all business operations to consult their accountant/bookkeeper if unsure how to set up a Chart of Accounts or need to create new accounts for Crypto activity. If you're experienced, proceed!
In the side navigation bar under Connect, find Integrations. Here, connect your Netsuite, Quickbooks, or Xero accounts.
Once connected, the software automatically pulls your entire Chart of Accounts through the API. If you update your Chart of Accounts in Netsuite/Quickbooks/Xero, simply click the 'Update' button.
Step 6: Automated Mapping of Chart of Accounts to Transactions
In the side navigation bar, access Accounting and find Chart of Accounts. Here, set rules to automate balance sheet & PnL accounts mapping for all transactions.
Mapping Default Accounts:
Click on the Default account mapping line:
- Map realized gains & losses account to default gain account.
- Map realized gains & losses account to default loss account.
- Map all transaction fees to the expense account.
- (Optional) Map NFT realized gains to default NFT gain account.
- (Optional) Map NFT realized losses to default NFT loss account.
Wallet / Exchange Mapping - asset account mapping:
- Select + Mapping and choose wallet or exchange mapping.
- Choose an imported source, e.g., MyBusinessWallet or Binance.
- Click on map individual assets.
- Use the Asset field and/or ‘Cluster’ to create the individual mapping rule.
- Map each asset to its corresponding asset account from your Chart of Accounts.
- Repeat for all sources and assets.
- Click Create at the bottom.
Each asset needs its asset account.
Label Mapping - income, expense, or liability account mapping:
- Select + Mapping and choose Label mapping.
- Pick one of your Labels.
- Select the corresponding account from your Chart of Accounts.
- Depending on your ERP integration, map transactions to Class and/or Segments fields. [Optional]
- Click Create at the bottom.
Example: In Label mapping, we created the label Monthly Subscriptions.
Logic/rule: Transactions labeled Monthly Subscriptions should be mapped to the Sales Revenue income account from your Chart of Accounts.
Step 7: Syncing, Locating, and Reconciling Transactions with Your General Ledger (in the ERP system)
Now that your data is classified and the accounts from your chart of accounts are mapped to transactions, Cryptio has everything required to function as a subledger and sync your crypto data as fiat values to your general ledger in the ERP software.
Syncing transactions via API:
- On the Transactions page, go to Needs Review.
- Under Ready to be synced, select all transactions.
- Click Sync with Netsuite/Quickbooks/Xero.
For specific ERP guidance, refer to the individual guidance in the help center.
Depending on the ERP system you use, will determine how you locate the transactions that have been pushed as Manual Journal Drafts from Cryptio. Explore the details in the individual help center articles.
Step 8: Generate Financial Reports for Your Accounting Process
Cryptio offers a wide range of reporting suites for your back-office operation. Instantly generate reports for accounting, tax, audit, and financial reporting purposes within the application.
Simply navigate to Reports in the side navigation bar. Discover all available reports in Excel or CSV format, customize by asset/cluster/wallet/source type, and specify the period and/or customer columns.
Refer to our Reporting 101 to understand different types of reports and determine what suits your business best. 💡To access the article, sign up on our platform. Click the Reporting 101 link and create a profile in <2 mins.
We strive to ensure Cryptio is impactful, easy, and enjoyable to use. If you encounter challenges, we offer various resources tailored to your needs:
Cryptio Home 🏠
Access an in-product checklist detailing impactful steps taken by thousands of successful customers during their initial days using the product.
Help Center 📖
Find help articles, FAQs, how-tos, and best practices conveniently organized in one place. Ideal for resolving issues efficiently.
Demo Webinars 🖥️
Join our Accounting strategy and Customer team's regular webinars to explore Cryptio's features and participate in Q&A sessions. Some sessions are available on Youtube, or contact our team for customer-exclusive content.
Cryptio Newsletter and Product Announcements 💙
Sign up for our quarterly newsletter to receive industry news and the latest features/product updates in your inbox.
Chat with Support 🗣️
Need extra assistance with setup? Reach out via the Support pop-up and leave a message for our support team. We're here to help!