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Chart of Accounts module and mapping your CoA

Introducing the enhanced Chart of Accounts module with advanced functionalities to automate your financial reporting.  

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To unlock the Chart of Accounts, you need to have imported/synced your chart of accounts into Cryptio, which we have completed previously. Now it's time to navigate to the General Ledger on the left side navigation bar and click on Chart of Accounts.

The Chart of Accounts module is where you will be able to manage, edit and automate the mapping of Accounts to Transactions, by setting rules based on the Assets within individual imported sources and Labels attached to transactions.

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Follow the steps below to automate the mapping of your Chart of Accounts to all of the transactions that flow into your Cryptio Sub-ledger

Step 0: View imported CoA and add new

Once you have imported your Chart of Accounts from your ERP or uploaded a CSV version (from General ledger > ERP integrations page), you can view the results.

  • Select ‘View imported CoA’ on the top right side

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  • Users can search, edit, and export the CoA

Moreover, users can add new CoA directly to Cryptio:

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  • Select ‘add new CoA’
  • Type in the code, name and choose the account type
  • Click ‘Save’

The benefit of the functionality is that you won’t need to import the CoA again while you are in the Cryptio interface, so your workflow is not broken. Later on, you can re-connect the CoA with your ERP system automatically.

Step 1: Mapping Default Accounts

Cryptio has already created the first line entry titled "Default account mapping".

Click on ‘Default Mapping’ under the COA mappings box

Under the Default Mapping box, you will need to assign two rules:

  • Select the Expense account to book all fees from your wallets & exchanges - Here you want to select the Transaction fees/Bank fees account
  • Select the reliased gains and losses account
    1. Decide if all realised gains and losses should be mapped to the same Account; OR

    2. Map all realised gains and losses to different Accounts. With this option you have to:

      • Map all realized gains in a default gain account - Here you need to select your Realized Gains e.g. Revenue account.
      • Map all realized losses in a default loss account - Here you need to select your Realized Loss e.g. Expense account.
      • You can also ‘Add Individual mapping’ based on assets (can select multiple) or clusters

      💡 Tip: Complete for the material assets you care about. You can leave the rest mapped to an other crypto account.

Optional feature

  • Select the Fair Value mapping accounts for your fair market adjustments.
  • From your CoA account, select the associated to: Mark-to-Market asset and liability accounts, unrealised gains and liability accounts, and unrealised losses asset and liability accounts.

Step 2: Map all Crypto Assets to their respective Source accounts

Now it's time to map all of your crypto assets to individual source accounts in your Chart of Accounts. Note, that each asset needs its own asset account.

💡 We recommend they map the material assets to their own accounts and the rest to an ‘other’ account. But they can map this how they please in the end. Can be by revenue stream through labels or other preferred ways.

Source mapping is the process of auto mapping asset accounts from your chart of accounts to assets within each imported wallet or exchange (sources).

  • Click + Add Mapping
  • Select Source Mapping
  • Choose the sources for the mapping
    • By source - this could be from wallet address or exchange e.g. My Business Wallet
    • By cluster - this could based on a predetermined cluster you have already set up
    • By sources containing a given value in their name - this could be based on the name you have given to your import sources, e.g. all wallets containing ‘revenue’
  1. By source

    💡 Tips: You can select ‘all unmapped wallets’ and ‘select all unmapped exchanges’. 

    • Select the source - it can be multiple wallets

    • Choose the account for ‘Map all assets with default accounts’

    • Choose the account for ‘Select the expense account to book the fees (optional)’

  2. By cluster

💡 Tips: Powerful for wallets that have similar use cases (mining wallets, etc). Users can group and map them all to one asset account per use case.

     3. By sources containing a given value in their name

💡 Tips: If sources have one particular use case, you can map both sides without doing any label mapping in the source. Eg. Mining wallets you can map the debit side to the asset account and credit side to mining revenue at the source level. Saving label mappings only for exceptions.

Optional - Asset Mapping

  • Access all assets of the workspace
  • Select the asset(s) - you can select multiple asset
    • E.g. under the Asset drop-down, I choose the USDT asset from My Business Wallet.
  • OR Select cluster - you can only select one cluster [Note that you can do either asset or cluster, but not both per mapping job. User can still create more individual mappings.]
  • Choose the relevant Account
    • Under the Account drop-down, I choose the USDT Asset Account from my Chart of Accounts.
  • Repeat this as necessary

Finally, click Create Mapping.

Step 3: Mapping all Labels to PnL accounts (income/expense)

Labels are used to categorise transactions that have specific transaction natures, in the previous section Classifying transactions, we created rules to automate the labelling of transactions between counter-parties & your business's wallets.

For example, labelling all transactions that go from Gnosis to the contact 'OTC Desk' (that contains all the employee addresses), as Customer Team.

💡 Tips: Label can be mapped on both Debit and Credit side. Powerful for creating exceptions to source mappings based on specific transaction types. Eg. If one wallet co-mingles mining, staking and custodied assets - you can map the labels to different asset accounts. This will separate the assets by their use cases without relying on source mappings

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Now we are going to connect the labels you have created the corresponding accounts from your Chart of Accounts.

  • Click: + Add Mapping
  • Select Label Mapping
  • Select the label you want to map: Salary
  • Select an account you want to map: Direct Wages (expense account)
  • [Optional] Select the Label class you want to map to - this only applies to Netsuite and Quickbooks.
  • Click create.

Repeat this task for all the transactions that have labels, that need to be mapped to PnL accounts from your Chart of Accounts.

Step 4: Mapping all FMV & Impairments to adjustment accounts

  • Select the GL accounts you want to map the FMV transactions to.
  • Similarly, choose the Mark-to-Market asset account
  • Choose the Unrealised gains asset account
  • Unrealised losses asset account

Impairment account mapping is coming soon.

Applying the automated mappings

Once mapping rules are created, click Apply Mapping. It is required to confirm the rules you have defined, therefore once clicked the software will apply all of the mappings you have recently created to the transactions impacted in your account.

This is useful if you would first like to do the work, and then have your accountant or superior double-check the mapping is correct.

So now the software would have built ledger entries that are ready to be synced or exported to your main-ledger accountings software (Netsuite, Quickbooks, Xero, etc.).

Account mapping to transactions can be reviewed on the transactions page, by clicking on specific transactions and reviewing the Transaction settings section in the drawer, note you can manually change the accounts to override the automated mapping by clicking on the 'Manual chart of accounts mapping' check box.

Chart of Accounts - Need review view

In the Needs Review page, users can select to ‘mask’ labels. By masking labels, users can have a clean mapping page and not consider transactions in using those masked labels.

For example, user would want to mask all Non-taxable event labels. Users can select all spam labels and then click ‘Mask Selected Mapping’ (you can easily revert this decision under the ‘Masked Labels’ view).

Account mapping to transactions can be reviewed on the Trial Balance module. Moreover, you can review the outstanding mapping in the Transaction page > Needs Review > Incomplete CoA drawer.

So now the software would have built ledger entries that are ready to be synced or exported to your main-ledger accountings software (Netsuite, Quickbooks, Xero, etc).