You’ve now successfully imported all your data, labeled your transactions, imported your COA and completed your mappings. This means that every transaction should now have a full journal entry and you can successfully start booking your transactions to your ERP! At Cryptio, we call this synchronizing your transactions.

Step 1: Review your Needs Review Module

On your Transactions page under NAVIGATE, if you click on the Needs review button at the top of the page it will take you to the Needs Review Module. Here each tab represents different reasons why a transaction won’t be able to be sent to your ERP. The last tab called “Ready to be synced” shows all of the transactions that have complete mappings and no other outstanding issues that need further attention. We recommend working through the other tabs before starting to synchronize these.

💡Tip: You can hide transactions from any of these pages, if they are not relevant or you do not want to take further action on them.

Simply tick the check mark next to the transaction(s) on these pages, then select “Hide transactions from ‘X’ review tab” in the Edit options.

Transactions without label

This is a view of all of the transactions that don’t have a label. Remember that this means that the journal entry is not complete, because half of the JE is based on labels, which shows revenue or expenses.

It’s worth determining if there’s a pattern to the transactions that are in this tab, to see if label rules can help quickly clean these up. For instance, do they all involve the same wallet(s)? You may want to set up a new “From/To” label rule.

Otherwise, you can simply add labels manually and as long as those labels have Label Mappings set up, the COA mapping should be complete.

Missing prices

Here, you will see all of the transactions that involve assets that our algorithm couldn’t automatically price. This means we can’t book the transaction as we can’t assign a meaningful fiat value to it.

Typically, this will happen when we encounter assets we’ve not seen before, including new versions of established assets from new chains or exchanges, or new spam.

If it’s an asset that you’re sure is legitimate, we may be able to set up automatic pricing for you. Please get in touch with our support team and let them know the asset name, as well as its token address. If you can also provide the CoinGecko link, this will help us get the pricing API set up as quickly as possible for you.

If you can’t find the asset on CoinGecko (or another price provider that you’ve selected in your settings or in your Assets module), you will need to manually price the transactions. Please see our article on how to do this here: Manual Asset Pricing.

If you know that the token is spam or is not a token that you need to track at all, you can mark the asset as spam in your Assets module. This will automatically add a spam label to the transactions with this token and price them all to 0, so it’s important that you reserve this only for spam or scam tokens.

Once your missing prices are resolved, the valuations will appear and we’ll be able to book these transactions.

Missing volumes

Under this tab you’ll be able to see transactions that have brought the balance of that particular asset to below 0. That is to say, a missing volume occurs when the outgoing movements of a particular asset are greater than the incoming movements. We have a detailed guide about missing volumes, and their resolution, here: How do I handle the Cost Basis Error: Missing Volumes?

Our support team can help you diagnose and resolve these, please get in touch with them for further help. Once these are resolved, these transactions will be eligible for synchronizing.

Potential internal transfers

This tab will show you any transactions that our system suspects are internal transfers, but they don’t quite meet all of the criteria perfectly or need manual investigation. For instance, often you’ll find transactions here that have more than one eligible counterparty, so you simply need to select the correct one.

Match internal transfers

If you find transactions that should be matched as internal transfers here, click + Add label and click on the box under “Non taxable event.” Ticket both of the option boxes that come up, then you’ll see a new box pop-up with the eligible counterparties. Select the correct one, then hit + Add 1 label. This will be marked as an internal transfer and the cost basis will update to remove any gains or losses, making this a non-taxable event.

You can mark these transactions as internal transfers in bulk, though we recommend proceeding with caution! You will not be able to individually review the counterparties, the system will simply match the selected movements in this tab to their potential counterparty (identified by the system), and they will then be removed from this view.

If you would like to proceed, select the checkbox at the left hand side of the transaction row for all transactions you’d like to match automatically. At the bottom of the screen an option box will pop up, you can hit Edit. In the Batch edition drawer that opens up, under the “Label to add” and “Label to remove fields” there will be a “Label as internal transfer” option:

Scroll to the bottom of the drawer and select Save. If there was only one potential counterparty, these will now be matched and labeled as internal transfers.

“Hide” transactions from this tab

If there are transactions here that should not be marked as internal transfers, select the checkbox on the left hand side of the transaction row (you can select more than one transaction at a time). At the bottom of the screen an option box will pop up, select Edit. Scroll to the bottom of the Batch edition drawer that opens and you’ll see the option to “Hide transactions from the ‘Internal Transfer review tab”:

Select this to remove the transactions from this view. Please note, once you do this, these transactions will not appear here again, so please be sure they are not internal transfers - they can be tricky to find in future!

Incomplete COA

This is the last tab that requires action before we can start syncing. These are transactions that are missing at least one part of their chart of accounts mappings, which means that Cryptio is not able to direct these to the correct debit and credit accounts.

You can manually fix this by adding a manual COA to each of these transactions. However, we instead recommend that you automate this to help ensure you don’t encounter this in future.

In the Chart of Accounts page under ACCOUNTING, there’s a Needs Review tab at the top of the page. Here, you’ll see a clear breakdown of any Labels or Sources that have yet to be mapped. You can work through these and assign anything here to their correct accounts.

Please note, you do not have to map everything here in these pages. For example, if you have set up “descriptive” labels to add more context to transactions but they don’t have any bearing on your accounts, then you can simply ignore these labels in Needs Review.

You can also Mask the labels or wallets on these pages so that they don’t show up every time you come to Needs Review. In their respective pages, simply tick the check mark on the lefthand side of the label or source row. An options box will come up at the bottom of the screen, select “Mask Selected Label/Source.” You will still be able to see these, they will just move to the “Masked Labels/Sources” tab.

Once these are complete and you hit Apply mappings the transactions in “Incomplete COA” should update and move out of this tab.

Step 2: Synchronize your transactions

You are now ready to start synchronizing your transactions and see your first journal entries from Cryptio!

To do this in bulk, we’ll stick to the Needs Review module and we’ll head to “Ready to be synced.” Select the check box in the top left corner next to “Date.” This will select all of the transactions on this page. A pop up will also appear which will ask if you want to select all transactions, if you have more than one page’s worth to sync.

An options box will pop up at the bottom of the screen. Here, you’ll see the choice to “Sync with Xero/Quickbooks/Netsuite.” Once you select this, we will begin pushing the selected transactions over to your ERP, and you’ll begin to see your journal entries populate there.

The options box also has the option to “Edit” these transactions. If you select this, here are the options you’ll be presented with under “Synchronization”:

1. Synchronize transactions with Xero/Quickbooks/Netsuite - This is the same as above, you can synchronize from either option and the results will be the same
2. Mark transactions as synchronized - This will mark the transactions as synchronized, but will not book them to your ERP. This option is helpful if you have transactions that you know you do not want to sync and you want to remove them from this “Ready to be Synced” tab
3. Unmark transactions as synchronized - This is available on all transactions that have been synced or marked as synced and not just in this tab. You can use this to unmark transactions as synchronized, which makes them easy to spot and resync when you’re ready.
4. Hide transactions from “Ready to be Synchronized” review tab - If you don’t want to sync or even have the transaction marked as synced, you can instead hide transactions from this tab.

You can also synchronize transactions via a Ledger Entries report. This can be particularly helpful if you have large volumes of monthly transactions (10k+).

Head to your Reports page under CONNECT. Here, generate a Ledger Entries report in the format needed (e.g. Xero, Quickbooks). To find the report, you can either type in Ledger Entries, or find it under the “Accounting & Tax reports” tab.

Once downloaded, you can simply upload this report directly into your ERP.

We also have a Rolled Up Ledger Entries report which may be useful as well. In this report, you can select the time period for which we summarize your debits and credits, e.g. daily, weekly.

You have now completed the final step in your onboarding journey with Cryptio, and you should now see fully mapped and correct journal entries in your ERP!