To unlock the Chart of Accounts page 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 Accounting Tab and click on Chart of Accounts.
The Chart of Accounts page 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.
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 1: Mapping Default Accounts
Cryptio has already created the first line entry titled "Default account mapping".
Click anywhere on this line or on the pen icon under the Actions column. You'll notice a drawer emerge on the right-hand side of the screen.
In this drawer you will need to assign three rules that need to be mapped to only two accounts:
> 'Map all realized gains in a default gain account' - Here you need to select your Realized Gains revenue account.
> 'Map all realized losses in a default loss account - Here you need to select your Realized Loss expense account.
> 'Select the expense account to book all fees from your wallets & exchanges' - Here you want to select the Transaction fees/Bank fees account
Step 2: Map all Crypto Assets to their respective asset accounts
Now it's time to map all of your crypto assets to individual asset accounts in your Chart of Accounts. Note, that each asset needs its own asset account.
Wallet / Exchange mapping is the process of auto mapping asset accounts from your chart of accounts to assets within each imported wallet or exchange (sources).
Click: + Mapping
Type: Wallet (or Exchange)
Select the wallet you want to map: My Business Wallet
Click: + Individual Mapping
...a pop window should appear:
'Asset' allows you to choose one asset from the selected wallet or exchange.
'Account' allows you to choose one asset account from your Chart of Accounts.
Repeat this until there are more assets being displayed in the Asset drop-down
Under the Asset drop-down, I choose the USDT asset from My Business Wallet.
Under the Account drop-down, I choose the USDT Asset Account from my Chart of Accounts.
Once completed all of the assets that you have mapped to asset accounts will appear below the + Individual Mapping button (see image below).
Finally, click create.
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 My Business Wallet to the contact 'Employees' (that contains all the employee addresses), as Salary.
Now we are going to connect the labels you have created the corresponding accounts from your Chart of Accounts.
Click: + Mapping
Select the label you want to map: Salary
Select an account you want to map: Direct Wages (expense account)
Repeat this task for all the transactions that have labels, that need to be mapped to PnL accounts from your Chart of Accounts.
Applying the automated mappings
Apply Mapping, 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.
Once clicked you'll notice the button de-activates (second image below).
So now the software would have built ledger entries that are ready to be synced or exported to your main-ledger accountings software (Xero, Quickbooks...).
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.