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Importing opening balances from a period I have already booked

Use this guide if you have reconciled/processed transactions and wouldn’t want to reimport it.

We frequently come across users who are migrating to Cryptio for the first time and want to carry the cost basis of assets from transactions they have already booked.

For example, if you have already closed the 2021/2022 books, now you can import the 2022 closing balances and cost basis using a Custom CSV, then, import your source(s) starting January 1st, 2023.

To do this, we have simplified the process to have the least impact on your cost basis calculation and you'll need the following resources:

⚠️ Our CSV import templates don’t allow people to input prices - only volumes. Once the import has been done, the user will have to find the transactions in the Cryptio platform and manually override the transaction value in-app.


Step 1: Create the Custom CSV Import File (used for all connectors/assets)

Step 2: Populate your Custom CSV Import File

  • Date column: input the date of the Closing Balance / Ending Date of the Report.
    • Note: The format for the date is yyyy-mm-dd

⚠️ Note: If your opening balance stars from 1 Jan 2022 (i.e. you have imported all your sources from 1 Jan 2022), the populated date on your CSV should be also 1 Jan 2022 00:00:01. Otherwise, if you populate it with 31 Dec 2021, the platform won’t recognize and include it to the calculation.

  • IncomingAsset column: input the Token ID for each asset
    • Review the Asset module (Side navigation bar > Asset module)
    • Use the filter to find that asset that is part of your closing balance
    • Copy and paste the Traditional and Unique Token IDs into the sheet (i.e. ETH and ETH-826f3) Asset module copy.gif
  • IncomingVolume column: input the closing balance/volume for each asset
  • You can leave the other columns blank, but we recommend adding comments to Notes e.g. ‘closing balances’ for easy identification.
  • Name the document as something easily recognizable, e.g. ETH_expense wallet / ETH_opbalance
  • Download as CSV

⚠️ Note: Create an individual CSV for all the different assets that you have an opening balance for. E.g. If your closing balance on 31 Dec 2022 was $1,560,341 worth of Ethereum and $500,897 in your Coinbase wallet. You would need to create one CSV for the Ethereum connector and one for the Coinbase API.


Step 3: Importing the Custom CSV [Reach out to the support team for the update]

For first-time feature users:

Please reach out to our Support team for help. This new Import CSV function is not available right away to the customer. We want to ensure that your import is processed correctly. If you have gone through a few cycles of the update and are comfortable with the process, we are happy to make this feature available to you.

If this feature is available in your workspace, follow the steps below and continue with Steps 4 and 5:

  • Select the connector you want the opening balance to be updated (this can be a combination of opening balance and/or adjustment you want to make to the wallet/source) in the Imports page (from the side navigation bar)
  • In the pop-up Source Edition, scroll to Import transactions via CSV.
  • Select + Add transactions
  • Click on ‘Choose CSV file’ and select the CSV you have created
  • Select Update
  • Repeat this step for the other connectors you want to update the opening balance.

import CSV.gif

Step 4: Updating/Changing the Cost Basis

  • Once the transactions have been imported they will appear as deposits. Click on the transaction number next to the connector.
  • Reverse the date of your transaction and find the oldest transaction. [This should be your opening balance if you have populated the period as the earliest one.]

trx number.gif

Step 5: Override asset price

  • On the Transactions page, click on the opening balance

  • Update the USD rate by amending the Incoming amount

    ⚠️ You have the ability to override the price we’ve auto-completed with Coingecko using pricing from your internal documentation/system.

Screenshot 2023-11-15 at 15.19.41 (1).png

  • Repeat this process for each connector you have imported a CSV for.
  • Once you have updated the USD rate for all the assets, ensure that you click on the Update cost basis button which is next to the filter button