Create internal controls against accidental user changes and prevent changes to prior audited periods with our transaction data lock.
What does ‘transaction data lock’ actually mean?
Locking transaction data is an internal control procedure you can implement in order to prevent updates for data (prices, cost basis, new labels…) that have already been booked in an accounting system.
Before locking transaction data in the system, please make sure that:
- Transactions are correctly priced, including transactions that the client prices manually (eg. stablecoins payments)
- All labels are correctly applied
- All contacts are identified
Why is the transaction data lock important?
Locking is an important feature to prevent data from being edited once prior period accounts have already been processed. In addition, the locking feature:
- prevents users from making accidental changes to prior period accounts;
- lock the cost basis, rates, labels, and accounts mapping of your already booked transactions
- give you the flexibility to change entity cost basis methodology or Principal Market for the new fiscal year without impacting prior audited periods.
Lock transaction data in 5 steps:
- Click on Manage workspaces, which you can find by clicking on the tiles icon on the left-hand side of your Navigation bar.
Select the Workspace that contains the period you want to lock.
The Workspace edition menu will open. Scroll down to the section that is titled Lock a period.
Select the date until which all previous transactions should be locked.
💡 For example, if you want to lock all transactions before 6 April (the UK start of the financial year), select 6 April.
Toggle the lock icon and then press Save.
Once your workspace is successfully locked, you will see the ‘lock’ icon turned ‘on’ and show the date until it is locked.
Which data gets locked?
Once a lock period is activated, the following data can’t be updated on locked transactions:
- Cost basis: the cost basis can’t be updated, manually or automatically.
- Rates: the valuation of a locked transaction can’t be updated, as it would impact the locked cost basis.
- Taxable labels: labels can’t be applied to nor removed from a locked transaction, as it would impact the locked mapping.
- Non-taxable labels (internal transfer, non-taxable event label): internal transfer and non-taxable event labels can’t be applied to nor removed from a locked transaction, as it would impact the locked cost basis.
What does the transaction data lock prevent you from doing?
While the transaction data is locked, you will not be able to perform several actions. These actions include, but are not limited to, the following:
- Add/Delete a wallet including transactions on the locked period.
- Apply/Remove labels for locked transactions.
- Update/Delete an existing label rule impacting locked transactions.
- Update (change address/delete) a contact that is used in a label rule applying labels on locked transactions
- Update the rates of locked transactions.
- Change the currency of the workspace.
- Peg 1:1 stablecoins with USD for locked transactions.
❗ If you want to update any of this data, simply turn off the transaction data lock by following the same steps to toggle the lock icon again. Keep in mind that this will have an impact on your cost basis. Once you have completed the action, re-lock the period. You will have to book your transactions again since the cost basis has changed.