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Introduction to the Chart of Accounts

What is the chart of accounts?

A chart of accounts (COA) is an index of all the financial accounts in the books of a company. In short, it is a list of all accounts (Bank, Payroll, Marketing...) impacted by the company's activity during a specific accounting period, broken down into subcategories.

 

How to prepare your chart of accounts?

You need to create specific accounts for your crypto activity, for example:

Default Accounts:

  • Realized Gains

  • Realized Losses 

  • Transaction Fees 

Asset accounts:

  • Individual asset accounts per asset

  • e.g. ETH will need to be mapped to an Ethereum current asset account

  • These are all Balance Sheet accounts

Income/Expense accounts:

  • For all incomes and Expenses (Sales, Interest, Marketing, Payroll etc.)

  • Ensure you have all the right Profit & Loss accounts necessary

Here's an example of an exported Crypto focused Chart of Accounts:

 

 
Import your Chart of Accounts into Cryptio:
 
Once you've built your Chart of Accounts in your accounting software, it's time to import it into Cryptio. You'll then be able to map your wallets, exchanges and labels to the appropriate Chart of Accounts. See how to do this here.