How to Create Your First Entity in Cryptoworth
Step-by-Step Guide to Creating Your First Entity Workspace
Welcome to Cryptoworth! If you’re setting up your workspace for the first time, follow these steps to create your first entity workspace quickly and effectively.
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1. Start Creating Your Entity
Click the center button on the Cryptoworth dashboard.
Enter your entity name or workspace name. Choose a name that reflects your personal or business entity.
2. Choose Your Fiat Currency
Select your fiat currency, representing the fiat value of your crypto assets.
Example: If you’re in the U.S., select US Dollar (USD).
3. Set Your Time Zone
Choose the time zone that matches your location or the time zone your company operates in.
Example: If you’re in Eastern Time, select UTC -5.
4. Configure the Cost Basis Calculation Mode
Choose the cost basis methodology for automated calculations.
Options include FIFO (First In, First Out) and others.
Example: Select FIFO if that’s your preferred method.
5. Decide Entity Visibility
Private Workspace: Only the logged-in user can access the workspace.
Company Entity: Allows other admins in your account to access and view the entity workspace.
6. Finalize Your Entity Setup
After completing the above steps, click Create Entity.
Congratulations! You’ve successfully created your first entity workspace.
What’s Next?
The next step is to connect your data connections to begin syncing your crypto assets and transactions.