Step-by-Step Guide to Setting Up General Ledger Account Mapping
General ledger account mapping is essential for syncing your crypto transactions from Cryptoworth to your primary accounting system, such as QuickBooks, Xero, or NetSuite. Follow this guide to ensure a smooth setup.
1. Connect Your General Ledger Software
Go to the Apps tab in the Cryptoworth Accounts page.
Browse the list of supported general ledger systems.
Click Connect for your preferred software (e.g., QuickBooks).
Log in with your credentials.
Example: Enter your QuickBooks username and password.
Once logged in, the API connection will be established.
2. Understand the Purpose of Account Mapping
Cryptoworth acts as a subledger for crypto-specific transactions, syncing journal entries and payments into your main accounting system. This allows you to integrate crypto activity with traditional accounting seamlessly.
3. Begin Account Mapping
After connecting, click the View button next to your connected ledger to start mapping accounts.
4. Levels of Account Mapping
Cryptoworth offers three levels of account mapping based on your business needs:
Classification Level Mapping:
Best for small businesses or a basic setup.
Maps default accounts like gain/loss and fees to a single account.
Connection Level Mapping:
Treats each wallet or exchange as a separate general ledger account.
Asset Level Mapping:
Provides the highest level of granularity, mapping individual assets to separate accounts.
5. Perform Classification Level Mapping (Simplest Setup)
This setup maps default accounts for gain/loss, fees, and assets.
Map Crypto Gain/Loss Account:
Select the Crypto Gain/Loss Account in your accounting system.
Map Default Fee Account:
Choose an existing Crypto Fee Account or create one in your general ledger.
Map Default Asset Account:
Acts as a "catch-all" for unmapped crypto assets.
Note: If the account doesn’t appear, you’ll need to import it from your chart of accounts.
The default NFT account is optional and not required.
6. Prepare Your Accounts in the General Ledger
Ensure the following accounts exist in your main accounting software before mapping:
Crypto Gain/Loss Account
Crypto Fee Account
Default Asset Account
If they don’t exist, create them in the general ledger system, then return to Cryptoworth to complete the mapping.
7. Map Accounts in Cryptoworth
Use the Edit dropdown to search for and assign the corresponding accounts:
Example: Map "Crypto Gain/Loss Account" to the corresponding account in QuickBooks.
Repeat for Crypto Fee Account and Default Asset Account.
What’s Next?
Once account mapping is complete, you’re ready to import your chart of accounts and refine the setup, in the next tutorial.