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Syncing Journals to Your General Ledger Software
Syncing Journals to Your General Ledger Software

Learn how to sync journal entries from Cryptoworth to your main general ledger (QuickBooks, Xero, NetSuite, etc.) to close your crypto books.

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Written by Cryptoworth Support
Updated over 2 weeks ago

How to Sync Journals to Your Main General Ledger in Cryptoworth

Step-by-Step Guide to Syncing Journals to Your Main General Ledger

Syncing journal entries from Cryptoworth to your main general ledger (GL) software is the final step in closing your crypto books. This ensures that your crypto transactions are accurately reflected in your fiat accounting system.

1. Prerequisites for Syncing Journals

    • Run a Cost Basis Calculation: Ensure you’ve calculated financial data (proceeds, capital gains/losses, fees) for the period you’re closing.

    • Example: Use an end date such as December 31, 2024, to generate data for that reporting period.

    • Reconcile Your Ledger:Go to the Reports Page and verify there are no deviations. A reconciled ledger ensures accurate syncing.

2. Navigate to the Reports Page

  1. Open the Reports Page in Cryptoworth.

  2. Select the calculation corresponding to the period you wish to close.

3. Select Sync Options for Your General Ledger

  1. Locate the sync button for your connected accounting software (e.g., QuickBooks, Xero, NetSuite).

  2. Click the dropdown next to the sync button to view available options:

      • Sync Realized Data: Syncs all transactions with realized gains/losses for the selected period into your main ledger.

      • Use this option when closing a period.

      • Sync Unrealized Gain/Loss: Syncs unrealized gains/losses for the selected period, useful for mid-period reporting.

      • Virtual Sync: A Cryptoworth-only sync option for internal use without exporting to the main ledger.

4. Sync Realized Data to Your Main Ledger

  1. Select Sync Realized Data from the dropdown menu.

  2. Cryptoworth will transfer all journal entries for the specified period to your main GL software.

  3. Monitor the progress of the sync process.

5. Finalize the Period in Cryptoworth

  1. Once the sync is complete, return to Cryptoworth.

    • Lock the Period:Locking the period in Cryptoworth ensures no further changes are made to the reconciled data, mirroring the closure process in your main ledger.

Tips for Successful Syncing

  • Ensure the default account mapping in Cryptoworth is complete and accurate before syncing.

  • Double-check calculation configurations to ensure they align with your accounting policies (e.g., FIFO, connection-level calculations).

  • Use the Reports Dashboard to verify that the ledger is balanced before initiating the sync.

What’s Next?

With your journals successfully synced and the period locked, your crypto books are now fully integrated into your fiat accounting system.

You’re ready for accurate and compliant reporting!

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