Syncing daily balances changes is a transaction sync strategy where only the end of day changes to the wallet balance will sync as a transaction to the ledger. There are pros and cons to this sync strategy, let's go over them.
Primary Pro:
Significant reduction in transaction volume - If you are syncing transactions only for the end of day balance changes, granular transaction movements are avoided in the ledger while still accounting for the actual changes in the daily balance movement of the wallet at the end of the day. This sync strategy is most suited for wallets that have voluminous micro-transaction volume and where line item level auditability is not a requirement.
Primary Con:
Syncing only end of day daily balance changes means not syncing granular transaction data. If your wallet contains 1,000 transactions in a single day, the daily balance sync change will sync only a fraction of that transaction volume as it will only reflect the balance changes at the end of the day. This sync strategy is not audit-friendly since the full transaction line data is not synced into the ledger.
Disclaimer: If your organization will go through or is undergoing a financial audit, the Sync Daily Balance Changes strategy may NOT be a suitable solution for you. Please consult your crypto accounting or tax firm professionals for official advice.
Connecting Your Wallet using the Sync Daily Balance Changes mode
Note: Not all chains have this sync mode available. If it is not available for your desired chain, please contact Cryptoworth support to have it enabled.
From the Accounts page, click on the "Connect" button.
2. Search for the chain of the wallet you want to connect. In this example, I am connecting a Solana wallet.
3. Upon opening up the connection options for the wallet you want to sync, add the wallet name, address then ensure the "Sync Daily Balance Changes" checkbox is toggled on.
4. Once the "Sync Daily Balance Changes" checkbox is toggled on, click on the "Connect" button and the wallet will then start to synchronize.
Once your wallet completes syncing, you can review the balance change transactions synchronized into the ledger within the Transactions page. Since these transactions are synthetic events generated to reflect the daily balance changes, the transaction IDs will be generated automatically and unique to Cryptoworth's ledger.
