Best Practices for Month Close.

"Closing the books" in Cryptoworth is the process of verifying, reconciling, calculating, reporting, syncing, and locking your digital asset accounting data for a specific period. The goal is to make sure your crypto subledger is complete, accurate, and ready to support your ERP, financial statements, and audit trail.

This workflow should be completed before month-end reporting, ERP sync, audit review, or any final sign-off on digital asset balances.
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Before performing accounting work, confirm that Cryptoworth has complete and current data from every relevant source.
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Action: Go to the relevant entity, then review connected wallets, exchanges, custodians, and third-party integrations from the Accounts or Connections area.
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Goal: Confirm that every expected wallet, exchange, API connection, and manual import is present and synced before running calculations.
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Why it matters: Cryptoworth calculations should not be run while data is still syncing. If transactions are still being imported, your balances, cost basis, reports, and journals may be incomplete.
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Action: Review all public wallet addresses, exchange integrations, Fireblocks or custodian connections, and any manually imported transaction sources.

Check for:

Goal: Every source that held or moved crypto during the period should be connected, synced, and included in the correct entity.
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This is the core close step. You must confirm that Cryptoworth's computed ledger balance matches the reported balance from the blockchain, exchange, or connected data source.
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Action: Navigate to Reconciliation and run a Reconciliation Check.
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Goal: Sync all the connections to the present and initiation a comparison of the reported balance from the blockchain or API source against Cryptoworth's computed balance.
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Expected result: Reported Balance - Computed Balance = 0.
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If there is a mismatch: Investigate missing transactions, duplicate transactions, unsupported assets, bridge activity, smart contract interactions, staking activity, manual import issues, or ignored transactions. Contact Support Team via Intercom or Telegram/Slack channel if you have a dedicated support group.
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Action: From the Transactions page, open the calculation settings and run the calculation for the entity and period.

Select the calculation method that matches your accounting policy, such as:

Optional settings to review:

Goal: Produce updated reports for the period using the approved cost basis method and calculation settings.

Action: Go to Transactions, run a calculation, then use the Deviation filter to locate transactions with issues.

Common deviations:

Fix No Market Data: Review fair market value settings, manually update the unit price if needed, or ignore spam assets when appropriate.
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Fix Negative Balance Deviations: Review missing transaction history, incomplete CSV uploads, timestamp issues, ignored transactions, duplicate records, and inventory tracking settings. Use Sanity Check and Reconciliation to identify the source of the missing inventory.

Once the data reconciles, make sure every transaction has the correct accounting treatment, fair market value, and cost basis.

Action: Review transactions with missing or incorrect fiat(Cost and Proceed) values.

Goal: Every transaction that affects accounting reports should have an accurate fair market value at the transaction date and time.

Fix: Update fair market value settings or manually adjust unit prices for assets that do not have reliable market data.

Action: Review transaction classifications, labels, and Chart of Accounts mappings.

Check for:

Tip: Use automation rules and bulk classification tools where appropriate, but review the output before close.

After the ledger is reconciled and calculated, prepare reports and sync the approved accounting output to your ERP or general ledger.
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​Go to Reports page > Click on Sync > Sync Realized Data

If user wants to sync Unrealized Gain/Loss Data,
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​Go to Reports page > Click on Sync > Sync Unrealized Data

Action: Go to Reports after running the calculation.

Recommended reports for close:

Goal: Confirm that ending balances, cost basis, realized gains/losses, and unrealized gains/losses match expectations.

Action: Compare Cryptoworth reports against the corresponding balances in your ERP, such as QuickBooks or NetSuite.

Core check: The cost basis or asset balance in Cryptoworth should match the corresponding digital asset account in the general ledger.

Example:

If there is a difference: Review missing journals, duplicate journals, incorrect account mappings, date filters, classification issues, or transactions booked to the wrong GL account.

Action: Open the active ERP integration and confirm all accounts are mapped correctly.

Default/Historical Level Mapping:

Connection Level Mapping :
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Asset Level Mapping:

Check:

Goal: Make sure each transaction type posts to the correct account before syncing.

Action: Sync the approved data to your ERP using the relevant Cryptoworth integration workflow.

Verification: Confirm the synced journals appear in the ERP and match the Cryptoworth report totals for the close period.

Once data has been verified, reconciled, calculated, reviewed, and synced, finalize the period.

Action: Export final reports from the Reports page.

Recommended close package:

Goal: Preserve a complete audit trail for the period.

Action: From the Reports page, use Lock Period after the period calculation is complete.

Important: The Lock Period option may be disabled if ledger deviations remain unresolved.

Goal: Prevent accidental changes to reconciled historical transaction data.

Action: After Cryptoworth data has been synced and verified in the ERP, close or lock the accounting period in the ERP according to your normal finance process.

Final step: Confirm that no additional crypto journals, manual adjustments, or late imports are expected for the period.

This document is for operational guidance only and does not constitute accounting, tax, legal, or investment advice. Crypto accounting workflows depend on each organization's accounting policy, reporting requirements, jurisdictions, ERP configuration, and audit expectations. Work with a qualified accounting professional before finalizing your close process.