Transactions with Digital Assets - Step-by-Step Transcript

Step 1

Create and manage digital asset Transactions
This guided demo will navigate through the high level components of the Transactions section of the Crypto Module for handling Digital Assets.

Step 2

Add a Crypto Transaction in the UI by clicking +New.
Note: This is the most manual way to create Crypto Transactions, and most customers utilize Crypto Sync, Excel Upload files, or a bespoke API integration.

Step 3

Each Transaction is created with the already added Coins and Wallets in the Crypto Module. Transactions are broken up into four Types:

  • Deposit – increasing a digital asset balance, generally swapping fiat for crypto

  • Withdrawal – decreasing a digital asset balance, generally swapping crypto for fiat

  • Transfer – moving a digital asset from one SoftLedger Wallet to another

  • Trade – exchanging one digital asset for another (e.g. trading BTC for ETH)

Depending on the type, different fields are required to create a transaction, such as the “received” fields for a Deposit, meaning the rCoin rQty, and rWallet.
On all Transactions there is the option to either add in your own prices in any Price fields OR use our rate provider rates for the UTC Open Rate for the entered date for the Coin in use.
All transactions also have the option to add Fee inputs for fCoin, fQty, and fCoin if there is something like a network/gas fee, as well as an exchange fee.
Lastly, there are extensive non required contextual metadata fields such as Reference and Dimensions such as Customer also available.

Step 4

Once Transactions have been created, there are two processes to be run:

  • Run Cost Basis – The calculation to look at the received & sent quantities for all transactions for cost basis and gain/loss information. This is calculated by Coin by Wallet.

  • Build Journals – Once Cost Basis has successfully been completed, running the Build Journals process creates Journal Entries with the appropriate details from the Transaction and Cost Basis process.

Step 5

See the Trade Transaction created in the previous steps in the Table above, displaying the Received/Sent/Fee inputs, along with the calculated cost basis and realized gain/loss information within the same table row. This information is added after running Cost Basis and Building Journals.

Step 6

See the Journal detail of that same Transaction, as the cost basis and realized gain/loss fiat calculations from those processes are added to a Journal with the Coin Ledger Accounts used to complete the Journal. These Journal Entries are then used to populate reports such as financial statements.

Step 7

All Transactions when Cost Basis and Journal processes are up to date will be present in the Table below, for filtering and updating as necessary (be sure there is no cost basis error listed at the top of this page to confirm you are current). All Transaction Journals can then be found in the Journal Report tables.

Step 8

See the Journal Lines when filtering on the Ledger=Crypto in the table below. These will be produced in accordance with the Coin Ledger Accounts, Wallet Locations, contextual data from the Transaction itself, and the fiat calculations from Quantity and Price inputs.

Step 9

Check out the Coins and Wallets demos for more details, or click the button below to see a video of the whole crypto module.
Watch a Crypto Module Overview Video Here!

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