Ensure data integrity, make reporting pricing pegs easier, integrate NFT with the main ledger, and expedite exports.
Welcome to Cryptoworth’s latest product roundup.
The Cryptoworth team has attended Token2049 and Messari Mainnet 2023 this month. We’re so happy for the people we met and the conversation we held. Meanwhile, we’ve not slowed down on releasing upgrades and features to speed up your journals and save time while closing month-end faster.
If you are frustrated by how cumbersome your multiple accounting spreadsheets are becoming, you might be ready to upgrade them with our automated reconciliation software. → Read how to start here, or contact us.
- Taxability Sanity Check
- Asset Pegging in Reports
- NFT pushed to ledger
- Exports in real time
- 3 new blockchains integrated
- Digital Assets News for September 2023
Taxability Sanity Check
Ensure calculation data integrity with this extra sanity check. This is a warning that displays on the Reports page.
This message appears whenever a calculation includes transactions that don’t have a taxability behavior matching their classification. One more check to reduce taxable impact errors when reconciliating your books. The sanity check includes steps to resolve any discrepancies automatically.
Asset Pegging in the UGL Report
Unrealized Gain/Loss reports will now reflect any asset pegs you currently have. To see this data reflected, make sure to refresh the UGL calculation of your portfolio.
NFT Transaction sync option to the General Ledger
NFT assets and transactions, of ERC 721 and ERC 1155 now can be synced with General Ledger systems. An overall improvement to NFT asset tracking in your main general ledger. Check out this improvement by running a new NFTs sync to your ledger.
Data Exports in Real Time
We’ve upgraded our infrastructure to speed up transaction and report exports. We reduced a 1 minute delay for exporting to no-delay at all. Now we process data exports much faster.
Expanding the Largest Blockchain Data Integration Library
Cryptoworth has the largest support for blockchains, standing at 135 chains integrated. This streamlines your digital asset management and makes tracking 100% accurate in data collection and reporting.
We are providing accountants with expanded coverage for digital asset collection and tracking. This month, we’ve added the following:
- Fio Network – Blockchain
- Polygon zkEVM – Blockchain
- XPR – Blockchain
- FMFW (Centralized exchange)
What’s in the News on Digital Asset in September 2023
- PayPal USD (PYUSD) is now available on Venmo
- The House Financial Services Committee approved a bill on CBDC Anti-Surveillance State Act
- Treasury and IRS propose rules for digital asset sales reporting.
- Token 2049 and Mainnet 2023 were full of insights. Our team met so many incredible finance professionals in the digital asset space.
- The recent Crypto Finance Hub for Web3 Accountants took off. We’ve launched a new space for finance professionals in the digital asset space to learn, share and meet.
In a fast-paced month, we’ve enhanced data integrity, pricing accuracy, NFT integration, and speeding up the overall performance of the system, simplifying digital asset management.
As we continue to innovate, we’re dedicated to supporting you. Contact us for more information or to explore the benefits of these updates.
- How to Account for Cryptocurrency under IFRS.This edition provides guidance on some of the basic issues encountered in accounting for holding of cryptocurrencies, focussing on Classifying Cryptocurrencies within the IFRS Framework.
- How To Be Audit Ready in Web3: The Financial Frontier PodcastKey topics include the importance of planning and compliance, common mistakes in crypto accounting, the evolving landscape of digital asset taxation, and the integration of new technologies like AI in finance
- Accounting for Simple Agreement for Future Tokens Notes under IFRSA brief overview of the IFRS treatment of SAFT.Why it’s becoming crucial for accounting in the digital assets economy.