Trades show up in the Trading screen after they are categorized and ready to be reconciled.These trades won't show up in Reconcile tab. You need to accept these trades to move them from categorized to reconciled status.
Q: How often does the ERP sync to Bitwave?
🅰️:
The sync cadence between your ERP and Bitwave differs based on the system:
Netsuite - Data syncs every 15-20 minutes.
Sage - Data syncs once a day.
QBO - Data syncs every 12 hours.
Alternatively, you may manually sync your data between the ERP and Bitwave to bypass the default sync status.
Q: How do I reconcile my Rolled up Journal Entry Report to my Actions report
🅰️:
Step 1: Obtain your Rolled up Journal Entry Report for the period in question
Step 2: Obtain your Actions report for the period in question
Step 3: Perform the reconciliation
First To reconcile the Rolled Up Journal Entry Debits:
Take the Actions Report and filter the "action" column for all "buy"
In addition to the filter above filter the "isTrade" column for FALSE (meaning exclude all TRUE)
Sum up the "carryingvalue" column
The result should EXACTLY match the sum of debits from the JE Report or Rolled up JE Report
See the image below for the filtered columns
Second to reconciled the Rolled Up Journal Entry Credits:
- Take the Actions Report and filter the "action" column for all "sell"
,
In addition to the filter above filter the "isTrade" column for FALSE (meaning exclude all TRUE)
Sum up the "fairmarketvalueDisposed" column
The result should EXACTLY match the sum of debits from the JE Report or Rolled up JE Report
See the image below for filtered columns
<br />
Alternatively you can actually run the detailed JE report and compare LINE by LINE to the actions report.
Bitwave does not produce a journal entry for trade transactions. Instead the cost basis change from the trade is recorded via the realized gain/loss journal entry, which is a debit/credit to Realized Gain/Loss and offsetting debit/credit to the digital asset GL account. For more on recording realized gain/loss journal entries, see https://docs.bitwave.io/docs/record-realized-gainloss.
Q: Does Bitwave produce a journal entry for trades?
🅰️:
Bitwave does not produce a journal entry for trade transactions. Instead the cost basis change from the trade is recorded via the realized gain/loss journal entry, which is a debit/credit to Realized Gain/Loss and offsetting debit/credit to the digital asset GL account. For more on recording realized gain/loss journal entries, see https://docs.bitwave.io/docs/record-realized-gainloss.
Q: How to lock / unlock a specific period of transactions?
Q: How to account for staking rewards as created property?
🅰️:
A tax professional may take the position that staking rewards are created property. This should be accounted in bitwave by receiving the staking rewards at zero cost in a rewards wallet. For more information on how to setup a wallet for staking rewards see, https://docs.bitwave.io/docs/how-do-i-account-for-tokens-staked-on-an-exchange
**Note that Wallet Level Inventories will be required in order to track the staked tokens at their original cost basis and the created property staking rewards at zero costs. Additional without separate inventories, the staked tokens will be pickable for disposals. For more information on how to setup Wallet Level Inventory groups for staked units and rewards see, https://docs.bitwave.io/edit/recognizing-gainloss-for-unintended-stake
Q: New GL in QuickBooks is not showing in Bitwave?
🅰️ In the left-hand corner of your Bitwave app,
Navigate to Administration.
Go to Accounting Connections.
Click on the “Sync” to update the new GL in Bitwave.
It will update the new GL into Bitwave.
Q: We did modification in our ERP ( Contacts, categories ( GL accounts ), Invoices, etc ) and I can't see it in Bitwave, what should i do?
🅰️:
Under Administration > Accounting Connections. you can sync your accounting connection after any addition or modification in your ERP. This way it syncs faster in BItwave.
Q: How to check if QBO connection status is updated or not ?
🅰️In the left-hand corner of your Bitwave app,
Navigate to Administration.
Go to Accounting Connections.
Check the “Setup Status” and “Last Sync” to check if Quickbooks is updated or not.
Q: I waited for 10 mins after reconciling a set of transactions, but getting an error. What should I do?
🅰️:
You can create a ticket in our in app chat support system,
It will require you few things to create this error query :
a. Organization name and Organization ID : Check FAQ no.3 (https://docs.bitwave.io/docs/frequently-asked-questions-9)
b. Error Message screenshot
Q: There is a red exclamation mark in my Accounting Connections page next to the ERP name. What should i do?
🅰️:
You can disconnect and reconnect your ERP account.
Here is the documentation guide for connecting your ERP :
Q: If I have added new contacts in QuickBooks how long will it take for bitwave to pick up the new contacts?
🅰️:
It generally takes 12 hours to sync in the new contacts in Bitwave
Q: How do I ensure that my accounting connection is up to date and syncing?
🅰️:
There are two things that you can ensure in order to check if the accounting connection is up to date:
First check if the sync date is up to date.
Check the contacts and categories in Bitwave , If everything ties up there You are good to go
Q : I added new contacts and categories in my Quickbooks/Xero/Sage intacct/Netsuite but i am not able to locate them in Bitwave. How can i get them into Bitwave?
🅰️:
Everytime a new contact or a category is added into your ERP system, It requires a sync to get added into your bitwave account. For syncing your accounting connection :
Login to Bitwave.
Go to Administration.
Click on Accounting Connection.
Now click on sync and refresh your browser page
After a fresh Sync, your newly added Contacts and Categories will be available in your Bitwave Account.
Q: How to "marked as reconciled" the trades in UI?
🅰️ :
Here are the steps on how to "marked as reconciled"" trades in UI
Go to Trading under Transactions tab on the left hand side menu
Click on the Accept on the transaction you want to ""marked as reconciled""..
You can also change the Page size and select multiple transactions you want to reconcile in bulk.
Click on Accept"
Q : How to resolve the variance between the Adjusted Register and the Bitwave Balance Report in month end close reconciliation?
🅰️ :
This issue is basically a categorization issue where some transactions are incorrectly categorized which cause variances while performing a reconciliation Steps to rectify the variance in your reconciliation :
Run the reports by the same method but making the time frame shorter for finding the exact date of variance ( monthly to weekly to daily )
Example : Break the month, 1 - 15 march and then 16 - 31 march.
Find out which half has the variance
Then break that half again i.e. 1 - 15 march has variance so the break could be 1 - 7 and 8 - 15.
This way you can break this half by weeks and continuing till you find the exact variance date.
Lets say you got 3rd of march the date where the variance is starting from, try to find if the variance amount matches any transaction amount in the Transaction UI or something related to the variance amount.
If not, then it is recommended to uncategorize and recategorize that specific day's transactions.
If you cannot find the variance from reviewing the Transaction UI, you will need to compare at the transaction level detail between these three reports to find out which report is missing data:
Journal Entry or Expanded JE Report -> this report drives the values in the DR and CR rows 2 and 3
Actions Report -> this report drives the Realized and Unrealized gain / loss rows 5 and 10
Export Report -> this report drives the Bitwave Balance in row 15
Q:Why is my manual wallet not uploading to Bitwave?
🅰️:
There are a few common reasons why your manual wallet might not be uploading to Bitwave:
Make sure your file is in the right format (CSV).
Ensure all required fields are filled in and in the correct format.
Ensure you have the correct account ID:
Navigate to: Left Menu -> Wallets & Connections -> Wallets.
Click "Details" next to your wallet.
Copy the ID from the ID field.
🅰️:
Bitwave will sync your chart of accounts and other relevant information such as invoices, vendors, and customers from your ERP software.
Q: How long does it take for the initial sync of ERP data to complete?
🅰️:
The initial sync typically ranges from 5 minutes up to 1 hour. You may start seeing some data immediately after setup, but full synchronization can take some time.
Q: Where can I find my synced ERP data in Bitwave?
🅰️:
You can view your synced ERP data in Bitwave by following these steps:
Go to: Menu -> Accounting -> Categories & Contacts.
Q: How do I reconcile transactions in bulk?
🅰️:
🅰️: Here are the steps to reconcile transactions in bulk
Go to systems jobs under administration tab on the left hand side menu
Click on create job
Select the action ' reconcile'
Select the wallet and choose the time period then hit run
Q: How does spec id and cost average tax strategies work ?
🅰️:
Under the spec id tax strategy, Tax lots will be selected based on set coin selection strategies while under cost average tax strategy, The average of the cost will be used as cost basis.
Q: What is the difference between reconciled and to be reconciled?
🅰️:
Reconciled means already pushed to ERP and to be reconciled means its ready to be pushed to ERP but is not reconciled yet.
Q: How to Connect ERP to Bitwave?
🅰️:
1 - Go to: Menu -> Administration -> Accounting Connections -> Click "Connect New Account".
Select preferred ERP Software
Follow the prompts to allow Bitwave access.
Finish ERP Setup by Returning to: Menu -> Administration -> Accounting Connections -> Click "Finish Setup"
Then Create accounts: Bitwave - Digital Assets and Bitwave - Crypto Fees.
Press the sync button.
To View Synced Data from ERP
Go to: Menu -> Accounting -> Categories & Contacts.
Initial sync may take 5 minutes to 1 hour.
More more detailed explanation use connecting to ERP Guide
Q: After accepting the trades will there be a difference in Rolled Up Journal Entry Reports, Balance Figures and Gain/Loss figures?
🅰️:
Nope, Accepting trades only marks them as reconciled. There will be no difference in Rolled Up Journal Entry reports, Balance Figures, and Gain/Loss figures and Bitwave does not produce a journal entry for the trade transactions.
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