Transaction Needs Review Status

This guide will walk you through understanding and managing the "Needs Review" status for transactions in Bitwave 2.0. This new status helps flag transactions that require user attention due to changes in data or timing, ensuring accurate accounting and compliance. Whether it's new synced data or transactions in locked periods, we'll cover the three types and how to handle them.

Introduction to Needs Review Status

In Bitwave 2.0, the "Needs Review" status is a new transaction indicator introduced in the updated UI. It signals that a transaction requires manual review before proceeding with categorization, reconciliation (syncing to ERP), or period closure. There are three distinct types:

Open Needs Review: Applies to previously categorized (but not yet reconciled) transactions where new data has been synced in.
Closed Needs Review: Similar to Open, but for transactions that have already been reconciled (synced to ERP).
New Needs Review: For entirely new transactions synced into a closed (locked) period.

This status acts as a safeguard, allowing you to review changes—like new transaction lines from added wallets, newly supported tokens, or other sync updates—and decide how to proceed. When viewing a transaction in Needs Review, the UI highlights original data vs. new data for easy identification.

Accessing Needs Review Transactions

To view and manage transactions in Needs Review:

Navigate to the Transactions screen in the left side menu.
Use filters to search by status: Select "Needs Review" (or specific subtypes like "Open Needs Review", "Closed Needs Review", or "New Needs Review").
Click on a transaction to open its details. Here, you'll see:
- Highlighted differences: Original data vs. new synced data (e.g., new lines from wallets or tokens).
- Action buttons: "Ignore Changes" or "Accept Changes" (varies by type).

Handling Open Needs Review

This status occurs when new data is synced into a previously categorized transaction that hasn't been reconciled (synced to ERP). Reasons for new data include:
Adding a new wallet involved in the transaction, creating a new line.
Re-syncing after Bitwave adds support for a previously unsupported token or blockchain element.
Other sync updates bring in additional metadata.

What to Do:

Ignore Changes: Keeps the existing categorization and reverts the status to "Categorized." Use this if the new data doesn't impact your accounting.
Accept Changes: Incorporates the new metadata, uncategorizes the transaction, and allows you to re-categorize it with the complete dataset.

This ensures you're aware of updates without disrupting uncategorized workflows.

Handling Closed Needs Review

Similar to Open Needs Review, but for transactions that have already been reconciled (synced to ERP with a journal entry pushed). New synced data triggers this status to alert you that changes could affect your ERP records.

What to Do:

Ignore Changes: Ignores the new data, retains the existing categorization, and reverts the status to "Synced" or "Reconciled."
Accept Changes: Un-reconciles (un-syncs) the transaction from ERP, uncategorizes it, and lets you re-categorize with the new data. You'll need to handle any ERP unwind manually and re-sync if desired.

Always review ERP implications before accepting changes to avoid discrepancies.

Handling New Needs Review

This status is for entirely new transactions synced into a period that's been locked using Bitwave's period lock feature. Common scenarios:

Adding a new wallet that reveals historical transactions in the locked period.
Other sync events identifying previously undetected transaction IDs.

These transactions are placed in a "holding pen" to prevent automatic inclusion in locked periods.

What to Do:

Ignore Changes: Excludes the transactions entirely, keeping the period locked. You might handle them via manual ERP adjustments or ignore them if irrelevant.
Accept Changes: Unlocks the period, brings the transactions into Bitwave for categorization, and allows full accounting processing.

Use filters to bulk-review all New Needs Review items in a locked period.

Best Practices and Tips

Regularly check Needs Review filters to catch updates early, especially after adding wallets or re-syncing.
Compare original vs. new data in the UI before deciding to ignore or accept— this helps avoid errors in gain/loss calculations or valuations.
For Closed Needs Review, coordinate with your ERP team to unwind entries if accepting changes.
If dealing with locked periods, document ignored transactions for audit trails.
Test with sample data in a sandbox view to understand impacts.
Contact Bitwave support for complex sync issues or if new data sources are unclear.

What’s Next

With a handle on Needs Review status for transactions in Bitwave 2.0, you're set to maintain clean, accurate transaction data. Next, explore our guides on transaction categorization or period locking for deeper workflows. If you need help or have screenshots to add, let us know!
For related topics, see our full docs.