This article provides the steps to automate the reconciliation, balance calculation, audit and reporting between TRES and your organization's accounting software.
Before you Begin
The procedures provided here typically form part of the onboarding process. Have you performed a basic setup of your TRES account? Learn more.
Procedures
Here are the phases in setting up TRES for accounting:
Confirm wallets are correctly displayed
Make sure all organization wallets are monitored within TRES by clicking Accounts > My Wallets and confirming that all wallets are displayed correctly. Learn more.
Confirm your data is reconciled
Reconciliation is the process of comparing the transaction records gathered by TRES Finance and aligning them to the blockchain/exchange balance to ensure they are in agreement and that any discrepancies are identified and resolved.
Click Accounts > My Wallets and look for the green check mark next to each of your wallets.
A wallet that is not reconciled is marked Unbalanced.
To reconcile unreconciled wallets, perform the steps provided here.
Verify that all transactions have a corresponding fiat value
Here are some possible causes of missing fiat values and ways to address them:
A token held has not gone through an Initial Coin Offering (ICO). You must determine the price.
The asset is an NFT. You must decide the fiat price.
A SWAP has occurred: Align prices, if necessary, to close the gaps.
Identify transactions that are missing fiat value and take steps to remedy them:
In the sidebar, click Ledger and click More Filters.
In the dialog that appears, scroll down and and turn on Missing FIAT value and click Apply.
TRES displays transactions that are missing fiat values and marks them, for example:
3. To provide a fiat value, click the edit icon as shown. A dialog is displayed:
4. Click USDC unit value, or Entire transaction value, as needed, then specify a
value and click Apply.
(For staking only) Mark taxable transactions
Staking transactions might or might not be taxable, depending on your country's tax rules. Mark the non-taxable ones before you perform reconciliation.
From the sidebar, click Ledger. In the Ledger screen, apply a filter to display transactions such as Staking Lockup and Staking Return.
Once you determine these types of transactions, collaborate with TRES to automate the process of identifying such transactions, moving forward.
Verify that cost basis is being calculated
Inspect the Financial performance table in the Overview screen.
The example below shows how an entire row of the assets financial overview as empty and also a comment showing that fiat values are missing. When issues like this arise, collaborate with TRES to find a solution.
Data configuration and enrichment
To modify the raw data within TRES and allow users to enhance their data, we have added many elements to upgrade the user experience. They are shown below:
Create Customized Tags for both your transactions and your organizational wallets:
Review transaction tags: These tags can be used to create customized rules for a seamless bookkeeping experience.
Address book: Use the address book to give context to the many third-party wallet addresses that your organization is transacting with. Labeling your contact will also provide you another variable on which to base a rule.
Add comments for specific transactions. These comments allow for a clearer understanding of what took place during a transaction. The comments will also be synced to the journal entry in your ERP system.
ERP configuration
See Connect to an ERP System for detailed instructions.
Create rules to link transactions to your chart of accounts
See Define Custom Rules to Automate Transaction Classification for detailed instructions.
Pre-sync validation
The Pre-sync report lets you validate that all transactions are configured to the correct chart of account, that they all have fiat values, and that they are configured for cost basis.
Download the report by clicking Export Report at the top-right of the Ledger screen and then specifying the pre-sync journal format in the dialog that is displayed.
We recommend creating a pivot table from the resulting CVS data to condense the data into a useful summary.
Sync transactions
You can sync transactions one by one. Go through the ledger and sync specific transactions by clicking the ERP icon.
Alternatively, you can sync all transactions. Here's how:
In the Integrations page, click View integration details.
Click the menu at top right.
Click Sync all transactions.
Final validation
To perform final validation, use the post-sync report.
Download the report by clicking Export Report at the top-right of the Ledger screen and then specifying the format in the dialog that is displayed.