Setting up your Cryptoworth account
See our video on Getting Started here.
Step 1: Adding your company users
The first step to setting up your Cryptoworth company account, is to add all the company users who will be actively using the platform within the organization. Your profile settings button on the bottom left page will open a menu once clicked on, user accounts are created under the Organization menu option. See the full guide to adding company user accounts linked here: How to add company users?
You will need to select the type of user permissions you wish to grant for each company user account you create. User accounts can be created with Read-Only access or Admin access which will enable write permissions on the account and shared company portfolios.
Step 2: Setting up company address book
In the next step, you will want to save the wallet addresses tied to your employees, company, and other entities organized under the company address book. This way, you can easily identify and process crypto invoices towards companies/partners registered by their wallet addresses or assign specific company wallets to employees with full transparency.
Step 3: Enable your 2FA
Company data is plugged into your Cryptoworth account, for this reason you will want to enable 2FA for login security. The 2FA setting can be found by selecting your company settings and the security tab. Click on the link here to view the full 2FA guide here: https://help.cryptoworth.app/support/solutions/articles/70000621439-enable-2fa
Step 4: Setting up your company & portfolio timezone
One very important part of obtaining accurate reporting of transactions is that the timestamps of the transactions show the correct timezone in which they were transacted. At a company level, it's best to set up the timezone to that of where the company operates. This feature can be found through the company settings and under the time zone tab.
If company users are transacting at a timezone different than the timezone of the company head office or if the company has offices elsewhere, there is an option to set up portfolio specific timezones. To view how to set up portfolio timezones, click this guide here: https://help.cryptoworth.app/support/solutions/articles/70000587412-how-to-set-a-portfolio-timezone
Step 5: Selecting your company & portfolio fiat currency
You will want to set up your company local currency, this can be done by going to your account settings and selecting the currency bar under the account tab. Your portfolios can have their own assigned fiat currency, in this case when a transaction value is calculated, the portfolio fiat currency selected will be used.
Example, your company is based in the U.S therefore USD is the fiat currency for the account, however you have foreign currencies tied to your crypto transactions. In this case, you would segregate your different fiat currencies under their own portfolios.
To change your portfolio fiat currency, go through the portfolio settings as you did for the Portfolio timezone and look for the currency tab to make the changes.
Step 6: Setting up your transaction classifications
If you are using an ERP like Xero or QuickBooks, you will want to connect your synchronized transactions on Cryptoworth to your ERP solution. In another case, you may simply want to ensure that your internal transfers are not calculated as dispositions and therefore treated as a taxable event. To set up your classifications, click this link to follow our full guide: https://help.cryptoworth.app/support/solutions/articles/70000587075-creating-and-assigning-classifications
Step 7: Setting up crypto invoices and bills
Intuitive for the all-in-one platform is the ability to issue cryptocurrency invoices and bills. Through the payment tab on the top right of your screen when logged in, you will be able to create your crypto invoices for clients or set up your bills owed to your transacting partners.