To ensure accurate financial tracking and reporting, we recommend mapping each transaction type to separate accounts. This applies whether you map transactions by source or by asset.
Example Account Mappings for Crypto Activities
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Default Asset Account
- Purpose: For holding cryptocurrency assets.
- Example: Map to "Crypto Assets" or "Cryptocurrency Wallet."
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Default Income Account
- Purpose: For recording income from crypto activities, such as staking rewards, mining, or sales.
- Example: Map to "Crypto Income" or a specific income sub-account.
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Default Fee Account
- Purpose: For tracking transaction fees (e.g., exchange fees, gas fees).
- Example: Map to "Crypto Fees" or "Transaction Fees" under expenses.
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Default Suspense Account
- Purpose: For capturing unclassified or mismatched transactions, such as exchange activities with unclear sources or destinations.
- Example: Map to "Suspense Account" or "Crypto Clearing Account."
Issues with Mapping Multiple Transaction Types to the Same Account
Mapping different transaction types (e.g., income and fees) to the same account can cause problems, such as missing or conflicting data. Below are the main issues and how they affect your records:
1. Overwritten or Conflicting Entries
Different transaction types mapped to the same account may overwrite or conflict within QBO's ledger. As a result, transactions (e.g., income mapped to an expense account) may not be categorized correctly, causing them to disappear from certain reports.
2. Misaligned Account Types
QBO accounts have designated types (e.g., income, expense, asset). If transaction types do not align with account types, they may not appear in standard reports. For example, income mapped to an asset account may not show up in the Profit & Loss report.
3. Missing Categorization
When multiple transaction types are sent to the same account, the integration may fail to classify or display them correctly. Suspense or unbalanced transactions may be pushed to QBO but remain unlinked or unclear in your records.
4. Reporting Limitations
Transactions in the same account are lumped together, losing granularity. For example, fees may reduce the account balance but not appear as distinct line items in reports.
5. Filtering in Reports
Filters in QBO reports may exclude transaction types if they don’t align with the mapped account type. This can result in certain transactions being invisible in reports due to mismatched filters.