Coins List

Created by Travis Lander, Modified on Tue, 13 Jun, 2023 at 1:33 PM by Sanjayan Arulsakaran

TABLE OF CONTENTS

Add or Update Coin
Add a Fiat Coin
Columns
Coins Individual Actions
Market Rate API methodology
- Market Rate Data Availability
Coins Table Actions

Description

Create Coins and their automated associated Ledger Accounts from here. Once created, the page serves in a treasury management capacity for coin quantities, market value, cost basis, and unrealized gain/loss amounts across your system. In addition, review the value and cost basis of your crypto inventory by date from here as well. Additionally, this page can be useful for executing a mark to market operation as well to be able to book unrealized gains and losses temporarily to your Financials.

Add or Update Coin

Enter the required fields and click Submit.

Symbol - Input the desired symbol (e.g. BTC for Bitcoin)
Name - Input the desired name (e.g. Bitcoin for Bitcoin)
Automatic Rate Coin - Select the market rate coin for this asset, which can be used for automatic pricing when creating transactions, as well as the market rate to be viewed and used to calculate displays of market value and unrealized gain/loss details.

When adding a Coin, you will notice that there are four Ledger Accounts created automatically by the system to track the movements and use of the Coin:

() Asset
() Transaction Fee
() Long Term Realized Gain/Loss
() Short Term Realized Gain/Loss

These Ledger Accounts once created can be reviewed and edited under the Financial>Accounts section.

Add a Fiat Coin

Create Fiat Coins if it is determined that the best setup for your crypto recording is to include certain fiat transactions within the crypto module. Some examples can include if initial deposits into wallets are made in fiat (e.g. depositing USD into an exchange wallet, or recording transaction fees as a fiat amount).

Toggle on the Fiat toggle to be sure the system knows this coin is a Fiat coin and fill in the required Symbol, Name, and Automatic Rate Currency.

Columns & Filter Capabilities

All data represented in the table are AS OF THE SYSTEM DATE. You can select different system dates to see historic values of Coin inventory. The Coins and data listed are across the entire SoftLedger system, meaning all Wallets and all Locations.

Name - Name of the Coin.
Symbol - Symbol for the Coin (usually 3 letters).
Market Rate - Market Rate for the Coin as of the System Date, represented in your Crypto Home Currency.
Quantity - Quantity of the Coin
Value - Value of the Coin (Market Rate x Quantity).
Total Cost Basis - Sum of the Cost Basis for the Coins as of the System Date (will not be accurate if Cost Basis has not been run successfully for all transactions).
Unrealized Gain/Loss - The total unrealized gain/loss for the Coin (Value - Total Cost Basis). This value is what can be primarily used for a mark to market process

Hide Zero Balances Toggle - Toggled on to the right hides coins that are 0 quantity

Consolidated Toggle - Toggled on to the right will include selected Location + Child Locations

Show Hidden Toggle - Toggled on to the right will include Coins that are "Hidden"

Coins Individual Actions

Coin Detail - Click into the Coin Name to review Coin details such as Name and Symbol, as well as see a list of balances for the Coin across Wallets, and all transactions involving the Coin.
Delete Coin - Delete a Coin from this screen, as well as from dropdown lists throughout the system (e.g. Creating a Transaction). This action will delete the associated Ledger Accounts. This action can only be taken if there are no transactions against the Coin in the system.

Market Rate API methodology

SoftLedger provides a once daily UTC open rate for each asset each day. SoftLedger has historically used Nomics for their automated pricing feeds, and currently used CoinMarketCap data for the automated pricing feeds.

The rate data between Nomics and CoinMarketCap will pull as follows:

Transaction Created Date: Prior to March 20th, 2023
- with a Transaction Date through February 6th, 2023 UTC
  - Nomics.com
- with a Transaction Date between February 6th, 2023 UTC and March 20th, 2023
  - Nomics.com
Transaction Created Date: On or After, March 20th, 2023
- with a Transaction Date through Feb 6th, 2023 UTC
  - Nomics.com
- with a Transaction Date after February 6th, 2023 UTC
  - Coinmarketcap.com

Market Rate Data Availability

Our rate provider, CoinMarketCap, generally releases OHLC for the previous day at approximately 00:05:00 -> 00:10:00 UTC the next day. It then takes SoftLedger approximately 20-40 minutes to pull the data due to rate limiting from CMC. For this reason, it is best to assume that market rate data for any day is not available until 02:00:00 UTC of the following day. For example, if you wanted to use crypto market rate data to create a transaction, or query coin balances for March 27th, you would need to wait until March 28th 2am UTC to get accurate data.

CMC also provides the 'open' rate for the current day sometime between 01:00:00 and 02:00:00 UTC, we then pull all open rates for the current day with a similar time lag, meaning around 03:00:00 UTC we'll have the "open" rate for most assets (depending on the first trade for some assets data may not be available yet).

For details on the how CoinMarketCap calculates prices, you can check out this link from their support site.

Coins Table Actions

System Date - Adjust the System Date in the upper right corner to control the data represented in the table to be as of that date.
Location Selector - Adjust the Location picker on the top left to control the quantity data to display entity specific balances.
Consolidated Toggle - Toggle on & Off to view coin quantity for parent entities with or without consolidation of child entity values.
Show Hidden - Include Balances for Hidden Coins
Column Selector - Hide and reveal extra columns and the number of rows visible in the table per page.
Export - Table data can be exported using the export button at the top of the table.