If your company deals with crypto, your first instinct might be to grab a CSV from a block explorer and manually categorize all those transaction hashes.
Hate to break it to you, but spreadsheets make crypto bookkeeping a nightmare, slow, tedious, and way too time-consuming. Plus block explorers have not been designed for accounting purposes. They lack context on the nature of the transaction and data accuracy from some obscure chains would wear out even the best accountant.
In this tutorial, you will learn how to import transactions from your wallet, categorize them according to your Xero Chart of Accounts (COA) mapping, and sync them into Xero using a crypto sub-ledger tool：
Creating the Chart of Accounts in Xero by Token
Step 1. Link Xero Chart of Accounts
Step 2. Add Wallets
Step 3. Cost Basis Calculations
Step 4. Chart of Accounts
Step 5. Categorizing Transactions
Step 6. Journal entry example in Xero
How to automate crypto bookkeeping using a crypto sub-ledger & Xero