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May 4, 2021

Auditable Multi-Currency Statements and Balance Sheets with COINQVEST

How COINQVEST helps your business to get paid and build and maintain multi-currency balance sheets and statements for your accountants, third-party auditors, and tax authorities.

Small and large enterprises around the world will often outsource day to day accounting and other crucial financial aspects of their business. Why? Organized spreadsheets of sales records, taxes (sales, municipal, international, customs, etc.), forex rates, local, national, and international commerce regulations… it’s a lot to manage. The expertise and attention to detail needed to stay compliant is often beyond the scope of many business owners. Rather than getting caught up with accounting, these enterprises want to focus on the value they can provide their customers.

The situation becomes murkier yet, when a business operates in the crypto space. The added complexity of financial technology and digital currencies can sideline even the most ambitious among us. To those attempting to navigate running a multi-digital and fiat currency, worldwide business, the ever-changing regulatory landscape and currency fluctuation risk is enough to cause a neural meltdown.

COINQVEST is conscious of these obstacles that can suspend bringing your company and products to market. COINQVEST’s common sense solution is to simplify the digital currency payment processing on the front end, and behind the scenes, provide the detailed accounting analytics and standards to keep your company above board with regulatory and accounting practices.

What’s Inside

In this guide, we’ll be taking a look under the hood, going through the process of accessing and understanding the back end accounting, record-keeping, and data of your company’s every transaction.

Let’s look at the “Reports” button at the top of the page. When you click the button, you are taken to your financial reports overview. Here, you’ll see the account summary tools you need to keep your finances in order. Click on “Account Statement” to view details of your selected time period. You can easily export data to a spreadsheet via the “Download CSV” button. If you’re reviewing the numbers yourself or sending them to your accountant, all key data are arranged for understanding your financial health at a glance.

Your Gross Merchandise Volume (GMV) is the first statistic. This metric demonstrates the total value of your transactions in a given period. If you hold different currencies in your wallet, their individual values will be shown here. For visual and efficient comparisons, a line chart is also viewable. You can toggle the data between asset paid to you or the asset you settled in.

Moving down the page, the next item you will find is the Total Debit Volumes (TDV). This section will show the currencies and values that have been withdrawn from your COINQVEST account. With COINQVEST, you’re able to transfer funds to another digital wallet or deposit them into a bank in your chosen fiat of choice.*

The last important report metric you’ll see is “Net Balances.” You can see the currencies in your account and their values. You will also see the total credits and debits of each, as well as the opening and ending balances, and the balance differences for the chosen time frame.

COINQVEST provides valuable financial data points to make your digital currency payment processing experience simple yet powerful. These key financial stats in our reports are the tools you need to understand and fine-tune your business. If you’re a small solo entrepreneur or run a larger enterprise, our new reports page keep your digital currency records in line with standard accounting formats. Come tax season, third-party audits, or potential investors, hand over your books with full confidence.

COINQVEST is always working to improve your digital payment processing experience with tools to help drive your online business. We welcome constructive feedback and comments on how we can better serve your needs.

* At the date of writing, COINQVEST is a custodial service, meaning we hold your funds. We do not touch your your long term interests, we recommend you learn about how to securely store your funds (i.e. cold storage, hardware wallet, or off-ramping to a brick and mortar bank account, etc.) and choose the option that suits you best.

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Randall Wong Head of Content