Overview:
CryptoTax Calculator's Batch Processing feature is designed to streamline the management of large transaction volumes, particularly useful for accounts with over 100,000 transactions. This feature is currently in beta, with improvements to the user interface (UI) planned for future releases. While the UI may evolve, the core functionality will remain the same.
For simplified steps on this process scroll to the bottom of this article, otherwise continue reading for a detailed walkthrough.
Getting Started:
Navigating to Batch Processing:
Go to Client Settings and then select Locked Periods. This is where the batch processing process will take place.
Understanding Transaction Display:
The number of transactions displayed on the main page may differ from the number of transactions shown in the Locked Periods section. This discrepancy arises because transactions are grouped together in the main view (e.g., a single trade may consist of both a sell and a buy transaction).
In the Locked Periods area, you will see individual transactions, which may result in a higher count.
Creating a Lock Period for Batch Processing:
Set Up the Lock Period:
After navigating to the Locked Periods section, click Add Lock Period.
Define the period for the lock. For example, you may want to cover an entire tax year.
Important: The total number of transactions in each batch should be under 100,000. If a batch exceeds this, performance issues may arise.
If the number of transactions in your selected period exceeds 100,000, consider narrowing down the period to reduce the batch size.
Example:
If your account contains 1.5 million transactions, aim for a batch with fewer than 100,000. A typical strategy could involve using a full year’s worth of transactions (e.g., 2022 or 2023) or breaking down large periods into smaller chunks such as months or quarters.
Unlocking the Tax Year:
Ensure that the Tax Year is unlocked to allow for editing. If it’s locked, uncheck the "Lock" option and save the lock period.
Choose what batch period you're working on:
Selecting the correct period to work on:
Once you have created the unlocked period you will need to select it to be the only batch that is loaded into CTC
To do this you will need to click the calculator symbol for the batch period you just created and make sure it turns in to the green symbol.
This will then ensure that only the transactions in that selected period are being computed and any in the inactive (grey symbol) are not being calculated.
Processing and Locking the Batch:
Processing Transactions:
Once you’ve set the lock period, you can begin processing the transactions.
Go through the transactions and ensure that all are categorized correctly.
After categorizing, review the period to ensure everything is accurate.
Locking the Period:
Once you’re satisfied with the batch, you can lock it by clicking the Lock button.
If issues are found in the batch, you will be given the option to either resolve them or ignore them and lock the period anyway.
Moving on to the Next Batch:
Create Additional Lock Periods:
After locking a batch, create another lock period for the next group of transactions.
Ensure that each new batch also contains fewer than 100,000 transactions.
Viewing Locked Periods:
You can always view locked transactions, though they cannot be edited once locked.
This feature is useful for reviewing what has already been processed while working on the current batch.
UK & Canadian Accounts - Important Information:
Unfortunately, UK and Canadian accounts do not yet have access to the batch processing feature. Due to the unique and complex nature of UK and Canadian tax rules, particularly the Average Cost Base method, which differs significantly from other jurisdictions, batch processing has not been rolled out to these accounts yet.
This functionality is essential for handling large volume accounts, but we are currently working on adapting the batch processing system specifically for UK and Canadian accounts. Once fully developed, UK and Canadian users will be able to benefit from the enhanced performance and efficiency that batch processing provides.
Final Tips:
Ensure batches are under 100k transactions.
Make sure completed batches are locked before creating another batch period.
Simple flow:
Click add locked period.
Choose end date that shows the amount of transactions under 100k.
Uncheck the unlocked checkbox.
Save the batched period.
Change the batch period selector to green for the batch you just created.
Perform any reconciliation for that batched period.
Once reviewed, lock the period.
Then start on the next batch by repeating these steps again.
Demo video: https://www.loom.com/share/f8c18ba0c7a643dbbef1eda41c29e766?sid=887cf820-3139-4386-8e22-f36fd5aefbda
Contact Support:
If you encounter any challenges or need assistance with this feature, please reach out to us directly for support.