Product Updates

Onboarding Checklist for Essential Steps for Success

Discover's guide to smooth transitions and successful setups, focusing on practical steps and relevant legal aspects.

February 16, 2024

Welcome to your guide on getting started with Our goal is to make your transition smooth and ensure you’re set up for success. Let’s dive into the steps you’ll need to take, focusing on the practical actions and legal implications where relevant.

Step 1: Invite Your Team

Why It Matters: Working together makes things easier. When you bring your team onto, you’re pooling your skills — everyone from your finance department to external accountants and auditors have a part to play.

How to Do It: Go to the team section ( and send out invites. Make sure each team member knows their role and what they’re responsible for. This clarity helps avoid any confusion down the line.

How to Invite Your Team


  1. Access Team Management: Log into your account and navigate to the “Team” section found in the settings or dashboard menu.
  2. Send Invitations: Click on the option to “Invite Team Member” and enter the email addresses of your colleagues you wish to invite.
  3. Assign Roles: For each team member, select their role from the predefined list. These roles can include permissions tailored to their responsibilities, such as view-only access for junior staff or full admin access for finance managers.
  4. Finalize and Send: Once you’ve entered all necessary information and selected appropriate roles, review your choices for accuracy and click the “Send Invite” button. Your team members will receive an email prompting them to join

At, we allow companies to choose between three access levels for their team members and consultants.

Admin: Complete access to invitations, edits, downloads and viewing. You can invite new members, import new sources, edit cost basis values, calculation methods, and your team’s tags and chart of accounts. You can also view and download reports

Editor: Partial access to the platform. You can edit cost basis values, calculation methods, and your team’s tags and chart of accounts. You can also view and download reports. You are not allowed to invite new members or import new wallets to the team.

Viewer: Minimal access to the platform. You can view your company’s transactions, treasury and wallets. Completely restricted from editing or updating transactions, chart of accounts etc.

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Step 2: Import Data

Why It Matters: Starting with a full picture of your finances is crucial. By bringing all your transaction data into one place, you’re better equipped to track, analyze, and make informed decisions.

How to Do It: Use the data import feature ( to bring in information from wallets and exchanges. Ensure you cover all sources to avoid gaps in your data.

How to Import Data


  1. Navigate to Import Section: From the main dashboard, find the “Connections” section.
  2. Choose Data Source: Select the source from which you wish to import data. This could be a cryptocurrency exchange, a digital wallet, or if you wish to import multiple wallets at once, a CSV file.

Adding Wallets Directly

Navigate to Wallets: Go to “Connections” and select the “Wallets” section in your account.


Input Wallet Details

Public Wallet Address: Enter the unique public address of the wallet you’re adding.

Wallet Name: Give your wallet a name that will help you easily identify it later.

Relevant Blockchain: Choose the blockchain that your wallet operates on to ensure correct transaction tracking. Could be one or multiple.



Save and Process: After entering all necessary details for your wallets, click “Save and start processing”. This begins the system’s parsing process, analyzing the data from the added wallets.


Adding Wallets via CSV Upload

Prepare Your CSV File: Create a CSV file listing the wallet addresses, their names, and the associated blockchains. Ensure each wallet’s information is correctly formatted for smooth processing.

Upload CSV: In the “Wallets” section, look for an option to upload a CSV file. Select your prepared file and initiate the upload.


Review and Confirm: Once the upload is complete, review the imported wallet details for accuracy. Confirm to start the parsing process for the wallets included in the CSV file.

Importing a Exchange data:

Start Connection Process: Navigate to Exchanges and click on “Add new Exchange Account” in your account.


Initiate Sync with Vezgo: Click “Continue” on the pop-up from Vezgo, our exchange synchronization partner.

Select Your Exchange: Choose the cryptocurrency exchange you wish to connect from the list of supported exchanges.

Enter API Credentials: Input your personal API key and secret key in the designated fields. These keys allow to securely import your transaction history.

Finalize Connection: Click “Connect Account” and wait for to process your transactions.

Confirmation of Success: The status will update from “Running” to “Completed” once your exchange data has been successfully integrated, allowing you to view your transactions on


Troubleshooting Errors: If the status shows “Error,” check the accuracy and formatting of your API and secret keys. Correct any issues and try reconnecting to ensure a successful integration.

Step 3: Label Your Counter-Party Contacts

Why It Matters: Knowing who you’re dealing with helps keep things clear, especially when you’re sorting transactions or preparing for tax season. It’s about making sure you can identify every transaction accurately.

How to Do It: Head over to your wallet’s transaction table, and label your transactions with the names of people or businesses you’re interacting with.

How to Label Your Counter-Party Contacts


  1. Access Transactions: Go to your list of transactions within
  2. Identify Transactions with unidentified addresses: Look for transactions that lack counter-party information or that are generically labeled.
  3. Add contact names: For each transaction, enter the name of the counter-party.
  4. Save Changes: After labeling, make sure to save your updates to each transaction. Repeat this process regularly to keep your transaction history clear and up-to-date.

Alternatively, you can also create contacts, which will then be mapped to all unidentified addresses if the addresses and chain match.

Adding a Contact Manually

Enter your contact details by entering the contact information mentioned below:

Wallet Name: Give a unique name to identify the contact.

Address: Input the wallet address of the contact.

Chain: Specify the blockchain chain the wallet belongs to.


Click on “Create” to finalize the contact creation.

Importing Contacts via CSV

Prepare Your CSV File: Organize a CSV file with the wallet addresses, their names, and the blockchains they are associated with. Ensure accuracy to prevent any import errors.


CSV Upload: Look for the option to upload a CSV file within the contacts section. Select and upload your file to import multiple contacts simultaneously.

💡 On identifying an unidentified address and naming it, will automatically update this unidentified address’ name in every transaction the address is present in.

Step 4: Creating Tags for labelling

Creating a New Tag

Navigate to the “Add new top-level tag” Section: This is where you can start the process of creating a new, broad category for your transactions.

Enter the Desired Tag Name: Think of a name that accurately reflects the category of transactions you want to track. For instance, “Governance token purchase” for tracking DAO contributions.

Click Enter: This action finalizes the creation of your new tag.


Creating a Sub-Tag

Navigate to the “Tags” Section: Here, you can see all your existing tags and decide under which tag you want to create a sub-tag.

Select the Desired Tag: Choose the tag under which the new sub-tag will be nested. This helps in further categorizing and breaking down transactions.

Enter the Desired Sub-Tag Name: Name your sub-tag something specific that relates to the main tag but provides further clarification or categorization.

Click on Enter to Confirm: This action adds the sub-tag under the selected main tag.

Wait for the Sub-Tag to Be Created: The system will process your request and add the new sub-tag accordingly.


Step 5: Import Your Chart of Accounts

Why It Matters: A chart of accounts organizes your financial transactions, making it easier to understand your financial health and comply with accounting standards.

How to Do It: Manually update your chart of accounts one by one, or use the integration tools ( to bring in your chart of accounts from Quickbooks or Xero. This setup helps align your crypto transactions with your overall financial structure.

How to Import Your Chart of Accounts

The Manual Way

Access the “Chart of Accounts” Section: Begin by navigating to the “Chart of Accounts” section of the platform. This area houses all your account listings and is the starting point for adding a new account name.


Choose the Appropriate Account Type: Within the “Chart of Accounts,” you’ll find different types of accounts (such as assets, liabilities, income, expenses, etc.). Select the type that best fits the new account you wish to name. This classification helps in keeping your financial records organized and accessible.

Input the New Account Name: Find the “Add new account” field and type in the name you have chosen for your account. Your account name should be descriptive and concise, reflecting the account’s purpose or nature. For example, if the account is dedicated to tracking expenses related to software subscriptions, you might name it “Software Subscriptions.”

Confirm the Creation of the Account Name: Once you’ve entered the desired name, click on Enter to confirm and create the account name. This action signals the platform to add the new account to your chart of accounts under the specified account type.

Wait for the Account Name to Be Created: After clicking the confirmation icon, the platform will process your request. There might be a brief moment of waiting as the new account name is officially created and added to your chart of accounts.


The Automated Way


  1. Access Integrations: Find the “Integrations” section in
  2. Choose Import Option: Select the method for importing your chart of accounts, which involves connecting to an accounting software like Quickbooks or Xero.
  3. Review and Complete: After importing, review the imported chart to ensure all accounts are correctly represented.

Step 6: Apply Rules and Tag Similar Transactions

Why It Matters: Setting up rules for tagging transactions cuts down on manual work and helps keep your records tidy. Think of it as setting up a filter that automatically sorts your emails into the right folders.

How to Do It: Head over to the rules section ( to create guidelines that automatically tag your transactions based on criteria you set.

How to Apply Rules and Tag Similar Transactions


  1. Go to Rules Creation: Find the “Rules” section, located under “Accounting”.
  2. Define a New Rule: Click on the option to create a new rule, then define the criteria for this rule. Criteria can be based on the amount, the date, the counter-party or other transaction parameters.
  3. Assign Tags: Choose or create a tag that will be automatically applied to transactions that meet your criteria.
  4. Activate Rule: Save and activate the rule. Future transactions that match the criteria will now be automatically tagged according to this rule.

Step 7: Manually Tag One-Off Transactions

Why It Matters: Not everything fits neatly into categories. Some transactions are unique and need individual attention to ensure they’re recorded correctly.

How to Do It: You’ll do this on a page designed for reviewing transactions. For now, keep an eye out for transactions that don’t automatically get tagged.

How to Manually Tag One-Off Transactions


  1. Review Transactions: Regularly go through your transactions, looking for any that haven’t been tagged by your automated rules.
  2. Add Tag Manually: Find the option to add a tag, then either select an existing tag or create a new one that accurately describes the transaction.
  3. Confirm: Save your changes to apply the tag. Repeat for other one-off transactions as necessary.

Step 8: Assign your Chart of Accounts

Why It Matters: Correctly assigning your chart of accounts to your transactions ensures that your financial reports accurately reflect your business activity. This accuracy is essential for strategic planning and compliance.

How to Do It: Apply the rules you’ve set up to map transactions to the right accounts, ensuring consistency in how transactions are recorded.

How to Assign your Chart of Accounts


  1. Access your transaction table: In your transaction table, find the option to assign chart of accounts to your transactions.
  2. Create Rules: Similar to tagging rules, define criteria for transactions to be automatically assigned to specific accounts in your chart.
  3. Assign Accounts: For each rule, select the appropriate account from your chart of accounts that transactions matching the criteria should be recorded under.
  4. Review and Activate: Ensure that your rules accurately reflect how you want transactions categorized. Activate the rules to automate the accounts assignment process.

Step 9: Calculate the Cost Basis for Your Transactions

Why It Matters: Properly calculating the cost basis of your transactions is vital for accurate profit, loss, and tax calculations. Getting this right is crucial to staying on the right side of tax laws.

How to Do It: Use the inventory feature ( to calculate the cost basis, including all related costs, of your crypto assets.

How to Calculate the Cost Basis for Your Transactions


  1. Access your Tax Lots: Navigate to the “Tax Lots” section of
  2. Input Acquisition Details: The platform automatically fetches this information if it was included in the imported data. In rare scenarios, where the platform’s algorithm detects more outflows than inflows, input details such as the purchase price and inflow date for the additional inflows.
  3. Calculate Cost Basis: Use the platform’s selection of cost basis calculation methods to calculate the cost basis, which may involve averaging costs, FIFO, LIFO and more.
  4. Review and Save: Ensure the calculated cost basis matches your records and expectations. Save the information to update your asset inventory.

Step 10: Review Transactions

Why It Matters: Regularly looking over your transactions ensures everything is recorded accurately and keeps your financial records in check. It’s a good habit that can prevent headaches during tax season or financial audits.

How to Do It: This will be done through a unified transaction page, which will allow for a detailed review of all activities.

How to Review Transactions


  1. Open the Transaction Table: Access a unified view of your transactions, or navigate through the transaction sections of your individual wallets.
  2. Filter Transactions: Use filters to narrow down your transactions by date, wallets, or tags. This makes it easier to focus on specific areas or periods.
  3. Examine Details: Click on individual transactions to view their details, including date, amount, counter-party, and any tags or notes.
  4. Make Corrections: If you find inaccuracies, edit the transaction details directly or add any missing information. Save your changes to keep your records accurate.

Step 11: Generate Your Reports

Why It Matters: Reports are your window into the financial health of your business. They’re essential for making informed decisions, reporting to stakeholders, and fulfilling regulatory requirements.

How to Do It: Use the report generation feature ( to create reports that fit your needs, whether it’s for internal review, investor updates, or tax filings.

How to Generate Your Reports


  1. Navigate to Reports: Find the “Reporting” section of
  2. Select Report Type: Choose the type of report you want to generate, such as a profit and loss statement, a positions report, or a transaction history.
  3. Customize Parameters: Specify the date range, interval, sources, or any other relevant parameters for your report.
  4. Generate Report: Click to generate the report based on your specifications.
  5. Export or Save: Export the report. The report will also be saved within the platform for future reference.

Potential Pitfalls

While moving through these steps, watch out for common mistakes:

  • Not Defining Roles Clearly: Ensure everyone knows their responsibilities to prevent overlaps or gaps.
  • Skipping Data Sources: Import data from all your wallets and exchanges to avoid incomplete financial pictures.
  • Overlooking Manual Tags: Stay vigilant for transactions that don’t fit automated rules and tag them manually.
  • Inaccurate Cost Basis Calculations: Double-check your work to avoid tax reporting errors.
  • Infrequent Reviews: Regularly review your transactions to catch and correct any mistakes early.

Remember, taking the time to set up correctly from the start pays off in the long run by making your financial management smoother and more accurate. is here to help you every step of the way.

Your Onboarding Checklist TL;DR

  1. Invite Your Team Members
  2. Import Your Transaction Data
  3. Name Your Counter-Party Contacts
  4. Create a New Tag for labelling
  5. Create your Chart of Accounts Manually or import them from your ERP
  6. Apply Rules to Tag Similar Transactions Automatically
  7. Manually Tag One-Off Transactions
  8. Assign Chart of Accounts to your Transactions
  9. Calculate the Cost Basis of Your Transactions
  10. Review Your Transactions Thoroughly
  11. Generate Your Financial Reports

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