How To: Access Data Integrity in Cryptio Transactions

Daniel Vermillion
5 steps
38 seconds

Cryptio

Navigate to [https://app.cryptio.co/transactions](https://app.cryptio.co/transactions)

Click "Data Integrity"

Balance Sanity Check

The Balance Sanity Check covers the **[[data collection stage]]**, i.e. when Cryptio pulls transaction data from our on-chain data infrastructure or from external APIs (e.g. exchanges) and calculates any differences by comparing the “Cryptio” balance computed using the Cryptio transaction data and a “remote” balance pulled directly 1. **Ensuring Data Accuracy**: By detecting any missing transactions or incorrect parsing of transaction data, the sanity check helps maintain the accuracy of the collected data. 2. **Transparent Discrepancy Identification**: The sanity check provides users with a comprehensive list of discrepancies, allowing them to identify and investigate any errors promptly. 3. **Materiality Considerations**: The focus of the Balance Sanity Check is not merely achieving perfect balances across the entire workspace. Instead, it aims to identify and document any material discrepancies. This concept of materiality is crucial in audits and financial reporting, ensuring that significant discrepancies are addressed while minor imbalances may be considered acceptable.

Prices Sanity Check

The Prices Sanity Check covers the **crypto-to-fiat valuation stage** when Cryptio values a crypto transaction in fiat - the very first step of the reporting process. 1. **Ensuring Valuation Accuracy**: By identifying transactions without assigned fiat prices, the sanity check helps ensure that all transactions are accurately valued in fiat currency. This accuracy is crucial for financial reporting and analysis. 2. **Materiality Considerations**: The focus of the Prices Sanity Check is to identify and address any missing prices for important assets. While there may be instances where certain tokens or assets have no available prices, it is vital to ensure that significant assets have their prices accounted for, minimizing material discrepancies in financial reporting. 3. **Transparent Discrepancy Identification**: The sanity check provides users with a comprehensive view of transactions that lack pricing information. This transparency enables users to investigate and resolve any missing prices promptly, maintaining data integrity.

Cost Basis Sanity Check

The Cost Basis Sanity Check scans transactions to ensure that **the** **initial purchases of assets are properly tracked**. If Cryptio encounters a missing volume error, which means it cannot trace the initial purchase of an asset, the Cost Basis Sanity Check identifies and flags these errors for further review. 1. **Accurate Cost Basis Calculations**: The Cost Basis Sanity Check ensures that the cost basis calculations for cryptocurrency assets are accurate and aligned with the selected methodology. This accuracy is crucial for tax calculations, financial reporting, and capital gains analysis. 2. **Error Identification**: By detecting missing volume errors, the sanity check enables users to identify and rectify any discrepancies in cost-basis calculations promptly. This helps maintain data integrity and ensures compliance with regulatory requirements. 3. **Complementing the Balance Sanity Check**: The Cost Basis Sanity Check works in conjunction with the **Balance Sanity Check** to ensure comprehensive data integrity. By cross-referencing the initial purchase transactions tracked by the Balance Sanity Check, missing volume errors can be minimized.

Alert! The preferred acceptable "Total Cost Basis Error" as a % of the portfolio should be as close to 0% as possible. Missing volumes or cost basis will affect reporting accuracy.

Tip! After reviewing data integrity, we are able to begin the process of labeling transactions based on Contacts, Smart Contracts, and flow of funds identified using the [[implementation workbook.]]