Integral releases Classes for QBO and Xero users

Why Classes?

For businesses operating on platforms such as QuickBooks and Xero, the use of “Classes” (or “Tracking Categories” in Xero) to vertically segment Profit & Loss is indispensable. For web3 businesses, this segmentation might be by chain, token, wallet, or department to monitor Income, Fees, R&D, or just about anything.

Key Features of Classes:

Integration with Established Systems: We've ensured seamless integration by enabling the pull of Classes/Categories from your ERP in a read-only format.

Single Class Assignment: To maintain clarity and avoid potential complications, only one Class/Tracking Category can be assigned to each transaction.

Flexible Control Over Classes: Organizations can easily toggle Classes on or off as per their needs. Even if Classes are turned off after activation, we ensure that the transaction history remains intact.

Hierarchy System: Our implementation allows for a hierarchy within Classes, with the flexibility to select either parent classes or their child classes based on the platform.

Extensive Application: Classes can be defined at various stages:

• Chart of Accounts (Specifically for Fees & Realized Gain/Loss)

• Individual and bulk transactions in bookkeeping

• Rules (for automatic classification)

• Filters

While the introduction of the Classes feature in Integral brings parity with established accounting systems, let's delve into why businesses, especially in the crypto space, truly benefit from using Classes.

Category Flexibility for Precise Analysis:

In the fast-paced industry of crypto, financial activities are complex. Classes offer a detailed perspective, allowing web3 businesses to pinpoint issues like overspending in certain departments, specific wallets transacting on costly blockchains with high gas fees, and much more. This granularity is crucial for businesses to have accurate journal entries in their COA and to get a precise overview of their expenditures.

Optimized for Crypto Business Needs:

Crypto businesses face unique financial nuances that don't fit standard bookkeeping. Unlike typical accounts, Classes are adaptable, letting businesses categorize transactions as they see fit. For example, operators in both centralized and decentralized finance can use distinct Classes for clearer financial tracking between different chains, tokens, or even the expenditure of different departments and teams.

Supercharge your Crypto Accounting

Ready to achieve a streamlined transaction classifications workflow? Our new Classes feature is tailored to help your business navigate the intricate crypto landscape seamlessly, in tandem with your Charter of Accounts.

Don't miss out. Optimize your Journal Entries today. Contact us today to learn more or request a demo.