Locking your transaction data

Why use the transaction data lock?

The transaction data lock is an important internal control that protects your accounting records. It ensures prior period accounts remain accurate and untouched once processed. This matters because:

• It prevents accidental changes to previously booked transactions.

• It locks the cost basis, rates, labels, and account mapping of booked transactions.

• It lets you update your Cost Basis Methodology or Principal Market for the new fiscal year without affecting audited periods.

• Any updates to Cost Basis Methodology or Principal Market only impact unlocked transactions going forward.

By locking transaction data, you reduce the risk of errors, maintain compliance, and preserve the integrity of your financial records.

What is a transaction data lock?

A transaction data lock prevents changes to previously booked data in your accounting system, such as prices, cost basis, or labels.

Before you lock transaction data, make sure that:

• Transactions are correctly priced, including any that were priced manually (for example, stablecoin payments).

• All labels are correctly applied.

• All contacts are identified.

How to lock transaction data

1. Click Manage workspaces (under the tiles icon in the left-hand navigation bar).

2. Select the workspace that contains the period you want to lock.

3. Scroll down in the workspace edition menu to the Lock a period section.

4. Choose the date until which all previous transactions should be locked.

   💡 Example: If you want to lock all transactions before April 6 (UK start of the financial year), select April 6.

5. Toggle the lock icon and click Save.

Once locked, the workspace will display the lock icon and the lock date in a banner at the top of the page.

Which data gets locked?

When a period is locked, the following cannot be changed:

• Cost basis: cannot be updated manually or automatically.

• Rates: valuations cannot be updated, as they affect the locked cost basis.

• Taxable labels: cannot be applied or removed.

• Non-taxable labels (such as internal transfer or non-taxable event): cannot be applied or removed, as they affect the locked cost basis.

What actions are blocked?

While data is locked, you cannot:

• Add or delete a wallet that includes transactions from the locked period.

• Apply or remove labels for locked transactions.

• Update or delete a label rule that impacts locked transactions.

• Update (change or delete an address) for a contact used in a label rule that applies to locked transactions.

• Update the rates of locked transactions.

• Change the workspace currency.

• Peg 1:1 stablecoins with USD for locked transactions.

Unlocking data temporarily

If you need to make updates, you can unlock data by following the same steps and toggling the lock icon.