Update Cryptocurrency Exchange Rate

Each cryptocurrency configured in the application is also created as a standard Business Central Currency.

It is possible to configure the system to update cryptocurrency exchange rate automatically under the page « Blockchain General Setup », in the category « Exchange Rate Service » :

There is two available service preconfigured : CoinGecko and CoinMarketCap.
The URL is suggested by the system.

The update can be scheduled under the « Update Schedule » category, simply by clicking the field « Crypto. Exchange Rate ». This will create a job queue that can be scheduled to run every days.

Note : Crypto currency markets are opens 24/7

CoinMarketCap Exchange Rate Service

CoinMarketCap.com have accurate market data and we would recommand to use this service if you need precise exchange rate.

CoinMarketCap provide free exchange rate service but it need to create an account on there web site using the Free Plan. You can sign up following this link. If you don’t like to create an account, refer to CoinGecko service instead.

Once signed up, you can copy the API key from the home page and past it in Business Central in order to retrieve exchange rate.

CoinGecko Exchange Rate Service

Coingecko offer free public exchange rate API against multiple fiat Currency.
It does not need to create an account.

When using Coingecko Exchange rate service, the system will first try to identify each currency ID used by CoinGecko using the Currency Code and Description.

Usually the system matching is great but it can happen that ID does match another cryptocurrency with similar name. Therefore you can edit IDs manually refering to CoinGecko ID list available here.

Crypto Assets Revaluation

When exchange rate change, the company cryptocurrency owned shall be updated in local company currency periodically.

Blockchain Currencies Revaluation Journal page help you to suggest and prepare general journal lines in order to post adjustment.

Note : Right now this page do not provide any asisstance with the accounting of purchase or sell of cryto currencies. You need to cover such transaction by yourself. A realized gain/loss account may be used balancing with the unrealized account configured on blockchain posting groups.

• « Update Revaluation » action refresh all amount holded in owned blockchain account in (LCY).
  
  You can also udate all exchnage rate in the same action

• « Prepare » action is creating General Journal Line using account configured in Blockchian Posting Group, to adjust the difference betwen current account balance and the newly valuaed Amount (LCY).
  
  The system open the general journal and the user can choose to modify or post the suggested general journal lines.