Bitwave Certification Program

What time zone should you select in your organization settings?

• UTC

• PST

• The time zone of the user

• The time zone of the legal entity

Which wallet type would you use for ETH and BTC wallets?

• Manual Wallet

• Watch Wallet

• Multisig Watch

• Enterprise Wallet

Is it required to 'create a new wallet' on Bitwave for wallets on other EVM compatible chains using the same address string as the Ethereum wallet?

• Yes, users must create a new wallet for each chain, even if the address strings are the same.

• Yes, but only for Polygon chain.

• No, connecting your Ethereum watch wallet will include all other chains.

• No, but only if you connect your metamask wallet to the platform.

What are categories and contacts in Bitwave?

• Categories = GL accounts.

  Contacts = Blockchain networks.

• Categories = Customers & vendors.

  Contacts = GL accounts.

• Categories = Transaction type.

  Contacts = Bitwave users

• Categories = GL accounts.

  Contacts = Customers & vendors.

Does Bitwave debit/credit multiple digital asset balance sheet accounts?

• Yes, Bitwave uses a separate digital asset account for each blockchain network

• No, Bitwave uses a single digital asset balance sheet account

• Yes, Bitwave uses a separate digital asset account for each wallet

• Yes, Bitwave uses a separate digital asset account for each asset type (BTC, ETH, SHIB)

What is the preferred procedure to remove a wallet and all preceding transactions?

• Delete the wallet first and then delete all associated transactions

• Contact your primary Bitwave support member and request to delete the wallet and transactions

• Delete the wallet in the organization tab, and all transactions will be automatically deleted

• Delete your Bitwave account

In Bitwave, where would you find gain/loss data?

• Tax scenario runner, found in the 'taxes' tab.

• In the DeFi dashboard

• In the transaction tab, click actions, and then click 'see gain/loss data'.

• Bitwave doesn't show you gain/loss data.

Will transactions categorized as trades appear in the Bitwave journal entry report?

• No, trades do not appear on the Bitwave JE report. Their gain/loss impact can be found on the gain/loss report

• Yes, journal entry for trades can be found in your journal entry report

What contacts do I need to set up in my ERP for Bitwave?

• Bitwave should be set up as a customer and a vendor in your ERP

• Bitwave automatically creates all necessary contacts

• Bitwave requires a vendor contact for fee categorization purposes

• The Bitwave support team will make them for you

Should I choose FIFO, LIFO or average cost when running the tax report?

• Depends on what you ate for lunch

• You should choose the one that reflects your client's preferred cost methodology

• Always choose FIFO

• Always choose LIFO