How to Account for Bitcoin in QuickBooks Online

blockpath · 2018-11-21T05:50:23+00:00

More people every year are accepting Bitcoin in their business, and combining it with your traditional accounting methods can pose some difficulties. Let's discuss how to integrate Bitcoin into your QuickBooks Online account.

Here are a couple methods you can choose from:

Home Currency Method

Convert the Bitcoin value into your home currency (ex: 'USD'), and manually create transactions with those values. This is a simple choice if you don't have many transactions to include, and you just [...]

greg77 · 2018-11-15T06:31:35+00:00

Hey Blockpath,

I've been using your Quickbooks app for a couple days, it is working great!

However, today I had a small problem. In the Account Register for one of my addresses, QuickBooks is showing the wrong ending balance at the top of the page.

I looked through all of the transactions Blockpath created, and they all look correct. It is strange, because looking at the very first transaction in the account, it already has an Opening Balance that isn't 0... Is this a bug on QuickBooks [...]

blockpath · 2018-11-08T09:41:33+00:00

Blockpath automatically calculates and places your capital gains into QuickBooks in a parent income account named 'Crypto Capital G/L'.

Bitcoin held for less than one year is placed into a sub-account named 'Crypto Capital G/L - Short Term', while gains from longer than one year are placed into 'Crypto Capital G/L - Long Term'.

Capital G/L Income Accounts

To view a report, find the income account in the QuickBooks Chart of [...]

blockpath · 2018-11-08T06:59:15+00:00

Reconciling accounts is a feature where Blockpath checks the Bitcoin data within QuickBooks for accuracy.

We will look at the balance and transactions of each Bitcoin account within QuickBooks, and compare against current Blockchain data.

Blockpath automatically runs this reconciliation after various user actions, but we've made it available to be run manually for peace of mind when reviewing your finances.

Reconcile Window

**How [...]

blockpath · 2018-11-08T06:23:58+00:00

The accounts that Blockpath will create and sync into QuickBooks are controlled from Blockpath's Wallet Manager.

Accounts are groups that contain your addresses you want to monitor.

Addresses will be sub-accounts within QuickBooks that will hold your transactions (except for xPubs, see below)

Access the Wallet Manager from the QuickBook app, or from above the summary section on the transaction page.

[Wallet Manager Button Locations](https://blockpathstatic.website/images/qb/walletmanager.

blockpath · 2018-11-07T05:46:35+00:00

Youtube Video

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