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Accounting for Opening BTC Balance in QBO

TacT

This is a great app idea! Makes it easier for me to accept BTC and not worry about tedious data entry tasks!

I have a question regarding the opening balance figure. I noticed that when Blockpath synced transactions from my Trezor wallet to QBO, it didn't import my existing transactions or added an opening balance figure.

Is this how the app is designed to work? Also can I manually enter an opening balance figure of BTC? Will this affect future syncs between Blockpath and QBO?

I await your [...]

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[–]blockpath 0 points1 point ·  (1 child)

Hello KD,

I'm looking into your case now. Blockpath should create QBO accounts for each of your addresses/xpubs you add into Blockpath, and begin syncing all transactions into QBO after completing the setup and enabling the sync from our dashboard.

I'll send you another message soon when I have more information.

-Matt

[–]blockpath 0 points1 point ·  (0 children)

Hello KD,

I believe I've found the issue. I think a portion of Blockpath's UI during QB account creation is confusing and could be improved to make the process clearer.

A Blockpath wallet supports having private Blockpath-only addr/xpubs, along with QuickBooks addr/xpubs. Unfortunately, when upgrading a Blockpath account to support QuickBooks, the Blockpath-only items need to be deleted from the wallet and re-added as a QuickBooks item.

I'll send you an email with a more detailed response. I've added a small warning in the account manager window to explain this as well.

To your initial balance question: Currently, no, you can not set an initial balance for an account. All transactions for the addresses are synced into QuickBooks from the start.

Previously, I did have a feature to start the transaction sync from a start date the user enters and set an initial balance for transactions before that, but this complicated the capital gains/losses + reconcile features a bit. If this is something you are interested in, I can definitely look into it again, it is possible.

Thank you so much for using Blockpath. I really hope this can make your accounting easier, manual data-entry is no fun! I'm available 100% to make this better for you, and I'm crediting your account for an extra week free for your troubles.

-Matt

QuickBooks

A place to discuss Blockpath's QuickBooks Online Cryptocurrency App. Feel free to ask questions, make suggestions, and give feedback here.