0

I'm wondering if I can manage my bitcoins with my other securities? Or incorporate them into a business plan.

Murch
  • 75,206
  • 34
  • 186
  • 622
Gods Son
  • 1
  • 1

2 Answers2

1

Sure you could However it would be necessary to know how you transact with the coins...do you simply trade them out for fiat immediately? If so, then I would create the payment as a check from the exchange for the dollar equivalent that was collected and put the transaction ID and recipient address in QB. You should probably setup something like coinpunk or at least a full wallet server so that you can issue one time use addresses that are meant to be tied to your customer's account. This way, it will be easier to reconcile later. If you try to process your payments together manually into your own wallet, then I at least suggest to create a new wallet each month so that your transactions can be bundled together for ease of reconciliation purposes.

I don't think that you can add XBT as a currency yet within QB but then again I haven't used it in a couple years now.

Frankenmint
  • 485
  • 1
  • 5
  • 21
  • I ran across this recently (http://www.qbgarage.com/multicurrency/), you CAN use multiple currencies in Quickbooks, but it is a permanent change that adds complexity to your books forever. There is also the ability to add custom currency definitions (like XBT), but these must be updated with market prices manually, until QB supports XBC on their price service (or someone writes a script or something.)

    I like the above answer the best if it fits how you use bitcoin. If you need more, go for it, but don't overdo it.

     – Scrybe Oct 17 '13 at 19:23
  • FWIW that may happen sooner than you think. I have ties to an Intuit Senior Strategist and would be willing to make the push for it if you could give me links to forums where other QB users are itnerested in utilizing Xbt currency. – Frankenmint Oct 17 '13 at 23:14
0

You can use Bitpay now for some quickbooks transactions. Their software will allow you to track all of your transactions, which can obviously be quite helpful for any business accepting Bitcoins.

If you have questions about this, you should check out Bitpay. As I understand they've actually set up a separate help desk just to help Bitcoin users.

Bitpay is a highly reputable company based in the US and it's backed by Silicon Valley venture capital, just in case you're wondering.

BTC_Hamster
  • 953
  • 6
  • 6