Quickbooks Bitcoin Import, BitPay
Import your Bitcoin Sales into Quickbooks
In Quickbooks, you do not need multi-currency enabled if your home currency is USD, EUR, or CAD, and you are taking 100% settlement from BitPay in that same home currency.
Very first, create three fresh Accounts in your Chart of Accounts. Income and Expense accounts can only be denominated in your home currency. (if your home currency is not USD, substitute USD below with your home currency)
Your Bank Account should already be in Quickbooks. BitPay’s ACH/EFT transfer will be transferred to “My Bank” which you can switch in the General Ledger transaction after import. Your Quickbooks Chart of Accounts should have these entries:
Here is a Test File to download
In Quickbooks select: File – Utilities – Import – IIF files
If this imports and My Bank USD shows a balance of $100.00 then the file has imported correctly. Look at the G/L to verify the Sales Receipts.
Edit the transfer and substitute “My Bank USD” with the Bank account in your chart of accounts that received the direct deposit from BitPay.
Your BitPay sales are now fully integrated with your financial reports in Quickbooks!
Note that if you keep any % of your sales in Bitcoin, this will not be noted in the download. It will prorate the gross sale to only the % of the gross sale which you lodge in your local currency. Read the next section “Keeping Partial or All Settlement in Bitcoin” to learn more.
Income Statement derived from BitPay import
Balance Sheet derived from BitPay import
How to Download from BitPay
From your dashboard, click on Account Ledger and select your home currency to download.
You will need to specify the date range to download, and then choose Quickbooks IIF file.
We should note that Quickbooks does not support multi-currency very well, even in the two thousand thirteen edition. Nonetheless, we have used the capabilities of Quickbooks to their current maximum potential.
If you take 100% settlement from BitPay in your home currency, you are done!
If you keep a % of your BitPay Sales in Bitcoin, go after the next section to import those from your BitPay BTC ledger.
Keeping Partial or All Settlement in Bitcoin
The Gross, Net, and Fees are % prorated from the total amount of the sale. Meaning if you keep 10% bitcoin and lodge 90% in EUR, your EUR ledger will have an entry signifying 90% of the total gross sale, and your BTC ledger will have an entry indicating 10% of the total gross sale, with the same Order Number so you can match them up in Quickbooks.
Create two more accounts in your Quickbooks Chart of Accounts:
These accounts represent the USD value of your bitcoins, at BitPay and also when shoved to your Bitcoin Wallet.
How to Reconcile your Company’s Bitcoin holdings in Quickbooks
While Intuit’s support for multi-currency doesn’t give all the income/expense reporting needed for bitcoin transactions, it is possible to add your Bitcoin Wallet into Quickbooks, and mark your digital assets to market price every day or every month.
As of the two thousand thirteen edition, Quickbooks cannot:
- have an income account in any currency other than your home currency
- have an expense account in any currency other than your home currency
- permit you to set your home currency to a currency you add (e.g. Bitcoin)
- resolve any currency balance to more than two decimal place precision
- permit you to specify an exchange rate for each sale
- permit you to specify a data source for exchange rates for a currency
- permit you to upload a history of exchange rates for a currency
- permit an exchange rate with a date & time (only one rate per calendar day permitted)
We encourage Quickbooks users to contact Intuit directly and encourage development in the above eight areas to improve their multicurrency support.
You cannot inject Income or Expenses in BTC, bits. But you can setup a Bank account in bitcoin to announce and value your bitcoin holdings. You will very first need to enable multicurrency support in your Quickbooks. Then, you can add a fresh currency:
Company – Manage Currency – Currency (Fresh)