This is the second part of a multi-part series that will explain how to employ bitcoin as a payment method using QuickBooks or any similar small business accounting package. Accounting principles generally accepted in the United States and state and federal regulatory authorities require reporting in US Dollars. Other countries have similar requirements. This procedure…
This is the first part of a multi-part series that will explain how to implement bitcoin as a payment method using any of the desktop versions of QuickBooks. This procedure will allow you to properly account for the full extent of your Bitcoin sales and integrate those sales into your business records as if they…
OKCoin announced last week that the China based bitcoin exchange has reserves on hand exceeding 100% of customer funds entrusted to it. The analysis, conducted by Ripple CTO Stefan Thomas, followed similar procedures completed at Kraken, Bitfinex and others that were intended to build customer trust in the assertion that funds would not be lost…
It recently came to my attention that a certain bitcoin accounting startup located in Utah is currently the subject of an administrative inquiry by that state. Among the alleged violations of Utah law is this company’s use of the term “CPA” in its name without having received a license from the state to operate as…
This is a repost of an article that I originally wrote for Bitcoin Magazine back in February of 2014. Though I suspected that it might be too technical (from an accounting perspective) for most readers to appreciate at the time, I ended up receiving more feedback about it than anything else I’ve written. Now that…
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