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SwensenCpa
Level 1

Posting Cryptocurrency transactions

Hi,

I have a client that did cryptocurrency exchange using Coinbase, but the only information I have is the dollar amount they spent to do so. How do I properly record this transaction?

2 Comments 2
Kurt_M
QuickBooks Team

Posting Cryptocurrency transactions

Hi there, @SwensenCpa. I'll share some information on how you can record the cryptocurrency exchange in your QuickBooks Desktop (QBDT).
 
To track and record your Cryptocurrency exchanges, QBO requires a third-party program. You can accomplish this by integrating applications with our program. Meanwhile, I'd recommend consulting your accountant if you wish to manually record your exchanges. They'll be able to provide you the best advice available.
 
Feel free to visit these handy articles for future reference:
 

 

In case you need help performing specific features in QuickBooks. Please know that I'm just a click away. Rest assured, I can assist you anytime to improve your experience. Keep safe and have a good one!
Rainflurry
Level 12

Posting Cryptocurrency transactions

@SwensenCpa 

 

Cryptocurrency is treated like property, so you need the client's basis (FMV as of the date of receipt) in the cryptocurrency they traded in order to calculate gain/loss.

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