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.
First, create 3 new 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, replace USD below with your home currency)
| Type | Income |
| Account Name | BitPay Sales USD |
| Tax-line Mapping | Income: Gross Receipts or Sales |
| Type | Expense |
| Account Name | BitPay Fees USD |
| Tax-line Mapping | COGS: Other Costs |
| Type | Bank |
| Account Name | BitPay AR USD |
| Tax-line Mapping | B/S Assets: Accts Rec |
Your Bank Account should already be in Quickbooks. BitPay’s ACH/EFT transfer will be transferred to “My Bank” which you can change 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 replace “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 settle in your local currency. Read the next section “Keeping Partial or All Settlement in Bitcoin” to learn more.
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 2013 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, follow the next section to import those from your BitPay BTC ledger.
The Gross, Net, and Fees are % prorated from the total amount of the sale. Meaning if you keep 10% bitcoin and settle 90% in EUR, your EUR ledger will have an entry representing 90% of the total gross sale, and your BTC ledger will have an entry representing 10% of the total gross sale, with the same Order Number so you can match them up in Quickbooks.
Create 2 more accounts in your Quickbooks Chart of Accounts:
| Type | Bank |
| Account Name | BitPay AR BTCUSD |
| Tax-line Mapping | B/S Assets: Accts Rec |
| Type | Bank |
| Account Name | My Wallet BTCUSD |
| Tax-line Mapping | B/S Assets: Cash |
These accounts represent the USD value of your bitcoins, at BitPay and also when pushed to your Bitcoin Wallet.
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 2013 edition, Quickbooks cannot:
We encourage Quickbooks users to contact Intuit directly and encourage development in the above 8 areas to improve their multicurrency support.
You cannot enter Income or Expenses in BTC, bits. But you can setup a Bank account in bitcoin to declare and value your bitcoin holdings. You will first need to enable multicurrency support in your Quickbooks. Then, you can add a new currency:
Company - Manage Currency - Currency (New)| Name | microbitcoin (bits) |
| Symbol | bits |
Next, create a new account in your chart of accounts for each bitcoin wallet you want to account for in Quickbooks.
| Type | Bank |
| Account Name | My Wallet bits |
| Currency | microbitcoin (bits) |
| Tax-line Mapping | B/S Assets: Cash |
Because Quickbooks precision cannot go past 2 decimal places for the quantity, if you want to account for your bitcoin holdings you will need to use microbitcoins (bits). The exchange rate for bits is the rate for BTC divided by 1,000,000. Quickbooks does have 8 decimal precision when calculating the rate, but only 2 decimal precision on the quantity.
| USD for 1 bitcoin (BTC) | $123.4567 |
| USD for 1 microbitcoin (bits) | $0.0001234567 |
To transfer the balance from the USD representation of your bitcoin wallet to the bits account for your bitcoin wallet:
Every day, you will manually need to enter the exchange rate under Company - Manage Currency. The exchange rate is the USD amount pushed to My Wallet BTCUSD divided by the actual number of bitcoins delivered to your wallet, as viewed directly on your bitpay.com BTC account ledger page.
Then, manually enter a TRANSFER every day to clear out the deposit from the My Wallet BTCUSD and transfer into My Wallet bits. Your Wallet should now show the latest deposit in the correct number of bits, and on your balance sheet the entire wallet balance will be marked to the current market price.
