Accounting for Bitcoin

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1

Hello,

I invested company funds in Bitcoin, which I intend to hold for many years. How do I account for this in my accounts on Quickfile? Currently I have the amount I paid from my GBP account for the Bitcoin untagged in my Quickfile. How do I tag this?

Thanks!

2

Hello @belper56

I found a couple of posts which may help

  1. https://community.quickfile.co.uk/t/adding-digital-currency-btc-ltc-
  2. How do I record a trading loss?

As far as I can see from an accounting perspective you’d just create a BTC virtual bank account then treat any BTC acquisitions as a transfer from the current account. Occasionally you’d need to revalue the portfolios with adjustments or journals. But they are unrealised loss/gains until sold.

It’s a tricky one that I would recommend speaking to your accountant about as to the best way to handle it.

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