Accounting for Bitcoin

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.