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September 10, 2022
Question

I need to add a cryptocurrency to Quickbooks. This not bitcoin but another currency on the BNB smart chain

  • September 10, 2022
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1 reply

September 10, 2022

I'm happy to see you on the Support forum, @nicholas-3qualit. I'm here to assist with how you can add cryptocurrencies to QuickBooks Online.

 

With multicurrency, we can record our transactions in the currency that was given to them. We must exchange Cryptocurrency for our local currency to incorporate it into your QuickBooks account.

 

Here's how to add local currency:

 

  1. Go to Settings ⚙.
  2. Select Currencies.
  3. Note: This option is available after you turn on multicurrency.
  4. Select Add currency equivalent to your local value.
  5. Select the new currency from the Add Currency ▼ dropdown menu.
  6. Select Add.

 

Next, let's open a dummy account in the local currency to enable transfers between 2 different foreign currencies.

 

  1. Go to the Gear icon, then select Chart of Accounts.
  2. Select New.
  3. Under the Account Type column, select Cash and cash equivalent. Under the Detail Type column, select the Cash on hand. And under the Name column, type in Dummy Bank.
  4. Before saving and closing, let’s make sure it’s set to your home currency.

 

Set the Dummy Bank account we created as the Deposit To field in the Receive Payment form. The amount in your home currency that is shown in the bottom right must be noted.

 

Follow these steps:

 

  1. Go to the + New and select Transfer.
  2. On the Transfer Funds From column, select the Dummy Bank.
  3. Under Transfer Funds To, choose the Foreign Bank you use for the crypto.
  4. From the Currency column, select the home currency from the dropdown arrow.
  5. Enter the amount.

 

In addition, we can use a third-party app that will automatically sync your cryptocurrency transactions into QuickBooks Online if you want to automate this process. Visit this link to see a large selection of options: QuickBooks App Center.

 

Furthermore, if you want to conduct business with foreign suppliers, clients, or employees, QuickBooks supports multiple currencies. The most frequent inquiries are listed below: Multi currency FAQ.

 

I'm also adding this quick overview about how to deal with cryptocurrencies in QuickBooks Online: QuickBooks Blog.

 

Please know that I'm always here to guide you with other topics within QuickBooks. I'll be waiting for your response.