Acctual reposted this
Great overview on how we simplify paying bills with crypto and syncing it to Intuit QuickBooks - thanks The Accountant Quits! If you: -Pay more than 5 bills in crypto a month -Pay from an EOA / Safe / Fireblocks -Want better internal controls -Use QuickBooks / Xero Reach out! 👋🏽
Paying a bill in crypto? Easy. But as accountants, our job doesn’t end at the payment. It actually starts before that. Most web3 teams use accrual accounting, so we’ve got to debit the expense and credit the accounts payable. (𝑈𝑛𝑙𝑒𝑠𝑠 𝑦𝑜𝑢’𝑟𝑒 𝑎 𝐷𝐴𝑂 𝑢𝑠𝑖𝑛𝑔 𝑐𝑎𝑠ℎ 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔, 𝑏𝑢𝑡 𝑡ℎ𝑎𝑡’𝑠 𝑎𝑛𝑜𝑡ℎ𝑒𝑟 𝑠𝑡𝑜𝑟𝑦.) Some of the hurdles to ensure that transaction is appropriately recorded in your accounting software would be; ⏹ Converting the crypto bill to fiat ⏹ Manual entry of crypto bill in accounting software ⏹ Attaching the invoice ⏹ Adding the transaction hash Since Quickbooks or Xero do not have built-in features to support crypto, you’d have to use a tool built for crypto. This week, I explored 𝐡𝐨𝐰 𝐭𝐨 𝐩𝐚𝐲 𝐚 𝐛𝐢𝐥𝐥 𝐢𝐧 𝐜𝐫𝐲𝐩𝐭𝐨 𝐮𝐬𝐢𝐧𝐠 Acctual & 𝐭𝐡𝐞𝐢𝐫 𝐐𝐮𝐢𝐜𝐤𝐛𝐨𝐨𝐤𝐬 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧, and I cover; ✅ What is Acctual ✅ Create a bill ✅ Review automated journal entries in Quickbooks ✅ Complete payment of bill ✅ What could be improved for accountants Link to full article in comments 👇
