How to Sync Crypto Transactions to QuickBooks Online

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Tired of spending too many hours wrangling spreadsheets?

With Gilded's crypto accounting plugin for QuickBooks you can sync crypto transactions to QuickBooks Online in minutes. 

Bitcoin QuickBooks Journal Entry

How does it work?

  • Gilded syncs crypto transactions from popular sources like the Bitcoin and Ethereum blockchains and the Coinbase exchange. Gilded automatically attempts to classify each crypto transaction as income, expense, trade, or transfer.
  • Gilded creates QuickBooks journal entries for each crypto transaction during the sync.
  • We map income, expense, fee, and gain/loss accounts to your QuickBooks chart of accounts. You customize how these mappings work.
  • We automatically create a Digital Assets account in QuickBooks to keep track of your digital assets value in USD or other traditional currencies including EUR, CAD, etc. For each digital asset, we create a separate sub account such as BTC Asset.
  • Once your crypto transactions are synced, run QuickBooks reports as usual. Your reports  now include your crypto transactions.
  • When generating a Balance Sheet report, the Digital Asset account values should be marked to market at the end of each reporting period.

 

It's a 5-step process that can take as little as 10 minutes:QB Integration - How It WorksNeed help setting up? We're available to answer any questions you might have. Initiate a chat by clicking on the orange bubble on the bottom right of your screen or email us at hello@gilded.finance.

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1. Sign up for Gilded's cloud-based software

SIGN UP HERE: Gilded Signup

After you sign up, you'll have the opportunity to sync transactions from your Bitcoin and Ethereum wallets. Be sure to have your wallet addresses handy.

For complete instructions, see our Getting Started Guide.

2. Upgrade to the Small Business plan

In order to access QuickBooks integration and file import and export features, you must upgrade to our Small Business edition.

We offer a fully functional 14 day free trial. To begin your trial, click the upgrade button on the top menu. You will then be prompted to enter your credit card information. After 14 days, your credit card will be charged $48 per month for the Small Business edition. Unsubscribe at any time during your trial. 

Gilded Signup

3. Enable QuickBooks on the Integrations page

After upgrading your account, select Integrations from the top menu.

Select Connect to QuickBooks on the integrations screen.

A pop up window will prompt you to enter your QuickBooks credentials and authorize the connection. Gilded does not store your QuickBooks credentials.

QuickBooks Crypto Sync

4. Configure mappings to your Chart of Accounts

Gilded needs a dedicated account in QuickBooks to store digital asset holdings. Under this account, Gilded will create sub accounts for each of your digital assets like Bitcoin and Ethereum. We recommend calling it Digital Assets.

You'll need to create this account manually in QuickBooks. Or, you can use the Auto Configure Mappings button to create it directly from Gilded.

QuickBooks Crypto Mapping

 

The only change Gilded makes to QuickBooks is creating the Digital Assets account. You can always delete this account from QuickBooks later if you decide not to keep it.

The Auto Configure Mappings button also maps income, expense, fee, and gain/loss accounts. You can customize these mappings to suit your needs.

Gilded's Pro Accounting plan gives you even more control over how wallets and crypto transactions are mapped. Contact us to learn more.

5. Sync your first crypto transaction to QuickBooks Online

Navigate to the Activity screen to see all your crypto transactions. On the right side is a QuickBooks column  indicating whether each transaction has been successfully synced. Gray means not synced ;  green means synced.

Click on a transaction to view the details. Make sure the Classification is correct (income, expense, etc), and click the Save to QuickBooks button at the bottom. This step will take just a moment to complete.

Next, open QuickBooks to verify that the transaction was synced as a journal entry. The easiest way to find the transaction is using the magnifying glass icon at the top right of QuickBooks. When the dropdown menu opens, it should appear as the most recent journal entry on top.

Now you can run your standard QuickBooks reports noting your newly synced crypto transactions.

Having trouble? 

Follow these steps to troubleshoot:

  1. Navigate to the Integrations page in Gilded to verify the QuickBooks integration is enabled.
  2. Review your Chart of Accounts mappings:
    • Verify that your Digital Assets account is mapped to a QuickBooks account of the type Other Current Assets.
    • Verify that your Income account is mapped to an Income account in QuickBooks.
    • Verify that your Expense, Fee, and Gain/Loss accounts are mapped to Expense accounts in QuickBooks.

We're here to help with any questions. Contact us anytime via the chat bubble below or send us an email at hello@gilded.finance.

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