• tom
  • Senior Member
  • Offline
  • From: USA, FL, Tampa
  • Registered: 03/24/2009
  • Posts: 360

Topic: Import Crypto transactions - maybe add to import transaction plugin?

The basic thought process is to keep track of crypto may be something like

Treat the crypto like an inventory item (physical asset) and then import transactions much like 'Inventory Adjustments'
The GL transactions would track the value if each individual inventory item

It is much like knowing how much each item is as you sell it, as opposed to averaging the cost across all the inventory on hand
(Can FA do this now? It is could be used on normal inventory items)

Some transactions would appear as Income and others would be converting between crypto/FIAT (ie USD, etc)

I am not sure how these actions are handled with the GL accounts

I need some education on this.

Would the Import Transactions be a good place or should I take break off and make a new module?

Tom

tom's Website

  • From: USA, CA, Valencia
  • Registered: 12/31/2017
  • Posts: 91

Re: Import Crypto transactions - maybe add to import transaction plugin?

This already can be done with my strikeout module. It has many payment options.
Stripe,
Paypal,
Lnbits (bitcoin Lightning),
Strike (bitcoin reg + Lightning as local currency no merchant fee),
BTC Pay server (bitcoin and lightning default but will support crypto sh*t coins with add ons)
set how you want to account it as foreign currency or as inventory in the payment options. in front accounting
to add it to my website I use an iframe but it will make QR codes on frontaccounting invoices as well.

to install add and activate strikeout module to your fa installation, activate permission for your user roles you want to access information, go to new payment methods settings and set up. When possible make read / invoice api keys only. you dont need payment permission

https://github.com/trafficpest/FA24extensions/tree/strikeout

  • From: USA, CA, Valencia
  • Registered: 12/31/2017
  • Posts: 91

Re: Import Crypto transactions - maybe add to import transaction plugin?

In the united states it should be treated as inventory Cost basis

a basic sale
credit -> sales, service, or accounts receivable
debit -> inventory

then Adjust inventory units

a basic purchase
credit -> appropriate expense account
debit -> inventory

then Adjust inventory units

every company could be a bit different. depends if bitcoin is an important part of the business like COGS etc

4 Reply by Stotle (edited by Stotle Today 07:02:42 am)

  • From: USA, AZ, Phoenix
  • Registered: 10/02/2024
  • Posts: 15

Re: Import Crypto transactions - maybe add to import transaction plugin?

I've had to work through a similar situation when tracking crypto for business records, and it can get pretty messy using traditional accounting tools. Treating each token as a separate inventory item actually helped me get a clearer value for every single asset, instead of mixing up their costs or using averages. It takes a bit more setup but made tax and audit time less stressful for me. One important thing is making sure you’re accurately recording the value at the time of each transaction, especially if you’re dealing with lots of swaps or staking rewards. Over on Raydium, for example, maintaining good records gets even more important when you generate trading volume on raydium dex for token visibility. It’s something to keep in mind if you work with DEXs or liquidity pools.

Stotle's Website