Setting up your Crypto Balance Sheet in Quickbooks & Xero

Are you struggling with booking on-chain transactions into your main ledger? Are you using Quickbooks or Xero? 

If you are currently transacting in crypto, having your chart of accounts set in the right way from the get-go will save you hours of constant back-and-forth tweaking in the long run. 

On April 4th, Bassil Eid, the Managing Partner at Detof, a crypto accounting firm from Switzerland, and the Founder of Breezing, a crypto sub-ledger guided us on ‘How to Set up a Crypto Balance Sheet in Quickbooks & Xero’

Agenda

• Create a chart of accounts from scratch in Xero & Quickbooks; 
• Creating journal entries for crypto sales, expenses, swaps, internal wallet transfers;
• The difference in having your wallets set up by token v/s by wallet addresses;
• Connecting a sub-ledger to Xero/Quickbooks, and reconciling transactions from block explorers.