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Author: Admin | 2025-04-28
At least eight decimal places. So if QuickBooks doesn’t natively offer the coin you’re recording (such as Bitcoin or Ether), you might have to record the coin as a foreign currency (such as the Zimbabwe dollar) that does support the required decimal places. This adds another level of complexity to the accounting process and slows down the financial close process.So while using an add-on is better than manually calculating crypto transactions, QuickBooks, in general, isn’t really set up to handle crypto accounting.For that reason, you might want to consider using native crypto accounting software. One that seamlessly integrates your fiat accounting with your crypto accounting.Using a Crypto-Native Accounting SolutionWe were frustrated that there wasn’t a single general ledger accounting software that seamlessly integrated fiat and crypto financial data in one general ledger without using an add-on. To solve this problem, we built SoftLedger!SoftLedger is the first crypto-native accounting software that seamlessly integrates your fiat and crypto financial data, and automatically handles the nuanced challenges of crypto accounting. Here are a few key benefits of using a crypto-native solution like SoftLedger.Key Benefit #1: Automated Calculations and Clear Audit TrailThe main benefit of SoftLedger is that it does all of the calculations for you (without ever importing or exporting crypto data to an add-on tool). Specifically, SoftLedger automatically:Captures every transaction and tags it with the date and time stamp Calculates the cost basis (using the FIFO method)Calculates the gain or loss Records the corresponding journal entry whenever a transaction occursHere’s a brief walkthrough of the SoftLedger crypto module:So within a few seconds of a new crypto transaction entering the system, SoftLedger completes all of the above calculations and the general ledger automatically adjusts to reflect the new transaction. In addition, as all of the calculations are automatic, there’s always a clear audit trail. As a result, you never have to worry about manual errors creeping into your data.Key Benefit #2: Flexible Design to Evolve With Crypto AccountingWe also know that cryptocurrencies will continue to evolve, so we built SoftLedger to be as flexible as possible.First, we support all exchange-traded coins and tokens. In fact, even if your coin isn’t, you can enter a custom coin. A key problem with QuickBooks is that they only support a handful of coins. So if QuickBooks doesn’t support your coin, you’ll likely have to record it as a foreign currency to accommodate the necessary decimal places.
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