31 Mar '15, 3pm

Three Methods for Simple Bitcoin Business Accounting

Three Methods for Simple Bitcoin Business Accounting

This is a guest post from Digital Currency Council Member Marty Zigman. Recently, I gave a webcast presentation to AICPA members to help accounting professionals understand Bitcoin and how to treat it on the general ledger. If you are an AICPA member, the webcast is available for your viewing. In this article, the key points from that presentation are outlined and will help accountants fundamentally understand and approach business based Bitcoin transactions. Bitcoin and General Ledger Treatment There are three key processes that ultimately produce different accounting practices and general ledger treatment when Bitcoin is involved. These three processes coincide with Bitcoin’s adoption phases as follows: Payment Method Foreign Currency Base Currency Bitcoin as a type of “Payment Method” Within the context of modern accounting systems, examples of payment methods include c...

Full article: https://bitcoinmagazine.com/19819/three-methods-simple-bi...

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