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Tax treatment of Cryptocurrency sales and exchanges

Cryptocurrency, such as Bitcoin, Ethereum, Monero, and Litecoin among others, has picked up major traction in recent years to the point that it has become a major concern for tax and accounting professionals, the authorities, and cryptocurrency users themselves. People started using cryptocurrency to save money on cash remittances outside the country (for example, a $200 cash transfer to the...

How to treat your PayPal account in QuickBooks

Answer: As a bank account. Many clients that I have had disregarded PayPal entirely on their chart of accounts and instead believe it is merely a vehicle for your funds to flow to and from your other (more brick-&-mortar) bank accounts. However, when I’m running through to do the bank reconciliations, I’ll see both payments...