Hi All, Is there anyone also recording stable coins and how do you adjust the conversion rate at the end of the financial year? Thanks

Recording cryptocurrency in QuickBooks Online (QBO) and adjusting the conversion rate at later times consists of crucial steps to record accurately, Prada. I can provide some advice that can help you with this.

We can create an asset account and record your stablecoins holdings there. This way, you can monitor the worth of these assets. Since there will be changes in the currencies, we can create another category of accounts, like income and expense, to record the gains or losses of the assets.

To learn how to set up accounts in your Chart of Accounts, please refer to this article for step-by-step guidance: Add an account to your Chart of Accounts in QBO.

Additionally, before entering any adjustments to your conversion rate, please ensure that you've turned on Multicurrency since income and expense accounts will associate with the currency you've set up. If you haven't, you can follow the steps below:

1. Sign in to your QBO account.
2. Go to the Settings and select Account and Settings.
3. Select the Advanced tab.
4. Choose the Currency section, then select Edit.
5. Select your Home Currency. Then, turn on the Multicurrency option. Please note that you can't undo this option.
6. Click Save, then Done.

After setting up Multicurrency, you will be directed to the next Currencies page where you can manage the currencies.

For more info about using Multicurrency in QBO, please refer to this article: Set up and use Multicurrency in QBO.

Once done setting up currencies, we can now have an option to change the currency rate by making adjustments.

Here's how:

1. Go to the Settings and select Currencies.
2. Choose the currency you want to adjust.
3. Select the Small arrow icon, then click Revalue Currency.
4. Select a date for your currency revaluation.
5. Choose a rate, whether the Market rate or utilize your Custom rate.
6. Select the account(s) you'd like to apply for revaluation.
7. Click Revalue.

Please note that it's advisable to seek guidance from an accounting professional regarding the appropriate account use for recording and when entering currency adjustments.

For future reference, you can review this article that will help you if you encounter other Home currency adjustment problems: FAQs about Home currency adjustments.

We're here to assist you if you need further help with recording stablecoins and adjusting the conversion rate in QBO. Have a good one.