Crypto Accounting

Xero

Xero is not a very crypto friendly accounting software. It does not let you add your own currency nor let you manage manually the exchange rate. Xero forces you to use XE.com.

To bypass this problem, MoneyOverIP will generate every month a bank account file in your main currency. Each transaction will be valued at the rate of the transaction. The last transaction of the statement will have an entry adjusting as of the last day of the month. This entry will be reversed on the first day of the month.

It’s not the most elegant way to account for your currencies but this is the only way to make it work with Xero.