To better track the buys and sells in the cryptocurrency market, QuickBooks Self-Employed integrates with Coinbase. You can now import your cryptocurrency transactions from Coinbase to QuickBooks Self-Employed. The feature is currently only available via QuickBooks Self-Employed Labs to select test users. In order to integrate your Coinbase account:
- Log into QuickBooks Self-Employed
- Select the Gear
- Select Labs
- Choose Coinbase and select Turn It On
- Enter your Coinbase credentials
- Authorize the permission to complete
One you've connected to Coinbase, you'll see your cryptocurrency transactions loaded on your Transactions page. You can see each transaction that occurs in Coinbase with the corresponding amount spent as well as the amount in gains/losses.
Some things to keep in mind:
- You can toggle on and off the specific coin wallet you wanted to hide by going to your Bank Accounts page.
- To see ALL transactions from a specific cryptocurrency, select/sort from the Transactions List.
- For Tax purposes, coinbase transactions will come in as Personal only and can't be changed to Business. (IRS regulations with cryptocurrency changes overtime and you should get an Accountant's professional opinion on the tax implications of any cryptocurrency transactions.)