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The following sections describe the main scenarios for processing cryptocurrency-related payments and the corresponding approach for recording these operations in FirstBit Software. Each scenario represents a different business process and explains how standard system functionality can be used to reflect the related accounting events.
Scenario 1. Sell Cryptocurrency → Receive Fiat Funds → Pay the Supplier
Overview
This scenario describes the process where cryptocurrency is first converted into fiat currency, and the received funds are then used to pay the supplier through the standard banking process.
This approach is the most common payment method because it allows the supplier payment to be processed using traditional bank transfers while cryptocurrency operations are handled separately.
Process Flow
Cryptocurrency
↓
Cryptocurrency Exchange
↓
Fiat Currency
↓
Company Bank Account
↓
Supplier Payment
Process Description
The company sells cryptocurrency through an approved cryptocurrency exchange or service provider.
The received fiat funds are transferred to the company's bank account.
The supplier payment is processed using the standard banking procedure.
The related accounting operations are recorded in FirstBit Software using standard accounting documents.
Accounting Approach in FirstBit Software
Since dedicated cryptocurrency functionality is not available in the standard configuration, the operations related to this scenario are reflected using standard accounting documents.
The accounting workflow includes:
recording the cryptocurrency-related transaction using the available accounting functionality;
recording the receipt of fiat funds;
recording the supplier payment.
The exact set of documents and accounting entries may vary depending on the company's accounting policies and the configuration settings used in FirstBit Software.
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