This instruction describes how to record cryptocurrency (e.g., USDT) transactions in FirstBit Software, ensuring that financial results are reflected in Finance Income / Finance Expenses, rather than in Revenue / Operating Income.

Purchase of Cryptocurrency.

Create Bank Payment Document, go to Money module → Bank Payment,  create document and select Transaction Type - Other. Select the Bank Account from which payment is made, enter the amount of cryptocurrency purchased on the Main tab.

On the Payment Details tab, specify the GL Account where cryptocurrency transactions will be recorded in accordance with your company’s accounting policy, specify counterparty and contract. 

Save and Post the Document. 

Sale of Cryptocurrency. 

Create Bank Receipt Document, go to Money module → Bank Receipt,  create document and choose Transaction Type - Other. Select Bank Account where proceeds will be received, enter amount received from the sale on the Main tab.

On the Payment Details tab, specify the GL Account, counterparty and contract. 

Save and Post the Document. 

Recording Profit / Loss from Cryptocurrency Trading

Create Other Income / Other Expense Document:

• • Other Income → if there is a gain from the sale

  • Other Expense → if there is a loss

Go to Accounting module → Other Income / Other Expense.

Create a new document and select the Transaction Type – Accrual  on the Main Tab.

If the sale of cryptocurrency results in a financial gain, specify the Finance Income account or the account that you use in accordance with your company’s accounting policy in the Other Income document.

Step 2: Post the Document

• The system will:

  • Reflect profit/loss on Finance Income / Finance Expenses

  • This ensures correct financial result in Profit & Loss

Month-End Closing

• Finance Income / Finance Expenses accounts are automatically closed when the month is closed

• USDT Wallet balance reflects the residual value of unsold cryptocurrency

 Important Notes

1. Do not use Invoice or Sales documents for crypto transactions

   • These automatically post to Revenue / Operating Income → incorrect for financial accounting purposes

2. Always use Bank Payment / Bank Receipt → Transaction Type: Other

3. Maintain separate Other Income / Expense documents for gains or losses

4. The approach ensures crypto is treated as a financial asset, not as a product sale

Result:

• USDT transactions are recorded correctly as financial asset operations

• Profit or loss flows to Finance Income / Expenses

• Revenue / Operating Income remains unaffected

• USDT Wallet reflects the current holding balance