4 Min Read Did you know that we’ve built a handy accounting tool right inside our app? The best part is that all this information is completely private. Watch the video below to learn more about how easy it is to keep your bitcoin transactions organized whether for personal purposes or for your accountant.
When you send or request bitcoin, you can label each transaction for your record keeping. After you complete a transaction, simply select Expense, Income, Transfer, or Exchange.
Some users have been confused by these terms so here’s a quick breakdown of the ways they differ:
Expense is when you are spending bitcoin on an item, with a merchant, or just paying someone back for lunch.
Income is when you receive bitcoin for work you have done or products you have sold.
Transfer is when you send or receive bitcoin from one bitcoin account to another. For instance if you move funds from one wallet to another within the app or from another app you would categorize it as a Transfer.
Exchange is when you move bitcoin to an account that changes it into another currency besides bitcoin. You would select this option when using our buy and sell feature.
When you make a selection of Expense, Income, Transfer, or Exchange after a transaction, an auto-populated menu is available to the right of the button you chose so you can easily categorize what the specific transaction was used for. We added familiar terms used by accountants to help you decide. You can also add additional details in the “notes” field below. There’s a handy search tool to find information stored in previous notes.
When you revisit the details of past transactions, you can see the bitcoin price at the time of the transaction which assists with any reporting requirements. We made this feature to assist merchants and consumers with dissecting the details of their bitcoin transactions and are currently the only bitcoin wallet that makes categorizing your transactions this easy.
Adding relevant accounting data to your transactions in the Airbitz app is quick and painless, and will provide you or your accountant with rich, contextual information that can make your Bitcoin bookkeeping tasks quite a bit easier. Not to mention, it fills your transaction history with pictures and data that add color and make the transaction list easy on the eyes. And best of all, all these personal details are completely under your control. Airbitz Edge Security and our zero-knowledge data model means your metadata are for your eyes only.
After giving the transaction its proper label, you may want to tag it with a category to further specify what it was all about. An auto-populated list of categories is available to the right of the label you choose so you can easily categorize what the specific transaction was used for. We’ve added familiar terms to help you decide. You can even create your own categories which will be saved in your account and appear in the categories list for future use. You can also add additional details in the “notes” field below. Some fans of the app use the notes field to store sensitive information, even passwords or other secrets, which is really convenient to find again thanks to the search tool at the top of your transactions list. All of this sensitive information contained in the app is client side encrypted.
If you’ve given your Airbitz app access to your device’s contacts list, any payments sent to or received from your contacts will pull their profile picture right into your transaction history, which saves time when reviewing transactions. Again, because of Airbitz Edge Security, no one — not even Airbitz — has access to the data in your account, including your contacts list.
If you spend bitcoin at any of the merchants listed in our directory, you can add their name in the Payee field and their listing will appear. The photo that pops out links back to their directory listing.
Another little feature is when you revisit the details of any past transaction, you can see the bitcoin price conversion at the time of the transaction, while the main transaction list view shows the current bitcoin price. This takes the heavy lifting out of reporting requirements.
When you need to share your transaction data with your accountant, simply select the Export feature in the upper right hand corner, choose CSV, and then select the best option for your circumstance.
We made this accounting feature to assist merchants and consumers with dissecting the details of their bitcoin transactions and are currently the only bitcoin app that makes categorizing your transactions this easy.
