Treating BTC as cash is fine but I would consider creating an account for BTC in your accounting software since it could become a problem when you reconcile.
It’s a solvable problem for sure, just no one is discussing best practices yet.
Crazy to think this is a 15-year old asset and it still seems early in this aspect.
You do BTCpayserver POS or online?
POS. I actually do capture the BTC payments at the register as Bitcoin but when that data gets pushed to the bookkeeping backend I deposit it to “Cash on Hand”. I’m using Lightspeed POS and I need to build a middleware to automate the payment workflow between Lightspeed and BTCpay. But I’m not really a developer so I’ve been avoiding that and just added a payment method called bitcoin in the POS, create the sale, and then jump to a browser where the BTCpay server page is and enter the amount. Once it goes through I jump back to Lightspeed and hit bitcoin as the payment method and it prints the receipt. It’s more or less the same as accepting a check, which I also have as a payment method in Lightspeed.
I think that could work, but I’m definitely no CPA lol.
I might have to message you in the future to see how your process is going. I setup BTCpayserver but haven’t yet pulled the trigger. Our payment flow is different, we don’t really do retail. Most of what we do is high-dollar and estimates could take days, weeks, even years by the time we consult/quote/invoice since we’re in the construction
Hit enter too soon!
*since we’re in the construction industry (lighting mainly).
We have projects where we quote and it could take a year even two for client to finally pull the trigger. In between there are likely several revisions.
Since it’s higher dollar it’s rare to be CC. Usually check or wire transfer. Smaller orders and online sites could be interesting with lightning and BTCpayserver but then you have to properly manage the channels and whatnot.
Early-ish days still in my opinion.
I agree, we’re super early. That’s why I want to talk to others who are trying to run real businesses and figure this out. We can identify the problems so that developers can start building the tools
The service side of my business is that way, so I can relate. To add a layer of complexity, I deal with about 20% international customers who I think I can make a great case to for using bitcoin. They struggle with time zones, bank hours, exchange rates, fraud alerts, etc.
I’m going to have new problems once I start to convince a few of them to pay in bitcoin instead of fiat. This is closer than most people think too. At our last meetup, someone demoed using Strike payment rails to spend fiat out of their bank account to seamlessly send bitcoin to me with a zero balance in their actual strike account. No taxable event there. Strike does this in something like 30 countries already. It’s fully KYC’d but it solves a real problem
That’s life. Solve one set of problems to find a new set of problems…
It’s great that strike does that, I’m surprised I wasn’t aware of it!
