![]() It also seems like various jurisdictions are moving towards treating cryptocurrencies more like a security than a currency for regulatory and tax purposes. This is somewhat less intuitive, however in practice may be much closer to how most people are actually using cryptocurrencies: not as a currency to exchange for goods and services, but as an asset to buy with the expectation it will increase in value (similar to a standard security on a stock exchange). If it does match, you will need to choose a slightly different ticker symbol to make sure you don't pull data from a different security or currency into your cryptocurrency. ![]() If the extension doesn't return an error, make sure that the currency ID you have given the cryptocurrency does not match an existing security or currency.Note that the "Quotes and Exchange Rates" extension will likely return an error for your cryptocurrency. You may need to manually enter the exact rate of exchange for these transactions. This same process can work for sending funds in the other direction, or between cryptocurrencies themselves if you make a direct exchange. Once your accounts are set up, you can enter your purchases of cryptocurrencies as a transaction from your bank account (in normal currency) to your asset account (in cryptocurrency). Since an account has to be associated with a specific currency, you will have to repeat this step for each cryptocurrency.įor organizational purposes, if you need to create multiple accounts, you can set them up as sub-accounts of one larger cryptocurrency Asset account. ![]() Creating currencies are outlined in this article.Īfter creating the currency, you should create an Asset account to hold your cryptocurrency. To create a cryptocurrency as a currency in Moneydance, set it up as you would any other currency.
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