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Managing Accounts in BlockPeer Books

Understanding Account Types​

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Asset Accounts​

Assets are things your business owns with value.

Current Assets (Can convert to cash within 1 year)

  • Cash
  • Bank accounts
  • Wallets (crypto and fiat)
  • Receivables (money owed to you)
  • Inventory

Fixed Assets (Long-term value)

  • Equipment
  • Property
  • Vehicles
  • Furniture
  • Investments

Liability Accounts​

Liabilities are amounts you owe.

Current Liabilities (Due within 1 year)

  • Credit card balances
  • Accounts payable
  • Short-term loans
  • Deferred revenue

Long-term Liabilities

  • Mortgages
  • Long-term loans
  • Bonds

Equity Accounts​

Equity is what's left after liabilities.

  • Contributed capital
  • Retained earnings
  • Dividends paid
  • Common stock

Income Accounts​

Money coming in.

  • Sales revenue
  • Service revenue
  • Interest income
  • Rental income
  • Other income

Expense Accounts​

Money going out.

  • Cost of goods sold
  • Salaries
  • Rent
  • Utilities
  • Office supplies
  • Travel
  • Professional fees

Creating New Accounts​

Step 1: Navigate to Chart of Accounts​

  1. Go to Accounting → Chart of Accounts
  2. See all existing accounts organized by type
  3. Click + Add Account button

Step 2: Enter Account Information​

  1. Account Name: Clear, descriptive name

    • Good: "Ethereum Holdings", "Client Retainers", "Monthly Office Rent"
    • Bad: "Misc", "Account 1", "Various"

  2. Account Type: Select from list

    • Asset, Liability, Equity, Income, Expense
    • Sub-type will appear (e.g., Asset → Current Asset)

  3. Account Number (optional)

    • Use numbering system: 1000-1999 (Assets), 2000-2999 (Liabilities), etc.
    • Helps organize large charts of accounts
    • Must be unique

  4. Description: Optional explanation

    • Example: "Operational wallet for receiving client payments"

  5. Currency:

    • Default uses organization currency
    • Can override for multi-currency accounts
    • Example: If organization default is USD, this account can be in EUR

  6. Parent Account (optional)

    • If creating sub-account, select parent
    • Example: Parent "Crypto Holdings" → Sub "Bitcoin Holdings"

  7. Status: Active or Inactive

Step 3: Set Up Account Parameters​

Depending on account type:

For Asset Accounts:

  • Track cost basis? (For crypto)
  • Depreciable? (For equipment)
  • Depreciation method: Straight-line, accelerated, etc.

For Income/Expense Accounts:

  • Tax category? (For tax reporting)
  • Department? (For cost allocation)

Step 4: Save and Confirm​

  1. Click Create Account
  2. Account appears in Chart of Accounts
  3. Can now use in transactions

Organizing Accounts​

Account Operations​

View Account Details​

  1. Go to Accounting → Chart of Accounts
  2. Find the account
  3. Click the account name
  4. See:
    • Current balance
    • Transaction history
    • Sub-accounts (if any)
    • Recent activity

Edit Account​

  1. From Chart of Accounts, find account
  2. Click Edit (pencil icon)
  3. Can modify:
    • Account name
    • Description
    • Currency
    • Parent account
    • Status
  4. Click Save

Deactivate Account​

When you stop using an account:

  1. Go to Accounting → Chart of Accounts
  2. Find account
  3. Click Edit
  4. Change Status to "Inactive"
  5. Click Save

Important: Cannot delete accounts with transaction history (for audit trail). Instead, deactivate.

Set Up Sub-Accounts​

For detailed tracking, create sub-accounts:

Example: Crypto Holdings

Crypto Holdings (Parent) ├── Bitcoin Holdings (Sub) ├── Ethereum Holdings (Sub) └── Stablecoin Holdings (Sub)

Steps:

  1. Create parent account "Crypto Holdings"
  2. Create sub-accounts (Bitcoin, Ethereum, etc.)
  3. When creating sub, select parent as "Crypto Holdings"
  4. In reports, can view by parent or drill down to subs

alt text Connect wallets to accounts for automatic tracking:

  1. Go to Wallets → Blockchain Import → Select wallet
  2. Click on Create Entry
  3. Choose the transaction entry (e.g., "Invoice Payment")
  4. Wallet balance now tracks to that ladger account

Account Reconciliation​

Ensure your records match reality.

Weekly Reconciliation​

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  1. Go to Wallets → Blockchain Import → Select wallet
  2. Select Reports
  3. BlockPeer shows:
    • Blockchain Balance (what we recorded)
    • Actual Balance (what We synced)
    • Difference (should be $0)
  4. If difference exists, see "Reconciling Differences"

Monthly Close​

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  1. Go to Reports → Balance Sheet
  2. Select month to close
  3. Review all accounts for that period
  4. Check all transactions are recorded
  5. Verify balance sheet balances (Assets = Liabilities + Equity)

Reconciling Differences​

If actual balance ≠ book balance:

  1. Check pending transactions

    • Deposits might take days to clear
    • Withdrawals might be pending
    • Check transaction status

  2. Review recent transactions

    • Did you miss recording something?
    • Are fees accounted for?
    • Check wallet for unrecorded transfers

  3. Add adjustment entry

    • If discrepancy is small (likely fees or rounding):
    • Go to Accounting → New Transaction
    • Type: Adjustment
    • Debit or credit the difference account
    • Add note explaining

  4. Investigate discrepancies

    • Large differences = likely data issue
    • Check wallet directly
    • Verify transactions are syncing
    • Contact support if needed

Multi-Currency Accounts​

For international businesses:

Setting Up​

  1. Go to Settings → Organization Setup
  2. Add supported currencies
  3. Set exchange rate source (automatic or manual)
  4. Click Save

Using Multi-Currency Accounts​

  1. When creating account, select currency
  2. Balance shows in that currency
  3. In reports, see both currency value and converted value

Exchange Rate Management​

  1. Go to Settings → Exchange Rates
  2. View current rates
  3. Can set manual rates if needed
  4. Rates update automatically if using auto-update

Account Reports​

Account Statement​

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See all transactions for one account:

  1. Go to Reports → Ladger Summary
  2. Find account, click to view
  3. Click Account Statement
  4. Select date range
  5. See all transactions in chronological order
  6. Export to PDF

Trial Balance​

alt text Verify accounting equation (Assets = Liabilities + Equity):

  1. Go to Reports → Trial Balance
  2. Select as-of date
  3. See all accounts with debit/credit balances
  4. Total debits should = Total credits