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BlockPeer Books - Frequently Asked Questions

General Questions​

Q: What blockchains does Books support?​

A: BlockPeer Books supports 25+ blockchains including Bitcoin, Ethereum, Polygon, Solana, Binance Smart Chain, Avalanche, Arbitrum, Optimism, Cosmos, and more. When you create a wallet, you select which blockchains to enable.

Q: Can I track multiple currencies?​

A: Yes! BlockPeer Books supports multi-currency tracking. You can create accounts in different currencies (USD, EUR, INR, etc.) and set up automatic or manual exchange rates.

Q: Is BlockPeer Books suitable for my business?​

A: BlockPeer Books works for any business that needs:

  • Accounting for digital assets
  • Multi-blockchain transaction tracking
  • Financial reporting
  • Tax preparation
  • Team collaboration

It's especially great for crypto companies, trading firms, and businesses with mixed digital/fiat assets.

Q: Can multiple people use the same account?​

A: Yes. You can invite team members and assign roles:

  • Admin: Full access
  • Manager: Create/edit transactions
  • Accountant: Record transactions
  • Approver: Approve transactions
  • Viewer: View only

Q: Is my data secure?​

A: Yes. BlockPeer uses:

  • Encryption for data in transit and at rest
  • Role-based access control
  • Audit logging
  • Regular security audits
  • SOC 2 compliance (certified)

Wallet Questions​

Q: What's an MPC wallet?​

A: MPC (Multi-Party Computation) wallet is email-based, secure storage with no seed phrase. It uses mathematical protocols to keep private keys distributed so no single party (not even BlockPeer) can access them. Perfect for businesses.

Q: What's the difference between MPC and Multisig?​

A:

  • MPC: Managed by BlockPeer infrastructure, email login, single wallet address
  • Multisig: On-chain contract, multiple signers, all signers control, better for decentralized governance

Q: Can I use my existing hardware wallet?​

A: Yes. Add as a "Watch Wallet" to track balances and transactions. You can't move funds from BlockPeer, but you can monitor them.

Q: What if I lose my email password?​

A: With MPC wallet, you can recover via email reset. Always maintain backup access methods. For multisig wallets, keep your hardware wallet safe as backup.

Q: How long does it take to set up a wallet?​

A: MPC wallet: ~2 minutes Multisig wallet: ~10 minutes (plus time for signers to confirm) Watch wallet: ~30 seconds

Transaction Questions​

Q: How often do transactions sync?​

A: Auto-sync happens every:

  • 1 minute for pending transactions
  • 5 minutes for completed transactions
  • Daily for exchange/bank accounts

You can manual sync anytime.

Q: Why isn't my transaction showing?​

A: Possible reasons:

  1. Still pending on blockchain (5 min - 2 hours)
  2. Exchange/bank hasn't processed
  3. Not yet synced (try manual sync)
  4. Connected wallet is wrong one

Check blockchain explorer if needed.

Q: Can I undo a transaction?​

A: Recorded transactions can't be deleted (audit trail). Instead:

  1. Create reversal entry (same transaction, opposite direction)
  2. Then record the corrected transaction

Q: How do I categorize auto-synced transactions?​

A: For auto-synced transactions:

  1. Review pending transactions
  2. Edit if needed to select correct category
  3. Approve
  4. Posted transactions show correct category

For future similar transactions, set up auto-categorization rule.

Q: Do you support transaction fees?​

A: Yes. When recording transfer:

  1. Enter transfer amount
  2. Check "Include Fee"
  3. Enter fee amount
  4. Select fee account (Gas Fees, Transaction Fees, etc.)

Fee automatically recorded separately.

Accounting Questions​

Q: What's the difference between Accrual and Cash accounting?​

A:

  • Accrual: Record when transaction happens (income when invoiced, expense when incurred)
  • Cash: Record when money moves (income when received, expense when paid)

Most businesses use Accrual. Cryptocurrency typically uses Cash.

Q: How do I handle multi-blockchain transactions?​

A: BlockPeer Books automatically handles this:

  1. Connect wallets on multiple blockchains
  2. Set up accounts for each blockchain
  3. Create transfer with fee accounting
  4. Reports aggregate across all blockchains

Q: What's the Chart of Accounts for?​

A: Chart of Accounts organizes all your accounts by type (Asset, Liability, Equity, Income, Expense). It provides structure for financial statements and ensures proper accounting treatment.

Q: Can I modify the default Chart of Accounts?​

A: Yes. You can:

  • Rename accounts
  • Add new accounts
  • Delete unused accounts (if no transactions)
  • Create sub-accounts
  • Organize hierarchically

Q: What if I make an error in a transaction?​

A: Before posting:

  • Click Edit
  • Fix the error
  • Save

After posting:

  • Create a reversal entry (opposite transaction)
  • Record the correct transaction
  • This maintains audit trail

Q: How do I handle staking rewards?​

A: Staking rewards are income:

  1. Create Income Account: "Staking Rewards"
  2. Create Asset Account: "Staked Crypto Holdings"
  3. When rewards received:
    • Transaction Type: Income
    • From: Staking Rewards Income
    • To: Staked Crypto Holdings
    • Amount: Reward amount

Reporting Questions​

Q: When should I close a period?​

A: At the end of each month or quarter:

  1. Review all transactions
  2. Reconcile accounts
  3. Generate reports
  4. Archive/close period

This prevents accidental changes to past data.

Q: How is net worth calculated?​

A: Net Worth = Total Assets - Total Liabilities

For example:

  • Assets: $100,000 (cash, crypto, equipment)
  • Liabilities: $30,000 (loans, payables)
  • Net Worth: $70,000

Q: What's the difference between profit and cash flow?​

A:

  • Profit (P&L): Revenue - Expenses (may not be cash)
  • Cash Flow: Actual cash in and out (different timing)

Example: You invoice customer for $10,000 (revenue recorded) but haven't received payment (no cash). P&L shows profit, cash flow hasn't improved yet.

Q: Can I customize reports?​

A: Yes. You can:

  1. Use Custom Report Builder
  2. Select which accounts to include
  3. Choose filters, format, sorting
  4. Save as template
  5. Schedule to send automatically

Q: How do I export reports for tax?​

A:

  1. Go to Reports → Tax Reports
  2. Select tax year and jurisdiction
  3. Generate
  4. Export as Excel or PDF
  5. Share with tax professional

Reports include cost basis for capital gains calculations.

Q: Can I see year-to-date numbers?​

A: Yes. Generate P&L report:

  1. Period: Custom (start of year to today)
  2. Click Generate
  3. Shows year-to-date totals

Tax Questions​

Q: How does BlockPeer handle crypto taxes?​

A: BlockPeer handles:

  • Tracking cost basis (FIFO, LIFO, average)
  • Calculating gains/losses on each sale
  • Recording income (staking, mining, trading)
  • Tracking expenses (gas fees, trading fees)
  • Generating reports by jurisdiction

Tax treatment varies by jurisdiction - consult tax professional.

Q: What cost method should I use?​

A:

  • FIFO (First-In-First-Out): Assume oldest coins sold first. Often most tax-advantaged in rising markets.
  • LIFO (Last-In-First-Out): Assume newest coins sold first. Often lower gains in rising markets.
  • Average Cost: Use average price of all units held. Simpler, middle ground.

Consult tax professional for your situation.

Q: How do I prepare for tax time?​

A:

  1. Ensure all transactions recorded
  2. Reconcile all accounts
  3. Generate Tax Report for the year
  4. Export as Excel
  5. Review for accuracy
  6. Share with tax professional
  7. Keep export copies for records

Q: Are staking rewards taxable?​

A: In most jurisdictions, yes - as income in the year received. Exact treatment varies by country. Consult tax professional.

Q: Are gas fees deductible?​

A: In most jurisdictions, yes - as miscellaneous expenses. Track separately for tax reporting. Consult your tax professional for your jurisdiction.

Troubleshooting​

Q: My wallet balance isn't updating​

A:

  1. Check if blockchain is syncing (network congestion?)
  2. Click Manual Sync button
  3. Check balance on blockchain explorer directly
  4. Wait a few minutes and try again
  5. If still stuck, contact support

Q: Transactions aren't syncing from exchange​

A:

  1. Verify API key is still valid (exchanges sometimes expire)
  2. Check integration status (Settings → Integrations)
  3. Try reconnecting exchange
  4. Check exchange account to see if transactions exist there
  5. Contact support if issue persists

Q: I can't approve a multisig transaction​

A:

  1. Check you're listed as signer for this wallet
  2. Verify you have permission to sign
  3. Check transaction hasn't already been rejected
  4. Try refreshing page
  5. Contact wallet admin if access revoked

Q: Report shows wrong balance​

A:

  1. Verify all transactions synced (check sync date)
  2. Run reconciliation to identify discrepancy
  3. Check if pending transactions affecting balance
  4. Review manual transactions for errors
  5. Check transaction details

Contact & Support​

Where can I get help?​

How do I report a bug?​

  1. Go to Settings → Report Bug
  2. Describe what happened
  3. Include screenshots if possible
  4. Submit
  5. Support team will investigate