Step A. Create Chart of Account (you should only need to do this the first time you import transactions that you want to categorize a certain way, i.e. the first time you pull in a client's BTC transactions)
- Log in to Quickbooks Online
- Select 'Accounting > Chart of Accounts' on the left
- On the Chart of Accounts screen, click the 'New' button in the upper right
- Add a new chart of account:
- Type = Bank
- Detail Type = Checking
- For the name, ensure you use something that will allow you to uniquely identify the account (or 'bucket') these transactions are in, now and in the future. We typically recommend a pattern along the lines of "Ledgible - <Cryptocurrency Chain of Transactions>" (i.e. "Ledgible - BTC")
- Click 'Save and Close' on the Chart of Account modal pop-up
Step B. Upload the File
1. Click 'Banking' on the left menu
2. Click the 'arrow' next to the Update button on the upper right, and select 'File Upload' from the dropdown menu.
3. Select the OFX file you wish to import for upload using the 'browse' button; note that any file larger than approximately 1000 transactions may be rejected for being too large.
4. Click the green 'Next' button in the lower right corner.
5. Under 'Select Account' in the right column, choose the account you wish to import the file's transactions to (if you just created the 'Ledgible - BTC' account, for example, you might choose that one)
6. Click the green 'Next' button in the lower right corner; Quickbooks will import the transactions, and then take you to your Banking screen where you can choose to accept, exclude, or apply rules to the transactions.