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http://bit.ly/CommunitySSOTrack Bitcoin (BTC) and other Cryptocurrency accounts in Quicken (45 Legacy Votes +3 Merged)
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Quicken does not accommodate cybercurrency purchases. Buying a product using bitcoin, Etherium, etc. is both a stock-like sell and a spending transaction. A new transaction type is needed to account for this.
The only problem with the purchase of cybercurrencies (which should be treated as an Investment ... not as Cash) is that Q only supports pricing to 6 decimal places ... and cybercurrencies frequently require as many as 9 decimal places.
Search "bitcoin" (without the quotes) at the top of this forum for other discussions of the issue and how others are handling it.
Note: This conversation was created from a reply on: Cybercurrency.
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
Thank you, and 'yes', you can account for the buy and sell of cybercurrencies using an investment account. But a Q investment account can't handle the purchase of a categorized product or service. The 7th, 8th and 9th decimal places only really matter if your transactions are in the tens of millions of dollars and up. Otherwise, the write-off is negligible.
Note: This conversation was created from a reply on: Cybercurrencies.
AHHH, but you CAN use categories ... it's a 2 step process. Sell the investment, and then use the Cash Transactions actions at the bottom of the investment acount's "Transaction List"
Note: This conversation was created from a reply on: Cybercurrencies.
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
It's a sell for currency (incurring a capital gain) and a distinct spend. A single transaction could theoretically exist, but it would sure muddy the capital gains recognition that is required.
Note: This conversation was created from a reply on: Cybercurrencies.
@Steve The 6 digits refers to the right (not the left) of the decimal and Quicken doesn't have enough precision to handle bitcoins.
Note: This conversation was created from a reply on: Cybercurrencies.
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I think what Steve is saying is this. If bitcoin is at $10,000 (at $9,000 presently), 10,000 * .000001 = 1 cent. So for moment and for bitcoin only (don't know about others) any part of a bitcoin that is a smaller faction doesn't matter, at least not until you add up a lot of those kinds of fractions.
For instance you can't pay for anything with less that .000001 bit coins.
Note: This conversation was created from a reply on: Cybercurrencies.
That's actually a sensible approach, and I kinda wish I'd thought of it a year ago. My choice was to record all cryptocurrencies in thousandths (1000 mBTC = 1 BTC, for example). A little cumbersome, but it does have the satisfaction of tracking down to the 9th decimal.
Since I can't download quotes through Quicken anyway, my price download spreadsheet does the 1000ths calculation for me.
Note: This conversation was created from a reply on: Cybercurrencies.
Please add quotes for cryptocurrencies to Quicken. Data can be pulled from sources such as Yahoo Finance, CoinMarketCap, Forbes CryptoMarket. etc. Please also increase the number of decimal places accepted in quicken for share qty to =>8 places.
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
Crypto assets to 8 decimal points or more.
I have not used mobile apps because I don’t want balances of accounts or transaction amounts sent by email!
Thank you for taking the time to visit the Community to post your question, although I apologize that this feature isn't currently offered.
I have moved your post to the ongoing Idea thread to add the ability to track Cryptocurriencies in Quicken.
This Idea is under consideration and being reviewed by the development team, I do not have an ETA to provide when or if this will be implemented. Any changes or updates will be posted on this thread.
Thank you,
-Quicken Tyka
I added Coinbase to Quicken fairly early as an investment portfolio where I have been making regular contributions. I keep the individual coins as separate investments, updating the prices manually.
When I move coins out of Coinbase to another exchange or wallet I show them as "Shares Removed" and track in the spreadsheet. Treating bitcoin as an investment seems to work - the loss of precision due to fractional shares is within the daily price variation, so I can live with it.
The latest development in the market is the creation of interest-bearing "wallets", with interest of up to 18% (compound), so I am moving some of the cash I have in bank savings accounts into these wallets to take advantage of the improved interest.
This is where I start to have problems, because each of these wallets is essentially a bank account with several currencies. Anything I do at this stage has to be a compromise, but I'm looking for suggestions regarding how best to do this and what categories I should create.
For example, I could create one account for each wallet/currency combination, which would give me a large number of new accounts. Or, maybe, I could create one account for each currency and create a category for each wallet. Or, maybe, make a smart use of tags that I have not thought of yet.
Hopefully, somebody at Quicken or a power user can help with ideas.
For crypto taxes, I use ZenLedger: not perfect, but it keeps getting better, and the support is excellent.
> Discovered today that Coinbase is an option as a financial institution to connect to. Was pumped to see that only to discover it doesn't work. Still won't connect. Get a CC-503 error.
What is the proper Coinbase User ID and password to use? I tried a few options, but none worked. And Coinbase support referred me back to Quicken for help.
I would like to track my Ethereum holdings in Quicken.
If it were Bitcoin, I could use INDEX:NYXBT which comes up when I search for a security in Quicken.
Nasdaq has made an Ethereum tracking, NASDAQ-ELX but I cannot seem to find it in Quicken. Does anyone know how to track Ethereum?
Thank you for taking the time to visit the Community to post your question, although I apologize that this feature isn't currently offered.
I have moved your post to the ongoing Idea thread to add the ability to track Cryptocurrencies. This Idea is marked Planned however, there is no ETA.
In the meantime, you will need to track this information manually. To learn about tracking price history manually, please take a moment to review the information available here.
-Quicken Tyka
> > @"Kevin Russell" said:
> > Discovered today that Coinbase is an option as a financial institution to connect to. Was pumped to see that only to discover it doesn't work. Still won't connect. Get a CC-503 error.
>
> What is the proper Coinbase User ID and password to use? I tried a few options, but none worked. And Coinbase support referred me back to Quicken for help.
Did you happen to figure out the username to use? I tried my email login and my username portion of my email but that did not work. I confirmed my password information, too.