Overview
As part of our Bitcoin Invoicing & Payments offering, BlockSpaces has built an integration with QuickBooks Online for easy Bitcoin payments accounting. The components and features included with the QuickBooks Integration can be broken down between the BlockSpaces dashboard and within QuickBooks itself:
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Note: While this document is beginner-friendly, it assumes some basic knowledge of QuickBooks Online. For more information about QuickBooks Online, please visit https://quickbooks.intuit.com/global/learn-and-support/video-tutorials/.
BlockSpaces Dashboard
BlockSpaces provides a dashboard for all Bitcoin Invoicing & Payments customers. The dashboard includes several features designed to give visibility into the usage of the product and initiate some of its core functionality.
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The Dashboard features two separate tabs, “Transactions” and “Connections”. The “Transactions” tab is visible by default while the “Connections” tab is where users manage their business system integrations.
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Node Balance Information
Bitcoin Invoicing & Payments includes a non-custodial Bitcoin node containing a Bitcoin wallet. The BlockSpaces Dashboard displays the current Bitcoin balance of the node in the upper left-hand corner, while also displaying the balance history of the node over time in the center. The graph also illustrates the amount of inbound and outbound liquidity available in the node’s payment channel.
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For more information about payment channels and liquidity, please visit our DRAFT - Lightning Network: Channels and Liquidity page.
Bitcoin Transaction Feed
Beneath the node balance chart on the BlockSpaces Dashboard is a feed of Bitcoin transactions reported in QuickBooks. Transactions with a QuickBooks logo were generated from QuickBooks via email invoice, while transactions without a QuickBooks logo were initiated by the BlockSpaces Dashboard.
Request Money
In the upper right corner of the Dashboard, you’ll find the Request Money button. Clicking this opens a new browser tab to a Point of Sale terminal that allows for payment requests.
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All funds received through this terminal are reported in USD to QuickBooks Online. By default, Bitcoin Invoicing & Payments creates a customer account named “Bitcoin Invoicing & Payments” within QuickBooks for these transactions. However, a different account within QuickBooks can be chosen if desired.
Send Money
The Send Money button is located opposite the Request Money button, in the upper left-hand corner of the dashboard. This terminal is used for paying expenses via Bitcoin.
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To send a Bitcoin payment over the Lightning Network, you first need a Lightning Invoice generated by the wallet requesting the payment. Copy and paste the invoice into the “Lightning Invoice” field, select the expense category on the lower right, and click the purple “Pay Invoice” button to send the payment. The Bitcoin will now be sent over the Lightning Network to its destination, and the expense will be recorded in QuickBooks Online.
Additions Within QuickBooks
“Bitcoin Invoicing & Payments” Customer
As mentioned above, Bitcoin Invoicing & Payments adds a customer named “Bitcoin Invoicing & Payments” into QuickBooks. The purpose is to provide a customer within QuickBooks for the Request Payment terminal to assign payments.
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To have Bitcoin payments report to a specific customer in QuickBooks, please see the “Email Template String” section below.
“Bitcoin Invoicing & Payments” Bank Account
Bitcoin Invoicing & Payments also adds a “Bitcoin Invoicing & Payments” bank account within QuickBooks. This is meant to provide a separate account that represents the cost basis of the Bitcoin that has been transacted.
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Email Template String
The Email Template String is simply a URL that is added to email invoices sent via QuickBooks, giving customers the option to pay with Bitcoin. After onboarding, BlockSpaces generates the Email Template String and delivers it to the BlockSpaces user via email. The template looks something like this:
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