Virtual/ Crypto Currencies Accounting


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Jan 10, 2018
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Kuwait
Hi All,

I am going to start a new job with a company trading in Crypto Currencies. I was just wondering how to start the accounting for it.
Please correct me if I am wrong (which definitely will be), I am going to treat the Bitcoin or any other virtual currency as an Inventory item and create an expense account to record the gain and loss on the value fluctuation.

Kindly I am working in Kuwait and it is a non taxable country.

Please help me in understanding the accounting or procedures to start the entering the data and Also suggest the type of reports i can provide to management for forecasting or budgeting.

Thanking you all in advance for your cooperation and suggestions.
 

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