Quote from: Holliday on July 28, 2012, 08:40:46 PM

One word, Bit-Pay. Or is that two words?

https://bit-pay.com/

We use a shopping cart software called 3dcart, which I do not see as supported. If someone is willing to write this plugin, i would be happy to implement it. It looks like right now everything would have to be done by hand. I dont see that it would be worth it (at this point) to pay a developer to build the plugin for 3dcart.

Quote from: SMTB1963 on July 28, 2012, 11:57:21 PM

Speaking of accounting, do you employ an outside accountant for tax preparation? If so, what was his/her take on that "Magic Computer Money"?

I do have an accountant (but not a book keeper, I do that myself). As far as I could tell, having magic computer money is just fine... because I did not treat it like magic computer money. I treated it like a foreign currency.

Lets say I sold $20 of tea for 10 bitcoins. I would ring up the sales in dollars, and accept a check for that amount (in dollars) in our POS. So now I have a $20 check sitting in Quickbooks waiting to be deposited. I would then "deposit" that check into the Zimbabwean Dollar account at an exchange rate of .5. So I would end up having 10 Zimbabwean dollars in an account. I know it sounds like a joke, but quickbooks only allows you to use known currencies. So I had to pick one, and i figured I would never need to legitimately use the Zimbabean doller. Only I knew that these were really bitcoins (as there is no way to create a "new" currency in quickbooks).

So after a while of this, lets say that I had 300 bitcoins in the account, and I was ready to cash out. I would then transfer the money from the "bitcoin" account to my USD checking account using the exchange rate that I sold them for. Leaving dollars in my checking account, and a zero balance in my "bitcoin" account.

The most I ever did was about a $1000 and it was all in the middle of the year. I am not sure what would have happend, or how I would have accounted for it from year to year if I carried a bitcoin balance. I also dont know what would have happend if I made lets say a $15,000 dollar profit from the currency gaining value. I assume its just considered like selling any other commodity at a profit, but im not sure if there are special taxes* for making money on money. It never came up in my case.

*We are an s-corp which does not pay taxes on profits, as all profits are distributed to share holders at the end of each year, and are taxed at that 15% rate that Romney has made so popular. So i dont think that in our case there are any tax implications for making money off of the sale of bitcoins.