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Re:Ask HN: Is there an accounting platform for a crypto firs... by Havoc on Sunday April 18, 2021 @07:53AM (#26851690)
Doesn’t really make any sense to do this unless that is really your functional currency.

Are you paying your suppliers in crypto? Salaries?

It’s a bit like a farming operation still uses dollars. They don’t record their salaries in number of cows just because they’re in the cow business

Re:Ask HN: Is there an accounting platform for a crypto firs... by arjun_s on Sunday April 18, 2021 @08:30AM (#26851861)
For a lot of crypto companies, the suppliers charge crypto e.g. a DeFi based product. Salaries can potentially be in crypto.

I don't think the analogy is right. If in this cow business everyone instead of transacting in dollars and milk supply contracts start using a whole new language called "ether" then your accounting platforms/accountant/electronic receipts are not made for it.

Re:Ask HN: Is there an accounting platform for a crypto firs... by Havoc on Sunday April 18, 2021 @06:07PM (#26856933)
>accounting platforms/accountant/electronic receipts are not made for it.

Even mainstream accounting stuff is quite flexible in terms of how you define functional currency.

Its really not something where crypto somehow magically requires different accounting calculations.

>whole new language called "ether"

Quite. Existing accounting captures custom written contracts all the time though. Defi while revolutionary in many way doesn't really change the dynamics on this in a way that affects accounting.

If you're still unconvinced look at Coinbase IPO. Did they tell the exhange no we can't file the usually accounting info? Nope...they filed classic USD financials.

Re:Ask HN: Is there an accounting platform for a crypto firs... by bsldld on Sunday April 18, 2021 @08:46AM (#26851935)
> They don’t record their salaries in number of cows just because they’re in the cow business

:) You owe me a building, not just a keyboard!