Dashboard & QuickBooks Integration
This page walks through how Bitcoin Invoicing & Payments Users can navigate & operate the dashboard and QuickBooks integration.
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:
- BlockSpaces QuickBooks Integration
- BlockSpaces Dashboard
- Node Balance Information
- Bitcoin transaction feed
- Request Money Tab
- Send Money Tab
- Internal QuickBooks Additions
- “Bitcoin Invoicing & Payments” Bank Account
- “Bitcoin Invoicing & Payments” Customer
- Email template string
We will review each of these parts in-depth throughout this document to help BlockSpaces users understand the different components of the QuickBooks Integration piece of Bitcoin Invoicing & Payments.
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 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.
The Dashboard features three tabs, “Transactions”, “Connections” and Settings.
The “Transactions” tab is visible by default and shows all recent transactions, current balance, account status and provides access to the other features of the Bitcoin Invoicing & Payments service.
Transactions Tab
The “Connections” tab is where users manage their business system integrations. Currently, QuickBooks integration is available, but more are coming soon.
Connections Tab
The Settings tab has three primary settings.
- One is the ability to set the dashboard to display the amounts in USD vs. BTC/Sats.
- Automatically launch BIP on login will bring you to the Bitcoin Invoicing & Payments dashboard each time you log in, avoiding the main screen where you click on Bitcoin Invoicing & Payments.
- The QuickBooks Invoice Email Template allows you to easily copy and paste your unique link to have your customers pay their QuickBooks invoice using Bitcoin. See Embedding a BIP link to your QuickBooks invoicesfor instructions on how to set up your template.
Settings Tab
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.
For more information about payment channels and liquidity, please visit our https://blockspaces.atlassian.net/wiki/spaces/BD/pages/349765645 page.
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.
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.
Inputting a sale price and selecting the purple “Charge” button produces a QR code for the customer to scan using a Lightning-enabled Bitcoin wallet such as Cash App or any BTC On Chain wallet. The application automatically converts the USD sale amount into Bitcoin (measured in Satoshis, which are 1/100,000,000ths of a Bitcoin).
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.
Please Note: Users onboarded before 12/15/2022 will have a customer named “Lightning Connect” rather than “Bitcoin Invoicing & Payments”. The function and purpose are the same.
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.
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.
Withdrawing BTC allows you to send any BTC that is available in the wallet to a specified Bitcoin address. You can enter an amount, or select to send the max amount of BTC available.
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.
Please Note: Users onboarded before 12/15/2022 will have a customer named “Lightning Connect” rather than “Bitcoin Invoicing & Payments”. The function and purpose are the same
To have Bitcoin payments report to a specific customer in QuickBooks, please see the “Email Template String” section below.
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.
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 your customer via email. See Embedding a BIP link to your QuickBooks invoicesto learn how to update your Invoice template. The template looks something like this:
The URL takes the customer to a web page where they confirm the invoice amount is correct and are presented with a Lightning Invoice & QR code to make their payment.
From there, our system communicates with QuickBooks and marks the invoice as “Paid”.
