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  • Leanne Sta Ana

Xero's First Crypto Accounting Software: What does it do?

Updated: 6 days ago

Discover Xero’s first accounting software for cryptocurrency, Journaler. Helping businesses easily sync their crypto transaction data into Xero in a matter of minutes.

Xero is the go-to online accounting software for many Australian small businesses, leading the industry with cloud-based technology and curated solutions.

If you’re a small business owner, accountant, or bookkeeper, you likely use Xero as your chosen accounting software. You’ve probably dabbled in the Xero App Store for third-party solutions for an advanced and holistic accounting system. But you’ve noticed one thing: there is a lack of tailored solutions for your business that deals with cryptocurrency.

This is where AEM Algorithm comes in.

We provide an optimised accounting software that supports blockchain and cryptocurrency transactions, which is Xero’s first accounting app for crypto. Our Xero-integrated crypto accounting software Journaler allows you to effortlessly track and manage your crypto assets, facilitated by an automated system and suite of tools that radically transform how you approach business.

The laborious, heavily outdated accounting processes that traditional accountants and small business owners hold on to lack the modern solutions necessary for digital currency. Why endure old, ineffective methods for something that’s designed for the future?

What is Journaler?

Journaler is Xero’s first crypto accounting software, supporting accountants, bookkeepers and small businesses that deal with and transact with cryptocurrencies. It’s an application that seamlessly integrates with your existing accounting system, making it easier to track, record & report your crypto transactions without the hassle of manually importing data.

Journaler fully automates the crypto accounting process, including tracking payments, invoicing, viewing crypto wallets, recording essential accounting data, data reconciliation, and crypto tax reporting. Our software is designed to help you stay on top of your crypto assets, as well as your accounting practices.

Helping you simplify your financial reporting for crypto is what we do best.

As of today, most accounting software don’t support cryptocurrency, making accounting for the popular digital asset a difficult task. This leads to wasted time and energy on ineffective accounting practices. However, adopting cryptocurrency into your business requires adapting your accounting methods for efficiency and optimisation. Journaler is the solution you need to fill in the gaps that most accounting software fail to address.

Journaler’s Key Features

A key benefit of implementing Journaler into your accounting practice is that you don’t need to completely restart from scratch with a new system. Journaler allows you to integrate the app with your existing accounting systems, including Xero and QuickBooks.

With Journaler’s Xero integration feature, Journaler streamlines the reconciliation process by syncing your crypto transactions straight into Xero in a matter of minutes. Journaler gives you the power to be in control of your crypto accounting data. Set up live bank feeds, generate invoices (accounts receivable) and bills (accounts payable), and convert crypto into FIAT amounts – all of which is done for you and can be easily exported to Xero.

Combining your business’ traditional accounting data with your crypto trades is easier than ever with Journaler. If you don’t use Xero, you can easily export important transaction data, descriptions and wallet addresses into CSV files, which can be used for import into alternative accounting systems.

With Journaler, you make the crypto payment and we will track and keep a secure record of it for you. Our automated software completely changes how you approach your crypto accounting. Journaler is faster, more efficient and personalised to your needs than your typical accounting software.

If you or your business deals with crypto, you know how important it is to keep track of your transactions and/or investments. But given how volatile cryptocurrency is and how busy you may be, it’s unrealistic to be continuously up-to-date with all of your assets. Journaler streamlines the process for you by adding and regularly updating your wallets by syncing them directly from the blockchain.

Supporting 25 (and growing) different cryptocurrencies, you’ll always have a live update of your crypto transactions and wallet balances that are based on the blockchain.

Alternatively, you can also manually import all of your transaction data into exchange wallets, where we support all known cryptocurrencies (that’s more than 12,000 different currencies!).

Automatically track and record all of your transactions and crypto data in one place with Journaler, where managing your digital assets becomes second nature.

Reporting your tax liabilities for crypto is a confusing, difficult process for many. That’s why we believe it’s important to offer a sophisticated accounting software that makes the crypto tax process a whole lot easier.

Journaler facilitates the financial reporting of your crypto taxes with a fully customisable CGT Tax Calculator and integrated system with Xero. Sending your crypto activity and data to your accountant is also fast-tracked, thanks to Journaler’s data export capabilities. Stay compliant and in-control when it comes to reporting your tax with Journaler’s useful tools. Just load your transactions and let Journaler do the rest.

Crypto accounting like never before!

Journaler is breaking the boundaries of crypto asset management, enabling streamlined solutions for tracking and reporting cryptocurrency transactions. When you integrate Journaler with your accounting systems, you get to experience optimisation at your fingertips.

Made with accountants, bookkeepers, and small businesses in mind, Journaler is a Xero-certified accounting software for blockchain and cryptocurrency transactions. It’s Xero’s first optimised crypto accounting solution for business.

Leanne Sta Ana

Leanne is a Marketing Assistant at AEM Algorithm. With a strong background in copywriting and content creation, Leanne combines her love for creativity and innovative marketing with strategic research and methodical thinking. Leanne graduated with High Distinction in the Bachelor of Communications (Professional Communication) at RMIT University with a specialisation in Media.



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