How Can I Link My Corporate CryptoWallet In Companio?
Companio supports corporate crypto wallets for several cryptocurrencies in the PREMIUM plan. The activities supported with cryptocurrencies are clearly specified in our terms and conditions, and we briefly explain them here.
So let's say you want to receive payments in crypto or pay your providers in crypto, how can you do that with Companio?
From the point of view of accounting, a crypto-wallet is similar to a regular bank account. You need to keep a strict separation between your corporate funds and your personal funds. That means you need to open a crypto-wallet for your company, and every transaction there must be justified with the right document or matching.
So go ahead and open a corporate wallet in your favorite Wallet. If you can specify the name of the owner in the platform you are using, set the name of your company.
Companio supports Bitcoin, Ethereum and Litecoin wallets currently. Support for Ripple (XRP), Bitcoin Cash (BCH) and Solana (SOL) is coming soon.
The public address of your wallet is like your IBAN number. In order to receive payments, you share this public address with third parties. Go ahead and obtain your public address in your favorite app. Copy that address and keep it handy for the next step.
It is completely secure to share your public address, and nobody that knows this address would be able to extract money or do a transfer from your wallet account.
Now go to the Companio dashboard, Banks section, and click on "Add New". Scroll down until you see the new crypto wallet options.
Choose the right cryptocurrency and click on "Link new wallet".
Please note: Crypto wallets are only supported in the PREMIUM plan. If you try to link one crypto wallet, the system will prompt you to switch to our PREMIUM plan. You can know more about the benefits of the PREMIUM plan in our pricing page.
Now you just need to give this wallet a name and paste the public address you copied before. If everything goes well, the wallet will be added to Companio and we will start retrieving your transactions in around 24h. Don't be alarmed if you don't see the transactions appearing right away in your Bank Movements section, they will eventually appear. If the transactions are not appearing after 4-5 days, kindly contact our CS team.
Some cryptocurrencies, such as Solana or Ripple, require you to add an initial amount of funds to "activate" the wallet. In that case, if you try to link your wallet directly, you will receive an error message stating that the account is not activated yet. Learn more about activating a crypto wallet in the context of Companio here.
That's it! Now you can link your bank transactions like any other bank. Did you receive a payment for an invoice from one of your customers in Crypto? No problem, link the transaction with the invoice just as you would with any other bank transaction.
So let's say you want to receive payments in crypto or pay your providers in crypto, how can you do that with Companio?
Open a CryptoWallet for your company
From the point of view of accounting, a crypto-wallet is similar to a regular bank account. You need to keep a strict separation between your corporate funds and your personal funds. That means you need to open a crypto-wallet for your company, and every transaction there must be justified with the right document or matching.
So go ahead and open a corporate wallet in your favorite Wallet. If you can specify the name of the owner in the platform you are using, set the name of your company.
Companio supports Bitcoin, Ethereum and Litecoin wallets currently. Support for Ripple (XRP), Bitcoin Cash (BCH) and Solana (SOL) is coming soon.
Get the public address of your wallet
The public address of your wallet is like your IBAN number. In order to receive payments, you share this public address with third parties. Go ahead and obtain your public address in your favorite app. Copy that address and keep it handy for the next step.
It is completely secure to share your public address, and nobody that knows this address would be able to extract money or do a transfer from your wallet account.
Connect the Crypto Wallet in Companio
Now go to the Companio dashboard, Banks section, and click on "Add New". Scroll down until you see the new crypto wallet options.
Choose the right cryptocurrency and click on "Link new wallet".
Please note: Crypto wallets are only supported in the PREMIUM plan. If you try to link one crypto wallet, the system will prompt you to switch to our PREMIUM plan. You can know more about the benefits of the PREMIUM plan in our pricing page.
Enter your public address or key
Now you just need to give this wallet a name and paste the public address you copied before. If everything goes well, the wallet will be added to Companio and we will start retrieving your transactions in around 24h. Don't be alarmed if you don't see the transactions appearing right away in your Bank Movements section, they will eventually appear. If the transactions are not appearing after 4-5 days, kindly contact our CS team.
Cryptowallet activation
Some cryptocurrencies, such as Solana or Ripple, require you to add an initial amount of funds to "activate" the wallet. In that case, if you try to link your wallet directly, you will receive an error message stating that the account is not activated yet. Learn more about activating a crypto wallet in the context of Companio here.
Link your transactions!
That's it! Now you can link your bank transactions like any other bank. Did you receive a payment for an invoice from one of your customers in Crypto? No problem, link the transaction with the invoice just as you would with any other bank transaction.
Updated on: 29/04/2024
Thank you!