Crypto Accounting Guide for Business

A detailed guide to proper accounting of crypto assets in accordance with Serbian legislation.

Basic Accounting Principles

1. Asset Classification

Cryptocurrencies should be accounted for as:

• Inventory - if used for trading
• Intangible assets - if used for long-term investments
• Cash equivalents - if used as a means of payment

2. Cost Valuation

• Initial cost - purchase price + fees
• Current cost - market price on reporting date
• Valuation method - FIFO, LIFO or weighted average

Document Management

Required Documents:

1. Contracts - for buying/selling cryptocurrencies
2. Statements - from crypto exchanges and wallets
3. Exchange rate certificates - for currency conversion
4. Transfer acts - for asset transfers

Retention Periods:

• Transaction documents - 10 years
• Tax reports - 5 years
• Contracts - 3 years after completion

Taxation

VAT:

• 0% - when selling cryptocurrencies
• 20% - when selling goods for cryptocurrencies

Corporate Income Tax:

• 20% - on profit from cryptocurrency sales
• Exemption - when held for more than 2 years

Personal Income Tax:

• 15% - on mining income
• 20% - on trading income

Practical Recommendations

1. Keep Detailed Records

• Every transaction must be documented
• Use specialized software
• Regularly reconcile data

2. Monitor Changes

• Track legislation updates
• Consult with experts
• Adapt accounting to new requirements

3. Ensure Security

• Use cold wallets
• Regularly backup data
• Limit access to keys

Expert Help

Maximum provides:

• Consultations on accounting practices
• Automation of accounting processes
• Preparation of reports
• Audit of crypto operations

Contact us for professional help with cryptocurrency accounting.