We just added transaction labeling in Alby Hub and I'm curious how other stackers handle this.
The basic idea: instead of trying to reconstruct payment context later, you can label transactions when they happen. For example: expense, transfer, sales receipt, account/category, counterparty, memo, invoice period, etc. Then exports become much easier to use in tools like QuickBooks or whatever accounting setup you use.
Short write-up here:
https://getalby.com/blog/transaction-labeling-in-alby-hub
The reason I'm asking: bookkeeping for bitcoin/lightning payments can get annoying fast, especially if you have lots of small transactions. Privacy is great, but it also means you don't automatically get the structured metadata that banks/payment processors often give you.
A few questions for people here:
- How much time do you spend on bookkeeping for bitcoin payments?
- Is tax and accounting reporting still mostly manual for you?
- Would labeling transactions at the wallet or node level help?
- If you've tried this in Alby Hub, what would make it better?
Would love your feedback, especially from anyone using bitcoin for business payments, donations, invoices, or medium to high-volume payment activity (e.g. zaps or V4V).