BlockPeer - User Guide
  • Welcome to the Blockpeer User Guide
  • Getting Started
    • System Setup
      • Chart of Accounts Setup
      • Customers & Vendors Setup
      • Bank Account Setup
      • Users & Workspace Setup
  • Wallet
    • MPC wallet
    • Multisig Wallet
  • How to Create?
    • Verifiable Docs
      • DNS Mapping
      • E-Invoice
    • Transferable Docs
      • DNS Mapping
      • eBL
      • ePromissory Note
    • Crypto Payment to Suppliers
    • Payroll Payment in Crypto
    • Wallet Import & Accounting
    • CeX Import & Accounting
    • Fiat Invoices
    • Vendor Bills
    • Financial Reports
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  • Steps to Make a Crypto Payment to Suppliers
  • 1. Navigate to the Spot Crypto Payment Page
  • 2. Prerequisites:
  • 3. Select Supplier and Supplier Bills
  • 4. Select Payment Token and Enter Payment Details
  • 5. Approve the Supplier Payment Transaction (for Signers)
  • 6. Review and Sign the Pending Transaction
  • 7. Execute the Payment Transaction
  • 8. Automatic Journal Entry Creation
  • Benefits of Using Crypto Payments to Suppliers:

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  1. How to Create?

Crypto Payment to Suppliers

PreviousePromissory NoteNextPayroll Payment in Crypto

Last updated 7 months ago

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BlockPeer Books simplifies supplier payments with integrated Safe Multisig, allowing subscribers to make spot crypto payments to their suppliers securely. This process involves selecting approved supplier bills for payment, initiating a multisig transaction, and gathering signers' approvals before executing the transaction.

Steps to Make a Crypto Payment to Suppliers

1. Navigate to the Spot Crypto Payment Page

  • Go to Wallet -> Crypto Payments -> Spot Payment.

2. Prerequisites:

  • Ensure the MPC Wallet is connected.

  • A Safe Multisig wallet is created (refer to the guide on creating for more information).

3. Select Supplier and Supplier Bills

  • In the Supplier field, select the supplier from the drop-down list.

  • All approved supplier bills that are pending payment will be listed below.

  • Select the bill(s) you wish to pay.

4. Select Payment Token and Enter Payment Details

  • Choose the payment token for the transaction (e.g., USDT, DAI).

  • Input the exchange rate for the selected payment token (if applicable).

  • Enter the supplier’s blockchain address where the payment will be sent.

  • Select the Safe Multisig wallet through which the payment will be made.

  • Once all details are entered, click Review & Pay.

This action initiates a multisig wallet payment transaction and marks the supplier bill as "under payment." This ensures that the bill cannot be pulled for another payment while awaiting multisig approval.

5. Approve the Supplier Payment Transaction (for Signers)

  • The next step is for the signers in the Safe Multisig wallet to approve the payment transaction.

  • To approve, navigate to Wallet -> Safe Multisig -> Safe Transactions.

  • Select the Safe wallet used for the payment and click on Get Transactions to retrieve all pending transactions that require signers' approval.

6. Review and Sign the Pending Transaction

  • The pending transactions will display detailed accounting context to help the signers understand the payment they are approving.

    • For example, a supplier payment will include the supplier’s name and the specific bills being paid as part of the transaction.

  • Review the details carefully before signing.

Note: The signers must approve the lower nonce transactions first to ensure the correct order of execution.

7. Execute the Payment Transaction

  • Once all the required signers have signed off on the multisig transaction, it can now be executed to release the payment to the supplier.

  • Upon execution, the payment is sent to the supplier’s blockchain address.

8. Automatic Journal Entry Creation

  • After the transaction is executed, BlockPeer automatically passes the supplier payment journal entry.

  • This ensures that the accounting records are updated immediately after the crypto payment is made, saving time and reducing errors.

Benefits of Using Crypto Payments to Suppliers:

  • Security: Multisig wallets ensure that payments require multiple approvals, providing an extra layer of security for significant transactions.

  • Efficiency: Automating the supplier payment process via crypto reduces manual intervention, speeds up payments, and streamlines cross-border payments.

  • Accounting Integration: The automatic creation of journal entries upon payment ensures that the company’s books stay up-to-date in real-time.

  • Transparency: Detailed transaction context helps signers understand each transaction they are approving, reducing the chances of mistakes or fraud.

Safe Multisig wallets