personal financing: how to record receiving of a gift (not fixed asset)

[Davide Imbeni]

When I had the same problem, and absolutely wanted to keep track of
the "consumed gift", I solved it in the same way you suggest, i.e.
Income -> Gifts to Expense -> Wine
I don't see any need of introducing a specific asset (unless you want
to keep track of how many glasses you drink every day... :-D )

Cheers

Davide


On Feb 20, 2008 11:58 AM, Zhang Weiwu <zhangweiwu at realss.com> wrote:
> Stupid question: I received a gift from a friend, I know exactly how
> much it cost because I wished to buy it in first place. I wish to record
> this. This gift is not a fixed asset (Let's say if it's wine), so
> actually after I had it my net value didn't increase. I think, rather
> instead my expense should increase, thus I created a transaction from
> Income -> Gift account, to Spense -> Wine.
>
> Is this the correct way to do? Or should I make transaction from gift to
> assets and from assets to expense? I think that way doesn't make much sense.
>
> Best regards
> Zhang Weiwu
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