how to record a layby
Robert A. Uhl
ruhl@4dv.net
Fri, 21 Dec 2001 09:20:55 -0700
On Fri, Dec 21, 2001 at 09:52:44AM -0500, Paul Lussier wrote:
>
> If I go out and start collecting returnable cans and bottles for the
> monetary value, then trade them in to collect the money they
> represent, how does that work from an accounting perspective?
>
> Do I now need an "Cans and Bottles" income account separate from my
> "Bottle Deposits" Asset account? How do represent that income?
By collecting, do you mean picking-up-not-buying? If so, then I'd
probably put a Cans and Bottles account underneath my Untaxed (and
taxable) Income account. Legally, you'd have to add it into your
income for the year.
> I know this is probably a ridiculous scenario, but it's also
> representative of the whole "found money" concept in general, isn't
> it? You know, when "find a $10 bill" on the side walk, or something
> similar.
Not really ridiculous--if you found $10,000, I can assure you that
Uncle Same, Auntie Colorado and Brother Denver (in my case; different
in yours) would all be clamouring for their cut.
--
Robert Uhl <ruhl@4dv.net>
It's better to have a weapon and not need it than to need a weapon and
not have it. --Sir Clarence Worley