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