Gift for the given purpose

[Matej Cepl]

Hi,

I have another accounting question:

We've got some money as gifts from friends for our child to be born in
January. We have already cashed the checks into our savings account, but I
would love to have somewhere these earmarked as intended for buying stuff
for the small one only. Is this correct way how to do it?

                                                 debit          credit
day-of-gift  savings account                     whole-amount
                     income:gifts received                      whole-amount
day-of-gift  expenses:child                      whole-amount
                     liabilities:AP                             whole-amount
day #1       liabilities                         some-amount
                     savings account
      ...                   {repeat for every buy for a baby}

Thanks a lot,

 Matej

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