Gift for the given purpose

David Brock dmbrock at nm.cbc.ca
Wed Dec 29 10:12:24 EST 2004


On Wed, 2004-12-29 at 01:19 -0500, Matej Cepl wrote:
> 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}
> 

I'd suggest a simpler gift-to-asset, asset-to-expense, with an asset-sub
account created below your savings account for your child:

day-of-gift:				Dr	Cr
	Assets:savings:child		all
	Income:gifts				all

spending-of-gift:
	Assets:savings:child			some
	Expense:child			some
...	

Congratulations on your pending family addition, by the way!

;-David


> Thanks a lot,
> 
>  Matej
> 
-- 
David Brock <dmbrock at nm.cbc.ca>



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