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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