Raffle tickets?

[Doug Laidlaw]

On Sunday 20 April 2008 3:37:09 pm Elizabeth Dodd wrote:
> On Sun, 20 Apr 2008, Michael DeBusk wrote:
> > I just bought several raffle tickets from the Junior Board of the
> > hospital where I work. I'm not sure how to treat the expense. Is it a
> > charitable donation? Is it gambling? Both? Neither?
> >
> > Thanks for your assistance.
> >
> > (Is there a better forum in which to ask such questions?)
>
> Reflecting the religious input into my upbringing, gambling.
> The Methodists and the Salvationists can bear responsibility.

Think of whether you will need to retrieve it later, and where you would look 
then.  What is it going to be for income tax purposes?  If it is deductible 
as a charitable donation, make it a charitable donation and link that account 
for your tax report.  If  not, I would treat it simply as a miscellaneous 
expense.  

I would even treat it as a petty cash expense and not show it at all.  When I 
withdraw cash, I count what I have in my wallet.  The difference between that 
and the Cash Account ledger balance, I treat as a Miscellaneous Expense.  I 
haven't got a Gambling account, and I wouldn't create one to hold one item.

Doug.