personal financing: how to record receiving of a gift (not fixed asset)

[Paul Schwartz]

Ah, you refer to How-to imbibe. I referred to how-to receive. 

You might want to establish a depreciation schedule for this evanescent asset. That depreciation would go into an expense account. 

Again, IANAA

Paul

----- Original Message ----
From: Keith Bellairs <keith at bellairs.org>
To: Paul Schwartz <pmjs1115 at yahoo.com>
Cc: Zhang Weiwu <zhangweiwu at realss.com>; gnucash-user at gnucash.org
Sent: Wednesday, February 20, 2008 10:13:58 AM
Subject: Re: personal financing: how to record receiving of a gift (not fixed asset)


I think Zhang is correct to credit gift income and debit wine expense. The wine has been consumed so his equity has not been increased. 

On Wed, Feb 20, 2008 at 10:08 AM, Paul Schwartz <pmjs1115 at yahoo.com> wrote:





----- Original Message ----

> From: Zhang Weiwu <zhangweiwu at realss.com>

> To: gnucash-user at gnucash.org

> Sent: Wednesday, February 20, 2008 3:58:25 AM

> Subject: personal financing: how to record receiving of a gift (not fixed asset)

>



You had no expense for the gift. If you want to reflect it in your Assets, the balancing entry should be in Equity.



IANAA



HTH



Paul







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