Source for "bonus" money on gift card

[David T.]

If I were to receive a gift of $30 from my grandmother, I'd enter it as Income:Gift since that is what it is. I don't see why a gift from a retailer would be different.

If you really want to get technical, that $30 is a gift of value that the tax folks would want to know about. 


--- On Sat, 6/14/08, Paul Schwartz <pmjs1115 at yahoo.com> wrote:

> From: Paul Schwartz <pmjs1115 at yahoo.com>
> Subject: Re: Source for "bonus" money on gift card
> To: "Phil Longstaff" <plongstaff at rogers.com>, "Jason" <jason at cougarcorp.net>
> Cc: gnucash-user at gnucash.org
> Date: Saturday, June 14, 2008, 10:52 AM
> ----- Original Message ----
> > From: Phil Longstaff <plongstaff at rogers.com>
> > To: Jason <jason at cougarcorp.net>
> > Cc: gnucash-user at gnucash.org
> > Sent: Saturday, June 14, 2008 10:41:35 AM
> > Subject: Re: Source for "bonus" money on
> gift card
> > 
> > Jason wrote:
> > > In the area here, we had a department store doing
> a gift-card "bonus" of 
> > > 10%.
> > > 
> > > What happened is, you buy a gift card (say, $300)
> they add an extra 10% 
> > > to it ($30) giving you a total gift card balace
> of $330. You can then 
> > > use the card to buy anything in the store.
> > > 
> > > The interesting part now comes in how to record
> where this 'extra' $30 
> > > comes from, accounting wise? I'm half tempted
> to mark it as 'gift' 
> > > income from the store, but am not sure that is
> right. If I were to do 
> > > that, I'd put $300 on my payment vehicle, and
> $30 from my "income: gift" 
> > > account.
> > > 
> > > IS this the 'right' thing to do? Sticker
> price for everything stays the 
> > > same so all the receipts just show a payment with
> a gift card with $330 
> > > on it.
> > > 
> > > Thanks
> > 
> > I would use income:gift.
> > 
> > Phil
> 
> I would credit against expenses as a rebate. Why mess up
> the income picture?
> 
> JMNSHO
> 
> Paul
> 
> 
> 
>       
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