Recording Paycheck and Gift Cards

FireFly fireflys_98 at yahoo.com
Tue Feb 2 17:09:57 EST 2010


--- On Sun, 1/31/10, USFMD82 <mdavisusf82 at yahoo.com> wrote:

> Subject: Re: Recording Paycheck and Gift Cards
> 
> Ok ill record it as asset, it just has a default on gifts
> as income. But
> either way, if  I record it to asset, what account am
> I going to be
> debiting? same question in regards to my paycheck. Thank
> you for everyone's
> input
> -- 

Not sure if you ever got your answer, so let me try to answer

For personal use, I'd say the majority of transactions are occuring between income/expense accounts and asset accounts.

So, for example, if I get paid (and lets just say I'm lucky and don't pay any taxes or anything)

I would have $1000 from income:salary, and have it going to assets:myBankAccount

If I then purchased some food with that money, for say $40, I might have $40 coming from assets:myBankAccount and going to Expenses:Groceries

So for a gift card, I'd expect it to come from Income:Gifts (whether you report to the Tax Authorities is another matter) and probably going to Assets:Gift Cards:Store Name, or something like that (depending on if it's a store gift card, visa gift card, etc etc).

Now, Loans, and Liabilities come into it too, Most of your Credit Cards are going to be Liability accounts (since you have to pay them off at some point).

Does that make sense? This is from my simple NON-ACCOUNTANT perspective. I can setup a sample account if you want to take a look at something, or I think the documentation does describe this pretty well.

- James Duerr

E-mail: FireFlys_98 at yahoo.com
---------------------
Discover a lost art - play Marbles. May 2004
www.marillion.com





      


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