Scholarships And Grants

[Colin Law]

On 25 September 2011 13:54, ArcherSam <archersam at live.com> wrote:
> Hey!
>
> Currently I have my scholarship and grants with their balance under
> "Income". Which I know is wrong.

Presumably when you get the grant is is the form of a cheque or a
transfer into your bank account or something.  If so then that should
appear as a transfer from an income account (Income:Grants or
something) to your cash or bank account.

>
> Am I correct to put my scholarships and grants in my "Assets"?
> Do I need to created an "Educational" asset account?
> When transactions are made pertaining to education(e.g. tuition), do I just
> allot them to "Expenses:Educational"?

It is entirely up to you what expenses account you book it to, it
depends on what detail you want to go to.  When you spend money that
you consider to be educational that should appear as a debit on your
bank or cash account and into the expenses account.

Colin