Scholarships And Grants

[Michael DeBusk]

ArcherSam <archersam at live.com> wrote:

>Currently I have my scholarship and grants with their balance under
>"Income". Which I know is wrong. 

Maybe. You could consider them to be gifts, which are income. Or you could consider them to not truly belong to you at all, and not track them with the rest of your money.

>Am I correct to put my scholarships and grants in my
 >"Assets"? Do I need to created an "Educational" asset account? 

If you think of them as yours and not the university's, yes.

>When transactions are made pertaining to education(e.g. tuition),
>do I just allot them to "Expenses:Educational"?

You'll want to talk to a tax accountant to be sure. I'm not one.

If the IRS considers scholarships and grants to be gifts to you, then yes. If they don't, then you're going to want to track your out-of-pocket educational expenses separately. Two separate accounts will be the easiest way.


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