Opening a new account

[jcard21 xxxxxxx]

On Wed, Dec 31, 2014 at 11:10 AM, Ken G. <beachkidken at gmail.com> wrote:
> Greetings:
>
> I was given a grocery store gift card in the amount of twenty dollars. In
> keeping track of it, I did the following:
>
> Debit Asset Account:
>
>     Kroger Gift Card $20.00
>
> Credit Income Account:
>
> Kroger Gift Card            $20.00
>
>
> Later on, I kept wondering if I should have use the following:
>
> Debit Asset Account:
>
> Kroger Gift Card
>     Opening Balance    $20.00
>
> Credit Equity Account:
>
> Kroger Gift Card
>     Opening Balance            $20.00
>
>
> Happy New Year, Gentlemen.
>
> Ken

This works for me:

Receipt of gift Card:
[Description = Person's name giving me the gift]
    [Note=StoreName GiftCard $Amt] Income:Gifts Received (Credit)
[$Total GiftCard Amt]
    [Note=StoreName GiftCard $Amt] Assets:Current:GiftCards (Debit)
[$Total GiftCard Amt]

Each time I use the GiftCard:
[Description=StoreName]
    [Note=StoreName GiftCard $Amt] Assets:Current:GiftCards (Credit) [$Amt Used]
    [Note=StoreName GiftCard $Amt] Expenses: ... (Debit) [$Amt Used]

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jcard21