[GNC] [newbie] how to treat a gift?

[Boniforti Flavio]

Thank you Robert.
I was going through this as I was trying to understand and your explanation
nails it: an income account is not a real account like my bank account
indeed!

F.
https://www.instagram.com/boniforti_music
https://soundcloud.com/boniforti_music
https://bonny-j.bandcamp.com


Am Di., 3. Sept. 2024 um 22:20 Uhr schrieb Robert Heller <
heller at deepsoft.com>:

> Certain types of accounts (like income) are handled "negatively": They
> increase as money is "removed". That is money is moved from "income"
> (gifts,
> salary) to an "asset" (checking account). Both accounts show an increase
> (positive) ammount. This might seem strange, but should make sense, once
> you
> think about it. Generally income accounts are not "real" accounts, the
> way a checking account is. The actual "money" is in the checking account.
> The
> income acconts are accounting records of where the money in the checking
> account came from.
>
> At Tue, 3 Sep 2024 21:54:58 +0200 Boniforti Flavio <boniforti.f at gmail.com>
> wrote:
>
> >
> > Hi David and thanks for your reply.
> > As I'm really a newbie, please excuse my struggle in getting "debit" and
> > "credit" right with regards to the various accounts :-(
> >
> > So for a gift I received, let me see if I got it right:
> >
> > 100 as "deposit" on my checking account;
> > 100 as "income" on my "gifts received".
> >
> > For salary:
> >
> > 5000 as "deposit" on my checking account;
> > 5000 as "income" on my salary account.
> >
> > Thanks,
> > F.
> >
> > https://www.instagram.com/boniforti_music
> > https://soundcloud.com/boniforti_music
> > https://bonny-j.bandcamp.com
> >
> >
> > Am Di., 3. Sept. 2024 um 21:21 Uhr schrieb David Warren <
> david at warren1.net>:
> >
> > > Hi.  EVERY Gnucash entry is DOUBLE ENTRY.
> > >
> > > But you've answered your own question.
> > >
> > > Debit Assets:Current Assets:Checking Account for $100
> > > Credit the income account of your choice but Income:Gifts Received is
> > > exactly what I would use too!
> > >
> > > For Salary, Debit Checking Account, Credit Income:Salary Received.
> > >
> > > On Tue, Sep 3, 2024 at 2:22 PM Boniforti Flavio <
> boniforti.f at gmail.com>
> > > wrote:
> > >
> > >> Hi all.
> > >> I've received 100 bucks from a relative as a gift, which he sent to
> me via
> > >> bank wire transfer.
> > >> In my GnuCash accounts I do have one called "Income:Gifts Received"
> and I
> > >> also of course have the "Assets:Current Assets:Checking Account",
> where
> > >> the
> > >> money from the gift finally landed.
> > >>
> > >> How should I proceed to register this gift I received? I don't see any
> > >> reason to do a "double-entry", because the money is not coming from
> one of
> > >> my accounts - it's just getting INTO one of my accounts from
> external...
> > >> Same question for my salary, of course.
> > >>
> > >> Thanks for your help,
> > >> F.
> > >>
> > >> https://www.instagram.com/boniforti_music
> > >> https://soundcloud.com/boniforti_music
> > >> https://bonny-j.bandcamp.com
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