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

[Gyle McCollam]

You "can't" record just the net as that is not all of your income, at least if you want to do it right.



Sent from Samsung Galaxy smartphone.


-------- Original message --------
From: Kalpesh Patel <kalpesh.patel at usa.net>
Date: 9/3/24 5:54 PM (GMT-05:00)
To: 'Gyle McCollam' <gmccollam at live.com>, 'David Warren' <david at warren1.net>, 'Boniforti Flavio' <boniforti.f at gmail.com>
Cc: gnucash-user at gnucash.org
Subject: RE: [GNC] [newbie] how to treat a gift?

Couldn't one can elect to track paycheck by net rather than gross?

-----Original Message-----
From: Gyle McCollam <gmccollam at live.com>
Sent: Tuesday, September 03, 2024 3:27 PM
To: David Warren <david at warren1.net>; Boniforti Flavio <boniforti.f at gmail.com>
Cc: gnucash-user at gnucash.org
Subject: Re: [GNC] [newbie] how to treat a gift?

Don't forget on the paycheck, you also have to debit all the withholding accounts as well. Your salary is more than what cited to your checking out savings account.



Sent from Samsung Galaxy smartphone.



-------- Original message --------
From: David Warren <david at warren1.net>
Date: 9/3/24 3:21 PM (GMT-05:00)
To: Boniforti Flavio <boniforti.f at gmail.com>
Cc: gnucash-user at gnucash.org
Subject: Re: [GNC] [newbie] how to treat a gift?

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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