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

[Robert Heller]

It depends. For a overly simplified situation: eg W2, straight SS retirement
plan, 1040ez, single, no children, standard deduction situation, this might
work. In a more realistic situation, you really might want to keep track of
withholding tax, SS/401K/IRA/Pension Plan, Health Insurance, etc. If only for
record keeping purposes. This is not really hard. If you have a very regular
paycheck, that comes on a predictable schedule (direct deposit every friday,
for example), you can set it up as a scheduled transaction, which you only
need to update every July 1 and/or January 1, depending on when COLA, Tax, and
Health Insurance deductions are updated. I guess to a fresh out of high school
working guy, none of this might seem important, but as you get older and life
becomes more complicated (wife, children, morgatage, etc.), it might make
sense to record this information.

At Tue, 3 Sep 2024 17:54:42 -0400 "Kalpesh Patel" <kalpesh.patel at usa.net> wrote:

> 
> 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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