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

[R Losey]

On Tue, Sep 3, 2024 at 1:21 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.
>

Part of this depends upon how detailed you want to be... if, in fact, they
sent $100 in cash,

You would, as you correctly noted, add $100 to "Gifts Received", and then
you would also increase your "Cash on Hand". If you later put the $100 cash
into your bank account, that would be decreasing "Cash on Hand" by $100 and
increasing your bank balance.

The above assumes a cash gift; if you get a check and deposit it, then it's
merely $100 to "Gifts Received" and $100 increase to your bank account.

-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8