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

[Kalpesh Patel]

This is great insight and it definitely is worth reviewing what is kept in the GNUCash or any other Money Management software.

 

Thank you to all, for sharing your  thought on the matter of to track paycheck as net or gross.

 

From: R Losey <rlosey at gmail.com> 
Sent: Wednesday, September 04, 2024 2:07 PM
To: Kalpesh Patel <kalpesh.patel at usa.net>
Cc: Gyle McCollam <gmccollam at live.com>; David Warren <david at warren1.net>; Boniforti Flavio <boniforti.f at gmail.com>; gnucash-user at gnucash.org
Subject: Re: [GNC] [newbie] how to treat a gift?

 

Certainly, but you are missing the "other things" that your salary is paying -- such as insurance, perhaps? savings? taxes? I don't know what comes out of your paycheck.

 

Not to mention that if you just track "net", then your Salary Total will be way off of the reported Total Salary on your W2.

 

 

On Tue, Sep 3, 2024 at 4:55 PM Kalpesh Patel <kalpesh.patel at usa.net <mailto: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 <mailto:gmccollam at live.com> > 
Sent: Tuesday, September 03, 2024 3:27 PM
To: David Warren <david at warren1.net <mailto:david at warren1.net> >; Boniforti Flavio <boniforti.f at gmail.com <mailto:boniforti.f at gmail.com> >
Cc: gnucash-user at gnucash.org <mailto: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 <mailto:david at warren1.net> >
Date: 9/3/24 3:21 PM (GMT-05:00)
To: Boniforti Flavio <boniforti.f at gmail.com <mailto:boniforti.f at gmail.com> >
Cc: gnucash-user at gnucash.org <mailto: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 <mailto: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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-- 

_________________________________
Richard Losey
rlosey at gmail.com <mailto:rlosey at gmail.com> 
Micah 6:8