11

Within gnucash:

within the Cash in Wallet account:

  • description: found some money in the street
  • transfer: Imbalance-USD or create a new arbitrary one-off account called something like "Penny Lane" or "Gift from above"???

What are the options for doing this correctly? What are the lazy options? What would be considered best-practice?

I'm not interested in a moral discussion here about what to do with the 10 dollars... this is for learning the ropes of accounting, only :-)

  • 2
    Why record it at all? That's my preferred lazy way – THEAO Sep 15 '13 at 8:31
  • Welcome to Money.SE shoyu. Please read the help center page. We don't generally support accounting, but this may be on topic. – C. Ross Sep 15 '13 at 17:18
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    @C.Ross Shame, I think SE is well cut out for an accounting Q&A... and area51.stackexchange.com/proposals/41474/accounting doesn't seem to have made it. – shoyu Sep 15 '13 at 18:23
13

It's income. Create an income account for it, or use a broader “miscellaneous income” account, depending on how precise you want to be.

  • 2
    I used to think that if it 'came from above' I should use it for good. So I find $10, and pass it on to the next homeless person I see. But a gift to an individual is not a deduction, so I have $10 that I have to pay tax on, as I'm told the 5 second rule only applies to dropped food, not found money you give away. – JoeTaxpayer Sep 15 '13 at 16:32
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    If the taxman pressed me on this, I would claim that I was merely an agent passing the ten dollars on to another person, and that it didn't count as income to me. – DJClayworth Sep 15 '13 at 16:43
  • @JoeTaxpayer How would the tax man find out? That's usually what I do when I find money on the street, so should I be worried that I haven't reported it? Oh boy... – John Bensin Sep 15 '13 at 20:02
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    Not claiming such income is a criminal matter and discussion or encouragement of such behavior is prohibited on these boards. :P – JoeTaxpayer Sep 15 '13 at 21:24

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