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
  • 2
    @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

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. – JTP - Apologise to Monica Sep 15 '13 at 16:32
  • 1
    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
  • 2
    Not claiming such income is a criminal matter and discussion or encouragement of such behavior is prohibited on these boards. :P – JTP - Apologise to Monica Sep 15 '13 at 21:24

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.