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3

You should just need two entries in each scenario: Grandparents send birthday money to the checking account: Debit Assets:Checking Account Credit Liability:Birthday Money (it's not "income" to you, so it goes straight to a liability) Kids spend their money from the checking account to buy a book: Credit: Checking Account Debit Liability:Birthday Money ...


6

Don't try some complex system of double entry-accounting. Just open bank accounts in their name. The money that they get from relatives can start earning interest. Yes I know that interest rates are low in the United States, but if my kids were young I would do the same thing. The interest they earn will be credited to their account. Having the separate ...


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