Record Inheritance

Question

I received money from an inheritance - how should this be recorded; Category? new Account? right now only my cash balance is affected so it's not a transfer.

NotACPA · Accepted Answer

I'd create a new Income category, with a name of your choosing, and record it as a deposit using that category.Determining the tax status of that new category is beyond the scope of this forum.  Consult your tax advisor re: the tax status.

Boatnmaniac · Accepted Answer

That's what I did...created a new income category called "Inheritance".  When I received the money I deposited into an already existing account and used that new category for the deposit transaction.  There's no need to create a new account for it unless you will be holding it in an actual new account at a bank, brokerage, etc.