Accounting for Gifts Received and items bought from that gift money
I receive gift money from Mom toward the end of each year. It is not an amount that requires reporting. I usually just enter it as Personal Income: Gift Received. When I spend the money, I would like the records to reflect that it is not a budgeted expense, but that it was spent from that gift income. I might go from November until October before I spend the money (so the income and expenses often occur in different years). In October, I bought a receiver for our home stereo system. Normally I would enter that under the Electronics category, but I don't want it to show up under our budget as Electronics. I guess my question comes down to how to enter transactions that came from gift money so they appear as gifts rather than expenses. Any ideas? Thanks!
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