Need some accounting/category help. How best do I record financial gifts to family member in Tiller? Also, how do you record/categorize a compensatory award (non-taxable income)?
It depends on your situation and what level of tracking you need. That said, my approach would be something like:
Group: Miscellaneous Expenses
Category: Gifts - Family
If you have many types of gifts you wish to track in more detail, you could instead do something like:
Group: Donations
Category: Gifts - Family
Category: Gifts - Charitable Donations
Category: Gifts - Other
Likewise, for the compensatory award, it depends. But you could have a Group called Other Income with a Category specifically for the compensatory award, if you anticipate wanting to track that amount separately from other miscellaneous income. If that income being non-taxable is the more important factor, it could make more sense to have Groups like Taxable Income and Non-Taxable income, with Categories under each such as Income - Main Job, Income - Side Job (under Taxable) and Income - IRA Account, Income - Compensatory Award (under Non-Taxable).
Hope this helps; glad to discuss further if needed!
Thanks Tom, that is helpful.
I appreciate your time!
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