Managing financial gifts to immediate family members

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!