How would I account for a cash gift of $1,000?
submitted by Harvir

Ned Dreyer

You'd add the $1,000 to your cash on hand and put the same amount into your income or revenue account called something like "Gifts Received." It's income, so it will bump up your total revenue for the period.

kenny

You'd record the $1,000 cash gift as a credit to your "Gift Income." Debit your cash account. It's considered income, so treat it accordingly.