My Starbucks challenge

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My Starbucks challenge

randix
One of my asset accounts is my Starbucks card.

If I want to load the card with $10 from my checking account, it's an easy allocation to my Starbucks asset account.  If I later spend $5 off my Starbucks card, it's an easy deduction from my Starbucks asset account and a credit to my dining expense category.  Works well.

Here's my question.  I buy a Groupon (or similar promotion) for Starbucks for $10, worth $15 (which I transfer at the Starbucks site onto my Starbucks card).  I pay the $10 for the Groupon out of my checking account and it's credited to my Starbucks asset account.  What's the best way to get the other $5 to show up in the Starbucks asset account?  For the time being, I've been putting an entry for the $5 in this example in the Starbucks asset account and allocating it to equity open balance which I realize makes no sense.

Ideas?
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Re: My Starbucks challenge

Maf. King
On Fri 13 November 15 23:35:28 Steve wrote:

> One of my asset accounts is my Starbucks card.
>
> If I want to load the card with $10 from my checking account, it's an easy
> allocation to my Starbucks asset account.  If I later spend $5 off my
> Starbucks card, it's an easy deduction from my Starbucks asset account and a
> credit to my dining expense category.  Works well.
>
> Here's my question.  I buy a Groupon (or similar promotion) for Starbucks
> for $10, worth $15 (which I transfer at the Starbucks site onto my Starbucks
> card).  I pay the $10 for the Groupon out of my checking account and it's
> credited to my Starbucks asset account.  What's the best way to get the
> other $5 to show up in the Starbucks asset account?  For the time being,
> I've been putting an entry for the $5 in this example in the Starbucks
> asset account and allocating it to equity open balance which I realize
> makes no sense.
>
> Ideas?
>

Hi Steve.

Income:GrouponOffers  ?

Just remember to exclude it from your reports at tax time!

0.02, IANAA
Maf.

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Re: My Starbucks challenge

Wm...
In reply to this post by randix
Fri, 13 Nov 2015 23:35:28 <[hidden email]>
Steve <[hidden email]> wrote...

>One of my asset accounts is my Starbucks card.
>
>If I want to load the card with $10 from my checking account, it's an easy
>allocation to my Starbucks asset account.  If I later spend $5 off my
>Starbucks card, it's an easy deduction from my Starbucks asset account and a
>credit to my dining expense category.  Works well.

Ummm.  Sorry to be boring but I think that should be a debit to your
dining expenses, you can check this by playing with
Edit / Preferences / Accounts / formal accounting labels.  On to the
more interesting stuff ...

>Here's my question.  I buy a Groupon (or similar promotion) for Starbucks
>for $10, worth $15 (which I transfer at the Starbucks site onto my Starbucks
>card).  I pay the $10 for the Groupon out of my checking account and it's
>credited to my Starbucks asset account.  What's the best way to get the
>other $5 to show up in the Starbucks asset account?  For the time being,
>I've been putting an entry for the $5 in this example in the Starbucks asset
>account and allocating it to equity open balance which I realize makes no
>sense.
>
>Ideas?

Split transaction

Assets:CoffeeCard    15
Assets:RealMoney    -10
Income:FreeStuff     -5

OR
                      Dr      Cr
Assets:CoffeeCard    15
Assets:RealMoney             10
Income:FreeStuff              5

if you use a fixed pitch font

The non-intuitive bit may be realising that the 5 is income.

--
Wm...

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Re: My Starbucks challenge

Dustin Henning-2
In reply to this post by Maf. King
On 11/14/2015 5:12 AM, Maf. King wrote:

> On Fri 13 November 15 23:35:28 Steve wrote:
>> One of my asset accounts is my Starbucks card.
>>
>> If I want to load the card with $10 from my checking account, it's an easy
>> allocation to my Starbucks asset account.  If I later spend $5 off my
>> Starbucks card, it's an easy deduction from my Starbucks asset account and a
>> credit to my dining expense category.  Works well.
>>
>> Here's my question.  I buy a Groupon (or similar promotion) for Starbucks
>> for $10, worth $15 (which I transfer at the Starbucks site onto my Starbucks
>> card).  I pay the $10 for the Groupon out of my checking account and it's
>> credited to my Starbucks asset account.  What's the best way to get the
>> other $5 to show up in the Starbucks asset account?  For the time being,
>> I've been putting an entry for the $5 in this example in the Starbucks
>> asset account and allocating it to equity open balance which I realize
>> makes no sense.
>>
>> Ideas?
>>
>
> Hi Steve.
>
> Income:GrouponOffers  ?
>
> Just remember to exclude it from your reports at tax time!
>
> 0.02, IANAA
> Maf.
>
I am also not an accountant, but personally, if I wanted to track
something like that, I would take the $5 from the dining expense account
to the starbucks account (which I probably wouldn't be using asset for).
I would do this because I would consider the $5 to be promotional or a
rebate (rebates come back from expenses, and promotions are usually
sales, which aren't typically tracked to begin with). In either case,
it's not income in my mind, and when used, it's not an expense in my
mind. By using the dining expense account for both transactions, when it
is "spent", it cancels itself out appropriately.

In reality, though, tracking that would be about like tracking cash, so
I just wouldn't do it unless I had an exceptional reason to. I would
send the money that went to Groupon straight from the account that I
paid from to the dining expense account.


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Re: My Starbucks challenge

Mike or Penny Novack-2
On 11/14/2015 6:48 AM, Dustin Henning wrote:

>> Income:GrouponOffers  ?
>>
>> Just remember to exclude it from your reports at tax time!
>>
>> 0.02, IANAA
>> Maf.
>>
This is a case where how you treat it (in terms of whether a specific
account) depends on how much incidental non-taxable income you tend to
receive. If rare and scattered, perhaps just one account for that
category. On the other hand, if you had a lot of these "groupon" things,
then maybe a child account just for that to separate from the
miscellaneous ones.

Michael

> .
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Re: My Starbucks challenge

randix
thanks for all of the suggestions; think I'll just use a miscellaneous income account to account for the groupon, etc. credits.