Budgeting for Poker in MS Money 2006

mterry · #1 04-24-2006, 01:32 AM

I've been setting up a budget for myself in MS Money, and I'd like to account for funds made and lost in online poker accounts. Should this be an expense or an income?

What I've done so far is set up an Expense category as Poker, and count any buy-ins as an investment. Any cashouts are "negative" expenses. Is there a better way to do this?

Sniper · #2 04-24-2006, 02:55 AM

Are you a winning or losing player? [img]/images/graemlins/smile.gif[/img]

Seriously, if you want Money to help you do your taxes at tax time, you should setup an income and an expense line, and track them as you would for tax purposes. You could likely track this seperately for each site played and track account balances for each site as well, if you desired.

mterry · #3 04-25-2006, 12:12 AM

I'm more concerned with managing/planning my spending than taxes, but tax preparation is definitely at least somewhat of a priority.

I'm a winning limit 3/6-10/20 online player, and live up to 20/40. I just thought an expense would be more appropriate, similar to the way people would probably budget for the purchase of stocks.