how do you set up an HSA?

I have an hsa (health equity) and I can dl transactions to it and quicken set it up as a savings account. I don't see how I can keep track of the investments in the account as well though. How do I do that? thanks

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Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @beckers,

    There isn't an "HSA" type of account as part of Quicken's menu, so most folks that track their HSA in Quicken use the "savings account" type (which is what you have now).  But since you've indicated that your HSA has investments - and because you cannot hold investments in a Quicken "savings account"- you may want to set your HSA account up as either a "brokerage" or an "IRA" type account.  You should be able to then setup the account for download.

    Let us know if you have any followup questions or issues as you go through the setup process.

    Frankx

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  • beckers
    beckers Member ✭✭
    setting it up as "savings" ignores the investment part. Setting it up as brokerage, it tells me via express web connect, it can't download the same transactions that it downloaded as savings (the buys of mutual funds and dividends being paid). I tried adding as IRA and got the same thing, that there are 0 transactions. i guess i could manually enter it until there is an HSA type of account. Is there something else I can try?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    You MIGHT need 2 accounts. A brokerage type account AND a Savings type account.  With periodic BuyX, SellX transaction to move money between the 2.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • beckers
    beckers Member ✭✭
    that's kind of what i was thinking though it's only a few xactions per month, it might just be worth entering manually as a brokerage account and not downloading at all. We just got moved from BNY Mellon to healthequity so it's only from May, 2020
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi again @beckers,

    You are on the right track.

    Using a brokerage account and entering transactions manually, especially since you won't be able to download from healthequity anyway, is the way to go.

    Frankx

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  • beckers
    beckers Member ✭✭
    doesn't seem like they give individual xactions, like "you put in $400, you bought X shares of Y". bah. but thanks
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @beckers,

    Maybe I read into your initial post above.  You said "I don't see how I can keep track of the investments in the account as well though." which led me to believe that there were investments in the account, rather than just a cash balance.

    So if it really has no "investments", which is how many HSA's are setup, you'll actually be better off just going with a "savings" account rather than a brokerage account.  Again, sorry if there was any confusion...

    Frankx

                      Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Version
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  • beckers
    beckers Member ✭✭
    no, there are investments, two mutual funds, and then cash. so when i dl as savings, it lists the investments as just "investment VIGIX" but doesn't actually say how many shares or keep a running total. it just considers the xactions as a payment but to no one.
  • beckers
    beckers Member ✭✭
    yeah, i think that is the right way to go, leave it as savings.

    and notacpa, vigix and fidelity have nothing to do with each so i'm confused as to the question
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    beckers said:
    yeah, i think that is the right way to go, leave it as savings.

    and notacpa, vigix and fidelity have nothing to do with each so i'm confused as to the question

    See my correction.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • beckers
    beckers Member ✭✭
    thanks. i'll see what health equity says about giving me actual transactions.
  • beckers
    beckers Member ✭✭
    in the interest of anyone else, if you want to see individual purchases and how many shares of each mutual fund you bought, goto investment desktop->portfolio performance_> enter a date, then you can download all investments and manually enter them into quicken. that's how to get each buy since they do not show up on the statements
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