Setting up FSA
Hey there, getting oriented with the software. I set up and use the paycheck function to track withholding deductions, including my insurance and FSA through Amazon. Quicken set up the FSA account, but my issue is when I enter a weekly paycheck, Quicken takes it upon itself to add a deposit entry into the FSA account. Through my employer, I elected to contribute 150.00 this year to my FSA. Amazon gave that amount to me in advance and they deduct 3.26 every weekly pay. How can I get Quicken to where I enter my weekly paychecks and it wont add a deposit entry in my FSA account for the FSA deduction? I hope this makes sense!!
in effect, you have a liability of $150 to Amazon that is paid back at the rate of $3.26 per week.
1) Set up a liability account called "Amazon" with the 1/1/21 balance of $150
2) adjust the weekly paycheck so Quicken transfers $3.26 to this new liability account each week.2
Tom Young SuperUser ✭✭✭✭✭Along the lines suggested by @Mark1104, the initial entry would beDebit (increase) FSA Account $150 (to recognize the cash in the FSA account)
Credit (increase) Due to Amazon Account $150 (to recognize the liability that needs to be repaid)then subsequent deductions from the paycheck would book the payments to the liability Account.1
thank you both for your guidance on this!0
I could also use some advice on FSA issues--for reporting FSA account by plan year. I've got all my accounts set up and I'm comfortable with that. However, I want to track what plan year an expense falls into AND I want to track whether it is for me or my husband. I can create a tag for either of us. The only way to see to track by plan year is to also create a tag for each plan year and then double tag each item. I'm wondering if someone else has any better suggestions. I can simply report by date of expense because there is a bit of overlap in my plan years; e.g, I could spend money on January 1 that uses the remaining amount from the previous year or that uses the amount reserved for the new year. Any suggestions appreciated.0
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