Setting up FSA

Question

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!!

Dave360 · Answer

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.

Brian83 · Answer

thank you both for your guidance on this!

Tom Young · Answer

Along the lines suggested by @Mark1104, the initial entry would be 
Debit (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.