Setting up FSA

Options
Brian83
Brian83 Member ✭✭
in Budgeting and Planning Tools (Windows)
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!!

Answers

  • Mark1104
    Mark1104 Member ✭✭✭✭
    Options
    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. 
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited June 2021
    Options
    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.
  • Brian83
    Brian83 Member ✭✭
    Options
    thank you both for your guidance on this!
  • Dave360
    Dave360 Member ✭
    Options
    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.
This discussion has been closed.

Categories