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Posted by Andrew on June 29, 2006, 6:24 pm
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JSS wrote:
> Sorry is this been answered before.
>
> Is there any way to setup my FSA account to countdown from the total
> amount that will be deposited to zero. I'm trying to find an easy way
> to know when I'll run out of money.
>
> Right now I have it setup as an asset account and have the payroll
> deductions go into the account and make entries whenever I pay out of
> the account. The balance agrees with what PayFlex says I have in the
> account but not how much is left until I run out of money.
>
> Thanks for any suggestions.
>
> Jeff
Dick Weaver once wrote : "Setup two quicken accounts: FSA asset and FSA
liability. Say your years
FSA deduction is intended to be $1000. Begin the year with a transfer
of $1000 from the liability account to the asset account. This
accurately records your starting position: You are committed to
pay(deduct) $1000 and you have $1000 you can spend on medical care
anytime during the year. FSA Payroll deductions are transfers to the
liability accout. WHen you receive payment for a claim, that is a
transfer from the asset account to your checking account (wherever you
deposited the payment).
At year end the liability account will be zero, paid off by your
deductions. The asset account will be zero, either spent or written
off."
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Regards -
- Andrew
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