Flexible Spending Account - prior year to current year switchover


G

George Earl

How do you set up your Flexible Spending Account to deal with the
overlap from one year to the next when you can still have a balance
from the prior year to cover claims from the prior year yet you also
have the new balance from the current year to cover claims from the
current year?

Do you set up individual FSA accounts in Quicken for each year?

Thanks!


George
(e-mail address removed)
 
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R

Rick Blaine

George Earl said:
How do you set up your Flexible Spending Account to deal with the
overlap from one year to the next when you can still have a balance
from the prior year to cover claims from the prior year yet you also
have the new balance from the current year to cover claims from the
current year?
What difference does it make what year the funds are from other than they need
to be used?

I just use a single account for all incoming and outgoing transactions. I don't
ever let any money go unused, but if I did, I would just create a single expense
transaction for the "lost" money on the last date I could spend for that year.
Do you set up individual FSA accounts in Quicken for each year?
That seems far too complicated unless there were multiple employers involved.
 
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O

Oilcan

Once you have approval for your last claim, if you need to write off a
balance then you will have an expense category. Reconcilation is a
pain for the first few months until you file all of your claims,
receive monies and write off any unclaimed funds. Use memo after the
first of the year to enter they years the claims are for.
 

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