Has anyone done something like this...


B

Bob Becnel

I am trying to accomplish the equivalent of a double transfer. I'm
looking for suggestion on how to best accomplish something like the
following.

I setup 2 cash type accounts. One is "cafeteria" the other is "medical
reimbursements".

Each month, my paycheck is placed in my checking account and x dollars are
transferred to "cafeteria" as a pre tax medical savings acct. As I incurr
expenses that can be considered offset by these pre tax dollars, they are
transferred to "medical reimbursements" (i.e. a presccription from
Walgreens). After a certain period of time I will send receipts in to
cash out what I have placed in this medical savings account. This refund
check needs to be credited toward both the "cafeteria" and "medical
reimbursements" and then transferred to the checking acct without having
to manually enter the data multiple times.

Any ideas how I can do this?

Thanks,
Bob
 
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D

Dick Watson

I'm still thinking real hard about how to do what you are doing and even
why. I think the second account just creates more problems than it is worth,
though I think I understand your motivation. The problem is that you want to
a) follow the money from paycheck to HCSA to checking, b) recognize the
expense when and in what account it is incurred, c) keep track of the
"outstanding" reimbursements, and d) make sure reimbursable expenses are
offset precisely by reimbursements over time.

I'll keep thinking about that and look to see if anybody else sees the path
through this. At the moment, it's just hurting my head.

I use a reimbursement account that gets transfers from paychecks. I expense
the reimbursable expenses when and in what account they occur. Finally, I
transfer from the HCSA to the checking account when I get reimbursed. I
don't attempt to close the loop--though I can report on expenses in the
category to make sure that I've gotten about that much back.
 
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B

Bob Becnel

Dick,
I use a reimbursement account that gets transfers from paychecks. I expense
the reimbursable expenses when and in what account they occur. Finally, I
transfer from the HCSA to the checking account when I get reimbursed. I
don't attempt to close the loop--though I can report on expenses in the
category to make sure that I've gotten about that much back.
This is what I do now, but I wanted a running cash account to show how
many expenses that I have to date that I can submit. I suppose I can run
a report regularly and do the same thing based on categories, but it was
just an extra step I wanted to avoid.

Thanks for the consideration.

Bob
 

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