Recording insurance reimbursements

[JCS]

What is the correct process for recording medical expense reimbursement? I
currently record the expense when paid to the provider, such as
medical:dentist and then record a credit to the same category when the
insurance check comes in.

Thanks in advance - JCS

--

 

[Fred Smith]

That's the procedure I use. The only concern is that in the interim (between
the expense and the reimbursement), your total expenses are higher than
actual.

If this is an issue, you can create an asset account (eg, Reimbursements),
and post the charge and reimbursement here. This way it will not affect your
income/expense statements.

 

[Dick Weaver]

What is the correct process for recording medical expense reimbursement? I
currently record the expense when paid to the provider, such as
medical:dentist and then record a credit to the same category when the
insurance check comes in.

Thanks in advance - JCS

--

"correct" depends on what your requirements are - as it does in many
areas of Quicken use. If there only few dozen medical services a year,
what you are doing, and many variations, will work. But if medical
expense is running into the 10s of thousands with many appts/month, then
more detailed records are often appropriate.

Think of this way: if you can eye-ball an itemized category report of
medical expense and reimbursements and determine, to your satisfaction,
that everything is ok (that providers have billed correctly, that
insurance payments have been made, how much is tax deductable, ...) then
you don't need to do any more. If, however, you want to use Quicken
reports to help answer those questions, then you might need a more
structured approach to your records.

dick w