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Flexible Spending Accounts (FSA)

  •  01-15-2008, 10:00 AM

    Flexible Spending Accounts (FSA)

    What would be the best way to manage Flexible Spending Accounts (FSA)? An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in a substantial payroll tax savings.

    Besides entering an Expense in the Expense Register (or during a Visit), I wanted to keep up with which expenses I've sumbitted for reimbursement, and which ones were paid etc. This helps me determine what I should allocate for next year (don't want to put too much since if you don't use it you lose it).

    I suppose I could link a Journal, but wanted to see what other ideas you had. I could not find any questions on the forum for Flexible Spending Account or FSA. Thanks!

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