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Pre-Tax Accounts
How can I track pre-tax accounts (contributions, reimbursements, etc.)?
I’m confused
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The best answer from the company
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In addition we have actually built in a specific feature for this. If you click on the Pre-Tax Account you want to track in the right hand sidebar, you will be presented with a page that shows your balance for that account with a link under it that says "View Payments." Clicking on this link will present you with a list of all payments that you have made associated with the given pre-tax account, the idea being that you can use this to compare against your bank statement.
The company says
this answers the question
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Inappropriate?Right now, there are at least a couple of easy ways to track pre-tax accounts. First, you can view the transaction log Go to MyBills>Transaction Log. That will show all payments. You can sort by type to pull all payments together. Also, when you make a pre-tax payment, you can add a tag like "pre-tax". Then you pull up all pre-tax tagged payments. Your tags are listed in the same place as mentioned above MyBills>Transaction Log. You would see a list of all of your tags as links there at the top of that page. If you have another way that you would like to be able to review pre-tax payments, let me know.
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Inappropriate?In addition we have actually built in a specific feature for this. If you click on the Pre-Tax Account you want to track in the right hand sidebar, you will be presented with a page that shows your balance for that account with a link under it that says "View Payments." Clicking on this link will present you with a list of all payments that you have made associated with the given pre-tax account, the idea being that you can use this to compare against your bank statement.
The company says
this answers the question
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Inappropriate?1. Are you saying that I would enter a "Payment" to record deposits into my pre-tax account?
2. How do I record withdrawals From my pre-tax account?
3. How do I handle the case of my paying a copay myself, then getting reimbursement from the pre-tax account?
Thanks!
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Inappropriate?Hi SongofRuth,
Sorry for the tardy reply, the holidays have been a bit hectic :)
Let me do my best to answer your questions.
1) No, payments act as withdrawals from your pre-tax account. Whenever you enter a payment associated with a pre-tax account, that payment amount will be subtracted from your balance.
To enter deposits you edit the "estimated savings" amount in the pre-tax account itself. You can do this when you originally create the pre-tax account (i.e. if you know both you and your employer have deposited a given amount for the time period), or you can constantly change it via the edit command. This will adjust the balance accordingly, etc.
2) See above.
3) This is a good question that we have been talking a bit about lately. This may be the best way to deal with the circumstance: originally enter your payment without an associated pre-tax account, this will leave your pre-tax account balance unchanged. Then, when your reimbursement comes in, go in and edit this payment, selecting the pre-tax account appropriately. This will then subtract the reimbursed amount from your balance, just as if you had paid out of that account from the very beginning.
Thanks for the questions, let us know if you have any more :)
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