On 6/3/2020 4:56 PM, Duncan Johnson wrote:
Hello,
I am new to this list. I have not quite seen an answer to my scenario in
the archives that I've seen online, so thought I'd join the list and ask.
I'm in the USA, and my employer offers a Dental/Vision health reimbursement
account. Each year, the employer will reimburse up to $200 for each person
in my family to use for dental/vision. When I use the benefit, I put the
charge on a credit card, then submit a reimbursement form, and then the
company writes me a check.
That's one way to do it.
The decision on "best way" has to be made by each person and depends on
exactly what information they want to be readily available. I am also in
a similar situation PLUS have certain medical/dental/eye reimbursements
from insurance as well as an HSA.
Let's suppose that I wanted (like you) not to have reimbursements appear
as income (they aren't) BUT also wanted to know actual medical expenses
before reimbursement << there could be good reason for this -- making
decisions for a future year >> Then I might have a parent in expenses
"out of pocket medical" and under it "pre-reimbursement" with children
for medical, dental, etc. and then a "reimbursements" which would be a
contra account << credited for reimbursements>>
Then I have an account that shows what the actual medical expenses were
(and how broken down by category) plus an account (that top parent)
showing "out of pocket" expense for medical (after reimbursement) plus
what the actual medical expenses were.
The key thing here is understanding that "income" and "expense" are both
temporary accounts of fundamental type equity. They differ from each
other only in what their NORMAL balance would be, debit or credit.
Identification of these accounts as "income" or "expense" is only to
place them in the P&L Report.
Michael D Novack
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