No equity here. Equity is your net of assets and liabilities.
So, if you want to track your HRA balance... Let us pretend that the
thing your partner buys is actually $45 so that the item and the
remaining balance in the HRA are different numbers.
That was a good example of how to record the transactions.
But let's go back a bit about this HRA. It is a funny kind of asset,
usable only to reimburse expenses, and depending on what your employer
has chosen (for this benefit) might be "rollover" (mine is) or "use it
or lose it" (fairly common)
a) How is the amount coming on your books? This is part of your
non-taxable income*. You COULD record it coming onto your books that
way. Might need an end of year adjustment (for unused portion if "use it
or lose it")
b) The expenses reimbursed this way should also be distinguished. You
want to know what your total medical expenses are BUT these (since
reimbursed() wouldn't be deductible medical expenses.
Michael D Novack
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