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Report Guide: Itemized Reconciliation Report

Table of Contents

Purpose of the report: 

Benepass provides the Itemized Reconciliation Report for finance teams to use to close their books at the end of each period. It shows every penny of money movement during the period, and identifies all of the different types of money movement that are possible within Benepass. 

Reports like the Transactions report, or Account Spending, show certain pieces of the picture, such as the card transactions that employees spend their Benepass funds on, as well as approved expenses. These reports do not show platform funding, or show whether an employee was actually reimbursed for their approved expense — that's where the Reconciliation report comes in. 

 

How to read the report: 

When you first click on the "Reports" page in the Admin Dashboard, you will see your Account Summary. This shows a high-level snapshot of the money movement that the Itemized Reconciliation Report shows in detail. The sums in this table will add up to the total amount Platform Funding, Transactions, etc. shown within the report, and the Starting and Ending Balances will also match those shown in the full detailed report. 

Once you have determined the timeframe you'd like to see the reconciliation report for, use the date selector to input the correct range. Then, press the "Download" button to receive the .CSV file of the full report. 

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Column Headings: 

Here is a brief description of what each column in the Itemized Reconciliation Report represents: 

  • Event Timestamp (UTC) 
    • When the money movement occurred. All times are shown in Coordinated Universal Time.
  • Reporting Category
    • This shows the broad type of money movement you will find on each row 
    • For the first and last row this is replaced with PERIOD_START and PERIOD_END
  • Reporting Subcategory 
    • A more specific explanation of what each row represents
    • For the first and last row this is replaced with STARTING_BALANCE and ENDING_BALANCE
  • Stripe-Issuing Available ($USD)
    • Stripe is our card-issuing partner. These are the funds your employees spend from when they use their Benepass Visa to make a transaction. This column represents the available balance in this account, and each row reflects a debit or credit to this balance.
  • Stripe-Issuing Held ($USD)
    • Represents card-related balance where funds are not available to be spent, but have not fully left the internal Benepass ecosystem. This column represents the total held balance, and each row reflects a debit or credit to this balance.
  • Blue Ridge Bank Available($USD)
    • Blue Ridge Bank is where your platform funding is held before being transferred into Stripe, and also the account from which we pay out reimbursements, if applicable. This column represents the available balance in this account, and each row reflects a debit or credit to this balance. 
  • Blue Ridge Bank Held ($USD)
    • Represents Blue Ridge Bank-related balance where funds are not available to be spent, but have not left the internal Benepass ecosystem. This column represents the total held balance, and each row reflects a debit or credit to this balance.
  • Employee, First Name, Last Name, Employee Payroll ID, Employee Number
    • These columns tie each transaction to the relevant employee, if applicable
  • Benefit Name
    • Name of the benefit involved, if applicable
  • Merchant Amount
    • For card spending, this is the amount charged by the merchant. If it exists, our information comes directly from Visa.
  • Merchant Currency
    • For card spending, the 3-letter country code of the currency charged by the merchant. If it exists, our information comes directly from Visa.
  • Merchant Name
    • For card spending, the name of the merchant given to us by Visa. 
  • Merchant Category
    • For card spending, the Visa-network category, also known as a 'Merchant Category Code' or 'MCC' is self-identified by merchants when they join Visa.
  • Additional Merchant Data
    • For card spending, if there is any further data that we received about this merchant from Visa, it will be shown in this column. 
  • Internal Object ID, Internal Entry ID, Internal Balance Transaction ID
    • These columns are internal identifiers used to identify each unique transaction in our system.

 

Reporting Categories: 

Funding

  • Any money movement related to the account being funded from external sources (your corporate checking account) into the Benepass ecosystem. 

Subcategories: 

  • Platform Funding
    • Incoming money movement from external sources into the Benepass ecosystem, for the purposes of funding perks and/or pre-tax benefits (excluding Health Savings Accounts).
  • HSA Contribution Funding
    • Incoming money movement from external sources into the Benepass ecosystem, for the purposes of funding HSAs only.

 

Transfer

  • Any money movement related to funds moving within the Benepass ecosystem.

Subcategories: 

  • Internal Topup
    • Funds transferred from Blue Ridge Bank (Benepass-held corporate account) to Stripe (card processing partner), or vice versa.
  • Treasury Transfer
    • This is rare, you might not ever see this on your report. If you do, this represents funds transferred from Benepass' own account into your company's Blue Ridge Bank account (or vice versa). In general, this means that your account was close to running out of funding, so Benepass transferred some funds to act as a float until we were able to fund your account back to normal levels. This is done to prevent card declines, and ensure no disruption of service. 

 

Card Spending

  • Any money movement prompted by an employee swiping their Benepass Visa card. 

Subcategories: 

  • Card Authorization Hold
    • Funds held by the merchant at point of authorization when an employee swipes their card. These funds remain as held until the transaction closes. (Debit -)
  • Card Authorization Release
    • Funds released by the merchant back into the account once the transaction closes. (Credit +)
  • Card Transaction
    • Final amount charged by the merchant. A negative amount, or debit, represents a typical card transaction. A positive amount, or credit, will also sometimes occur in the case of refunds. 
  • Each transaction will have an associated Hold and Release, but the numbers may not always be exactly the same. For example, if you order groceries online, they might hold $100 on your card. If they don't have all of your items available, the final transaction might only be for $75. In this example, on the Itemized Reconciliation Report there would be a Card Authorization Hold for -$100, a Card Authorization Release for +$100, and a Card Transaction for -$75. 

 

Reimbursement Spending

  • Any money movement related to paying out approved expenses. 

Subcategories: 

  • Reimbursement Payout
    • An ACH payment directly to the personal bank account of an employee. 
  • Please note that sometimes a reimbursement payout may include funds from more than one approved expense. To view individual approved expenses for each employee, please instead refer to the "Account Spending" page of the Admin Dashboard. 

Questions?

If, after reviewing the above, you have questions about how to read the Itemized Reconciliation Report, or would like to ask about a specific transaction or line item, you can contact us by submitting a request here, or by emailing admin@getbenepass.com. Please include that you have questions about the Itemized Reconciliation Report, as well as the date range of the report you are viewing. 

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