Table of Contents
Purpose of the report:
Benepass provides the 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 Spending report 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, click on the second tab "Reconciliation". This shows your Stripe-Issuing data along with your Unit-Funding data. Below these, you will find a dynamic table with a breakdown of the data. You can choose a time range for this report and apply filters/presets as desired.
The table you will see at first is set to default with no filters.
You can now access the account summary under presets which includes a summary of your account's starting balance, end balance, reimbursement payouts, card transactions holds/releases and more for the time period that you selected.
You can use 3 different filters for this report:
- Account Type: Filter by Stripe-Issuing available, Stripe-issuing held, Unit-funding available and Unit-funding held.
- Reporting Category: Filter by HSA contribution, funding, transfer, received ACH reversal, reimbursement spending, fraudulent card spending, ACH returned, other, card spending.
- Reporting Subcategory: Filter by received ACH, contribution, HSA card spending reconciliation, platform funding, HSA mistaken contribution, reimbursement payout, received ACH reversal, card transaction, card authorization hold, internal top up, other, ACH returned, exception, card authorization release, and HSA contribution funding.
Here is a brief description of what each column in the 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.
- Unit-Funding Available($USD)
- Unit (along with Blue Ridge Bank) is where your platform funding is held before being transferred into Stripe, and also the account from which we pay out reimbursements, if applicable. This column represents the available balance in this account, and each row reflects a debit or credit to this balance.
- Unit-Funding Held ($USD)
- Represents Unit-related balance (Blur Ridge Bank) 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 Email, 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.
- Employee Country Amount, Employee Country Currency
- This is the amount that was spent in local currency.
- Internal Object ID, Internal Entry ID, Internal Transaction ID
- These columns are internal identifiers used to identify each unique transaction in our system.
- Any money movement related to the account being funded from external sources (your corporate checking account) into the Benepass ecosystem.
- HSA Contribution
- Any money movement made to fund an employee's HSA account.
- Any money movement related to funds moving within the Benepass ecosystem.
- Received ACH reversal
- ACH payment that is reversed (money that left the account and was put back due to an error).
- Reimbursement Spending
- Any money movement related to paying out approved expenses.
- Fraudulent Card Spending
- Any transaction that was reported fraudulent by the employee.
- ACH Returned
- When funds couldn't be collected from or deposited into an account.
- Card Spending
- Any money movement prompted by an employee swiping their Benepass Visa card.
- Any other unique movements that are not categorized as any of the above.
- 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.
- Received ACH
- Money that was successfully transferred to an account.
- Funds contributed to employees for perks/pre-tax/HSAs
- HSA Mistaken Contribution
- Funds contributed to an employee's HSA account by error, if applicable
- 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 "Spending Report" tab of the Admin Dashboard's Reports.
- 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.
- 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 +)
- Internal Topup
- Funds transferred from Blue Ridge Bank (Benepass-held corporate account) to Stripe (card processing partner), or vice versa.
- Any other unique movements that are not categorized as any of the above.
If, after reviewing the above, you have questions about how to read the 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 firstname.lastname@example.org. Please include that you have questions about the Reconciliation Report, as well as the date range of the report you are viewing.