What is the Platform Funding page?
The Platform Funding page outlines the real cash balances of any accounts held in your company's name, or held by Benepass for benefit of your company. If your organization has worked with Benepass to set up automatic funding, this is where you can see when and why Benepass pulls funds on your behalf.
At Benepass, we utilize two forms of money movement - notional and real.
- Real money movements have a direct impact on available cash balances, such as outgoing ACH reimbursement payments, or direct card spending.
- Notional money movements are changes to employee balances that do not tie to a change in cash balance.
Individual employee benefit balances are maintained within notional liability accounts. Contributions, expenses, and expirations all impact the notional liability balance, but real money movement only occurs as a result of card spending or reimbursement payments.
How is platform funding calculated when there are multiple benefits?
Platform funding is real money movement into your bank account with Benepass. This funding supports card transactions and/or reimbursements from your organization. Platform funding differs from contributions, which are notional changes to an employee's balance (except in the case of HSAs).
Funding at Benepass takes the total possible spendable balance of all benefits as well as historical spending patterns into consideration when calculating the timing and amount of funding. Incoming funding is not designated by benefit, and instead funds the entire account for all benefits.
Account cash balances do not decrease until there is card spending, reimbursement payouts, or health savings account contribution. Notional benefit contributions or expirations will not impact the cash balance.
If you are curious to see the notional funding of benefits, please review the Contribution & expiration report in the Admin Dash.
How can I determine which portion of the funding is used for each benefit?
To understand which portion of a funding pull has been spent under a certain benefit in your program, we recommend that you utilize our Reconciliation report. This report reflects the starting and ending platform balance for a designated time frame, and every cent of real money movement between those two values is specified by benefit, if applicable. The unused portion of funding remains in the account as a held balance until spending occurs. For details on leveraging this report, read more here: Report Guide: Reconciliation