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.
Can I use the Spending Report and the Reconciliation Report together for comparison?
Yes, you can. However, you may notice that they don't align perfectly. This is expected and intentional as these reports serve different purposes. You can read more about comparing both reports, best practices and complications here.
How to read the report:
When you first click on the "Reports" page in the Admin Dashboard, click on the tab "Reconciliation" (you may need to scroll right with the arrow).
You will be presented with a default table with no filters, however, you can choose a time range for this report and apply filters/presets as desired.
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-treasury available, Stripe-treasury held, Stripe-Issuing available, Stripe-issuing held, Unit-funding available and Unit-funding held.
- Reporting Category: Filter by HSA contribution, employer funding, adjustment, contribution, payout, funding returned, transfer, employee charge, employee payout, received ACH reversal, fraudulent card spending, other, and card spending.
- Reporting Subcategory: Filter by returned, HSA contribution, adjustment, received ACH, contribution, platform funding returned, Benepass treasury transfer, internal payout, HSA card spending reconciliation, platform payout, platform funding, returned reimbursement payout, internal transfer, reimbursement payout, received ACH reversal, card transaction card authorization hold, refunded card transaction, internal topup, overage spending charge, exception, card authorization release, returned internal transfer, and HSA contribution funding. received.
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.
Employee Email, First Name, Last Name, Employee Payroll ID, Employee Number
- These columns tie each transaction to the relevant employee, if applicable
Stripe-Issuing Available ($USD)
- Stripe is our card-issuing partner. These are the funds your employees spend when they use their Benepass Visa to make a transaction. This column represents the available balance in this account, and each row reflects a debit or credit to this balance.
Stripe-Issuing Held ($USD)
- Represents card-related balance where funds have been held before purchase finalization, 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.
Stripe-Treasury Available ($USD)
- Stripe offers a banking solution that some clients may hold funds with. This column represents the available balance in this account, and each row reflects a debit or credit to this balance.
Stripe-Treasury Held ($USD)
- Represents any funds that have been held for payment, 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 (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.
- Name of the benefit involved. This is especially useful if you want to track employee payouts under each benefit.
- 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
- A more specific explanation of what each row represents
- For the first and last row this is replaced with STARTING_BALANCE and ENDING_BALANCE
- For card spending, the name of the merchant given to us by Visa.
- 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.
- For card spending, this is the amount charged by the merchant. If it exists, our information comes directly from Visa.
- For card spending, the 3-letter country code of the currency charged by the merchant. If it exists, our information comes directly from 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.
- 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 returned due to an error).
- Any money movement related to paying out approved expenses for employees.
Fraudulent Card Spending
- Any transaction that was reported fraudulent by the employee.
- When funds couldn't be collected from or deposited into an account.
- 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.
- 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.
- Money that was successfully transferred to an account.
- Funds contributed to employees' HSAs
HSA Mistaken Contribution
- Funds contributed to an employee's HSA account by error, if applicable
- 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.
- 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.
- Stripe transactions 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 Transfer / BP Internal
- 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.
Underneath the dynamic table, you will also find a summary of the available and held balance under Stripe-Issuing and Unit-Funding for the selected period of time.
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 at the email address below. Please include that you have questions about the Reconciliation Report, as well as the date range of the report you are viewing.
Questions? We are happy to help! Please reach out to the Benepass Admin Support Team by emailing email@example.com.