Reporting and Closing FSAs

To prepare quarterly employee statements, initiate the Quarterly Account Register process from the Reports menu. These statements provide employees with important information about their FSA accounts: the annual pledge, contributions, and claims paid.

Employees typically have a grace period after the end of the year to submit claims for the prior year. During the grace period, you can process claims for both the prior and current years. After you complete all prior year processing, you can close the prior year and produce a report of prior-year activity. The report serves as an audit trail.

To perform the closing process, select Account Closure from the Reports menu. This process changes the account status to Closed for every account with a coverage period in the year prior to the date when you initiate the close process.

Use the Close and Summarize Accounts page (RUNCTL_FSA002) to close the prior year FSA accounts and produce the Account Closure Statement for CAN and US on separate pages.

Navigation:

• Benefits > Admin Flex Spending Acct CAN > Create Account Reports > FSA Account Closure Report CAN > FSA Account Closure Report CAN

• Benefits > Admin Flex Spending Acct US > Create Account Reports > FSA Account Closure Report > FSA Account Closure Report

This example illustrates the fields and controls on the FSA Account Closure Report page. You can find definitions for the fields and controls later on this page.

The Close and Summarize Accounts process produces a report of prior-year claim activity, including detailed data such as employee pledge amounts, contributions, claims paid year-to-date, amounts forfeited, and excess payments. This process also closes the prior year's flexible spending accounts.