USA FSA Accrual Accounting


Joined
Dec 17, 2020
Messages
1
Reaction score
0
Country
United States
Could someone help me with FSA accrual accounting entries? How would you post the following transactions?

January activity --
FSA account is setup in January. Employer pre-pays $1000 into FSA Plan by sending a check to the XYZ TPA vendor at plan startup.
January Employee withholdings for FSA are $50.
January FSA usage is $100.
Therefore, FSA usage is $50 more than WH so far.

February activity --
February Employee withholdings for FSA are $50.
February FSA usage is $150.
Therefore, cumulative withholdings are $100 and cumulate FSA usage is $250.

Also in February FSA company drafts the January usage amount of $100 from the employer's bank account.
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

USA FSA 1
UK Accruals advice 3
USA FSA for nonresident alien 0
USA Unpaid accrual expenses 1
USA Reclass Revenue Accruals? 1
Fixed Assets accruals 7
FSA account 3
FSA Accounts 2

Top