USA FSA year end journal entry


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Mar 4, 2022
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We have a balance in our FSA liability account and our FSA plan allows participants to rollover $500 into the next plan year so no grace period applies. When taking into account the carryover, would any left over balance in the account be considered a gain on the books? Each pay period we have the following entry which are the only entries currently being made in the FSA account:

Employee Deduction:

DR: Payroll Wages
CR: FSA liability

Disbursement made:

DR: FSA Liability
CR: Cash
 
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