Tax-Advantaged Accounts: New Report Available to Assist in the Reconciliation of Your Bank Account

Beginning today, April 1, 2015, cooperatives that have flexible spending accounts (FSA) and health reimbursement accounts (HRA) claims administered by Cooperative Benefits Administrators (CBA) will have access to a new report, “Reconciliation by Batched EFTs.” This report is automatically generated and posted on the first of each month and will assist co-ops in reconciliation of transactions that occur in the co-op’s bank account.  This report represents all batched electronic fund transfers (EFTs) which have moved in and out of the co-op’s bank account during the prior month.

When reviewing the report, note that the debits consist of claim reimbursements and debit card funding, and the credits include dollars returned to your account as a result of a voided check.  On the sixth of each month, you’ll see a debit for “Employer Payment for Billing”.  This represents your invoice amount and is not a transaction debited from your account.

If you have questions regarding this new report, please contact the CBA FSA/HRA Unit at CBA.FSA.HRA@nreca.coop. or 866.673.2299, option 1, then 4.