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Anonymous
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I have set up FSA for an employee, how does employee access funds

 
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Anonymous
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I have set up FSA for an employee, how does employee access funds

Greetings, muhlir45,

 

Thanks for your time checking this with the Community. I can share some insights about the FSA deduction in QuickBooks Online.

 

Presently, you can set up the Flexible Spending Account to record your employee's deductions. However, the option to let them view or access their funds is currently unavailable in QBO.

 

You can, however, pull up a Payroll Summary by Employee report to get the total FSA deduction taken out from the employee's paycheck. Let me walk you through on how to do that:

  1. Go to the Reports menu.
  2. Look for Payroll Summary by Employee in the search field.
  3. Enter the Date Range, Employee, Work Location or Class you'd like to view.
  4. Click Run Report.
  5. If your employee wants a copy of their deductions, you can either export the report to Excel or print it. (Please see screenshot.)

Having this feature in QBO is a great idea so I'd suggest sending this as a product suggestion to our engineers. This helps them identify how we can improve our products and what enhancements should they undertake to help you grow your business. Here's how you can send your request:

  1. Click the Gear icon.
  2. Select Feedback.
  3. Enter your feedback and suggestions.
  4. Click Next.
  5. Select Feedback for the Category.
  6. Click Send message.

That should do it, muhlir45. I'm always around if you need further assistance. Thanks for your time today.

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Anonymous
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I have set up FSA for an employee, how does employee access funds

How do I deposit the deducted $$ into a FSA account for my employee

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Moderator

I have set up FSA for an employee, how does employee access funds

Good day muhlir45,

 

I'm happy to help you deposit the deducted amount to your employee's FSA account.

 

Let me show you how to enter it in QuickBooks Online:

  1. Click the Plus sign icon at the top, then choose Bank Deposit.
  2. Choose the correct bank account at the top.
  3. Scroll down to the Add funds to this deposit section.
  4. Choose the employee's name under the Received from column (see the screenshot below).
  5. Select the FSA account.
  6. Enter the amount and the needed details.
  7. Click Save and close.

image.png

 

Here's an article that may come handy: How to record bank deposits.

 

That should do it. Let me know the results after trying the steps above. I'll be here if there's anything else you need. Have a great day.

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