Reimbursement Accounts (2024)

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Reimbursement Accounts (10)

Now your people can save and feel secure with strategic cost-saving reimbursement accounts.

Start with more support

Putting money aside for now or what’s to come matters to your people. And your benefits strategy. Our suite of reimbursement accounts supports healthcare, child care, transportation, education costs and more — the things your people want now and your next talent is looking for.

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Here’s the Challenge

Premiums keep skyrocketing

As healthcare and other costs rise, employees fear out-of-pocket spending. You want to protect them with competitive benefits while managing costs yourself.

Here’s how we solve it

Help people find their balance

You need a simple reimbursement account solution that actually saves and supports your benefits plan.

Turn spenders into savers

Educational resources communicate the value of an HSA or FSA, so your people know the power behind their reimbursement options.

  • Lifestyle accounts
  • Health savings accounts
  • Flexible spending accounts
  • Health reimbursement accounts
  • Dependent care accounts
  • Adoption assistance
  • Commuter benefits plans
  • Tuition assistance
Reimbursement Accounts (11)

Strategize your healthcare spend

Together we find which reimbursement accounts are the right fit, ensuring employee adoption and amplifying your benefits investment.

Reimbursement Accounts (12)

Employ one platform

Multiple logins, a multitude of vendors – leave it behind. All of your accounts integrate into the Alight platform – enabling a simple user and payment experience for employees and stronger spending insights for you.

More of what's possible with Alight Smart-Choice Accounts®

For employers

Ensure your people have funds to cover important life expenses with an innovative payment solution and benefits platform in one. Leverage insights that improve business decision making and deliver on employee expectations even if healthcare plans change.

Benefits

  • Consolidate vendors
  • Increase adoption and use of various accounts
  • Track spending trends on analytics dashboard
Reimbursement Accounts (13)

For employees

Give your people help setting aside funds for current and future needs right when they need them. They get access to reimbursement accounts along with enrollment, benefits and customer care all with a single sign on, anytime, anywhere.

Benefits

  • One debit card and login for all account details
  • Real-time transactions and claims processing
  • Free library of resources, calculators
Reimbursement Accounts (14)

Customer story

Reimbursement Accounts (15)

Driving value to a workforce — deploying integrated benefits for H-E-B

Alight is dedicated to providing better benefits support and options to H-E-B’s 100,000 strong workforce through solutions like Smart-Choice Accounts and benefits administration.

Read more

Reimbursement Accounts (16)

Ready to get started?

Learn more about how we can help your business.

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Reimbursement Accounts (2024)

FAQs

How do you account reimbursement in accounting? ›

Add the expense and reimbursement to your accounting records. You may choose to add the reimbursement as a short-term loan so that it disappears from your books after the client pays it. Another option is to list your original payment under expenses and the repayment from the client under revenue or income.

What does reimbursement account mean? ›

A reimbursement account is one in which employees are repaid for any business-related expenses they may incur. A reimbursement account is typically linked to an employee's salary account and does not require a minimum amount.

Can you partially reimburse yourself from HSA? ›

Yes. As long as you incurred your qualified medical expense after you established your HSA, you can reimburse yourself for those expenses using your HSA money any time.

What does reimbursed mean in accounts? ›

Reimbursement is money paid to an employee or customer, or another party, as repayment for a business expense, insurance, taxes, or other costs. Business expense reimbursements include out-of-pocket expenses, such as those for travel and food.

What is the journal entry for reimbursement? ›

The key to the journal entry or accounting treatment for reimbursable expenses incurred by employees is that since it is a legit business expenditure at its core, the P&L impact is recorded the moment the employee spent the money instead of when the business reimburses the employee – see below for an example.

Should reimbursements be recorded as revenue? ›

In these situations, the funds received from the other party should be recorded as a reimbursement of expenses and not as revenue. Revenue should only be recorded as the result of revenue-generating activities, like providing a good or service.

What are the rules for reimbursement? ›

Basic Rules For Expense Reimbursements
  • The expense must be in connection with the performance of services as an employee.
  • There must be receipts and invoices that document the nature and amount of the expenditures.

Is reimbursement an expense or income? ›

Even if the funds are reimbursed through payroll, the expense reimbursement amount should appear as a separate item that is not subject to any taxes. For the business, an expense reimbursement is considered an expenditure and will likely reduce the amount of tax you'll pay.

What are the two major types of reimbursement? ›

There are various types of healthcare reimbursement methods, and the two most common methods are traditional and value-based reimbursement. Traditional reimbursement is the fee-for-service model where a provider is paid for each service or procedure rendered.

What happens when my HSA balance is $0? ›

Will my HSA account remain open if I have a $0 balance? The account will remain open if you have a $0 balance. There is no fee assessed to you for having a $0 balance.

Does IRS audit HSA withdrawals? ›

Does HSA spending trigger an audit? The IRS doesn't monitor how you spend your HSA funds throughout the year, but that doesn't mean they won't ask for proof that your expenses were eligible. And if your tax return contains unrelated IRS audit red flags, your risk for an HSA audit could increase.

What happens if I don't have enough money in my HSA? ›

If you need to pay a medical expense, but haven't deposited the funds to cover it, you have a couple of options: Many health care providers will allow you to pay installments over a period of time.

How do you document reimbursement? ›

Have evidence of payment in the form of an invoice or other proof of payment. Such a document should contain the time and date of the purchase plus the exact amount of money spent. Reported to the employer, accounting department, or other necessary party in a reasonable time.

How do I record a reimbursement in QuickBooks? ›

Option 1: Record the reimbursement as a check
  1. Select + New.
  2. Select Check. ...
  3. Select a bank account to use to reimburse the personal funds.
  4. In the Category column, select Partner's equity or Owner's equity.
  5. Enter the amount to reimburse.
  6. Select Save and close or Save and new.

How do you record reimbursement to an employee? ›

How to record and reimburse employee expenses
  1. Create an expense reimbursement report form. Create a spreadsheet with the expense report format you prefer. ...
  2. Set rules for expense reimbursement. ...
  3. Decide who will be responsible for approving or denying expense reimbursement. ...
  4. Pay employee approved reimbursable expenses.

References

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