Mindsphere
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Benefit Reconciliation

Section 125 Benefits Reconciliation software was designed specifically for the unique needs of school districts. It can automate over 90% of your reconciliation process for section 125 benefit deductions and TPA invoice. The reconciliation process is optimized through multiple match rules that are configurable for each district’s needs.

With its two high speed matching processes, internal controls and rich reporting features, your reconciliations will be current, accurate and will comply with audit and management reporting. Your personnel productivity will also increase enabling them to focus on other tasks.

Major Features

  • Data management process that automates the import of the invoice from your TPA and GL deduction records from your Accounting Package. Validations on input records/files are performed and reported.
  • Two high speed matching processes:
    1. To reconcile invoice details to employee deduction register (based on configurable matching rules by product and deduction code) and
    2. To reconcile GL records to invoice payments and payroll deduction register.
  • Generate wire transfer form from reconciled invoice records for GL posting.
  • Carryover process that tracks un-reconciled TPA invoice, GL and deduction records from previous month reconciliations.
  • Manual matching process that allows user to resolve un-reconciled transactions for unique situations and to override automatic reconciliation results.
  • Retroactive feature that allows user to rerun reconciliations (GL) from prior months for corrections or to include auditor adjustments for prior years.
  • Internal control process that ensures that subsidiary ledger deduction transactions are posted correctly to the GL at a summary level. GL adjustment entries are automatically created to identify differences.
  • Audit trails and controls for compliance with audit, accountability and reporting requirements.
  • Rich reporting features, including 16 standard reports of detail, summary, control and audit reports that may be viewed through a web browser or Microsoft Excel.
  • User friendly web based front end with a calendar for tracking and a step by step process for guiding the user through the reconciliation process.
  • Application security that allows only authorized users to view or perform different reconciliation processes.

For more information or to schedule an on-site product demonstration
call us at 1-866-722-MSTG