PRWIN. Financial Management For Windows. Pre-Paid Health Insurance Setup

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1 PRWIN Financial Management For Windows SM PRWIN Pre-Paid Health Insurance Setup

2 Contents Pre-paid Health Insurance Setup... 3 Prepaid Health Insurance Reports... 3 How to Set Up Accounting... 4 How to Set Up Payroll... 8 Do the Payroll... 9 Posting the Payroll How to pay the Insurance Bill Software Technology, Inc. 2 Copyright 2014

3 Pre-paid Health Insurance Setup This document shows how to set up the program so insurance can be tracked separately in a unique cash account. It is called Prepaid because either the bill needs to be paid in the month before the payroll(s) are done or the insurance is calculated in the payroll(s) the month before the bill is paid. Also, in many cases, the amounts calculated in the payrolls do not equal the amount of the bill being paid for any number of reasons. The examples used in the document are only suggestions. Please use all templates and formatting particular to your situation. In some cases customers prefer to track all prepaid insurance through the Education or General Fund. Notes are made pertaining to this method throughout these instructions. (Red Font) Otherwise the directions track the insurance per fund. Prepaid Health Insurance Reports It will be handy to see reports that pertain only to Prepaid Health Insurance. To make it easy to do this, assign a group to each account number pertaining to Prepaid Health Insurance. First set up the group. Data Entry Groups Budget Groups tab Click Add Group to add a group called Prepaid Group Ins. To run any report for this group select the following under Range By: Your group may be 1 or 2 depending on how it was selected on each account number. Software Technology, Inc. 3 Copyright 2014

4 How to Set Up Accounting 1. Create a new Prepaid Items asset account number for each fund that has the prepaid insurance. It is important in the tracking of this transaction to have a unique asset account number that is used for this purpose alone. It may be beneficial to end all the affected account numbers with the same number, for instance or To do this the templates may need to be edited in File Preferences/Setup Account Templates. Example: Prepaid Group Ins Cash Summary Prepaid Group Ins Cash Summary Prepaid Group Ins Cash Summary Note: If Prepaid Insurance is going to be tracked through one fund, only the asset account for fund 10 needs to be created. Software Technology, Inc. 4 Copyright 2014

5 2. If any part of the prepaid insurance is a deduction, create new liability account numbers, if they do not already exist. It is important in the tracking of this transaction to have unique liability account numbers that are used for this purpose alone. It may be beneficial to end all the affected account numbers with the same number, for instance or To do this the templates may need to be edited in File Preferences/Setup Account Templates. Note: In step 1 the assets also end in a 4. Example: Group Ins Prepaid Cash Summary Group Ins Prepaid Cash Summary Group Ins Prepaid Cash Summary Note: If Prepaid Insurance is going to be tracked through one fund, only the liability account for fund 10 needs to be created. Software Technology, Inc. 5 Copyright 2014

6 3. If any part of the prepaid insurance is a benefit, create new expense account numbers for each necessary fund and function, if they do not already exist. It is important in the tracking of this transaction to have a unique expense account object that is used for this purpose alone. It may be beneficial to end all the affected account numbers with the same number, for instance To do this the templates may need to be edited in File Preferences/Setup Account Templates. However, in many cases existing account numbers may already be set up and are already being used for this purpose alone so perhaps only a description change is needed. Change the Cash Summary on the Groups/Summary Accts. tab to the newly created asset account numbers in step 1. Example: GS Ins Benefit Prepaid Cash Summary Oth Busn Suprt Ins Ben Prepaid Cash Summary Pupil Trans Ins Ben Prepaid Cash Summary Note: If Prepaid Insurance is going to be tracked through one fund, create a unique expense account number to which all Prepaid Insurance will be charged. If this will not work because of budgeting purposes, contact FM Support for advice on transferring amounts after posting the payroll. Software Technology, Inc. 6 Copyright 2014

7 4. Create a new vendor to use for just this prepaid insurance. The vendor will be your school. Identify it further by including the prepaid insurance name. Mark the EFT box so a check does not need to be written. (If it will be deposited in a different bank account and a transfer is not possible do not mark EFT so a check can be written.) It is important in the tracking of this transaction to have a unique vendor that is used for this purpose only. Example: Tremont Training GrpInsPP Software Technology, Inc. 7 Copyright 2014

8 How to Set Up Payroll 5. If any part of the prepaid insurance is a deduction, create a new payroll deduction called INS HEALTH Prepaid. The Liability Account will be FF , 1. (See step 2.) Select the new vendor just created in step 4. (Note: If the deduction already exists and is used exclusively for prepaid insurance, change the description, account number, and vendor as needed.) Liability Account Note: If Prepaid Insurance is going to be tracked through one fund, enter the liability account for fund 10 only and do not select any account number sections in Replace These Pieces. 6. If any part of the prepaid insurance is a benefit, create a new payroll benefit called INSUR HEALTH Prepaid. The Expense Account will be FF.NNNN.220 RC (See step 3.) Select the new vendor just created in step 4. (Note: If the benefit already exists and is used exclusively for prepaid insurance, change the description, account number, and vendor as needed.) Expense Account Note: If Prepaid Insurance is going to be tracked through one fund, enter the one unique expense account for fund 10 only and do not select any account number sections in Replace These Pieces. Software Technology, Inc. 8 Copyright 2014

9 Do the Payroll 7. After the payroll has been completed, run the Account Breakdown Report as follows for deductions and benefits to have a record of the Prepaid Health Insurance amounts. Note: If Prepaid Insurance is going to be tracked through one fund, these reports will only show posting to fund 10. Software Technology, Inc. 9 Copyright 2014

10 Posting the Payroll 8. Before posting the payroll run a Balance Sheet to have a record of account balances. 9. Post the payroll to accounting. Software Technology, Inc. 10 Copyright 2014

11 10. Run a Disbursement List as follows: Journal Entries will need to be done to move the deduction (circled above) amounts from the cash account to the Prepaid Group Ins asset accounts. See step 11. Software Technology, Inc. 11 Copyright 2014

12 11. Data Entry Journal Entries Add a journal entry to move the deduction amounts from cash to the Prepaid Group Insurance asset account using the Disbursement List shown in step 10. Important Note: After posting payroll voids or corrections these Journal Entries must also be done for records posted for Prepaid Insurance deductions. 12. Outside payments from employees: If payments are received from employees who are not receiving checks and that money must be included with the insurance payments, enter the receipt of the personal check as a journal entry or a receipt. (You may want to consult the auditor to determine their preference.) In the description be sure to note the name of the employee and for what month they are paying. Debit and Credit Software Technology, Inc. 12 Copyright 2014

13 13. Reports Balance Sheet Run a new Balance Sheet to show the total payroll now in the Prepaid Group Ins asset account. Under Options select Show Unpaid/Undeposited. The Education fund total for this one payroll is $13, as shown in Step 10. It is recorded as a negative amount because there was no balance with which to begin in this example. Software Technology, Inc. 13 Copyright 2014

14 How to pay the Insurance Bill 14. When ready to pay the insurance bill, do the following. This can be done before or after the payrolls are done because all transactions will be using the Prepaid Group Ins asset account number. a. Make a disbursement entry to the insurance company per fund for the total amount that will be paid. (See step 10.) Debit and Credit Debit and Credit Debit and Credit b. Make a disbursement entry to the insurance company for outside payments that have been or will be received. Debit and Credit c. Assign a check number and print the check. d. Run a Balance Sheet to verify the balance. In this example a check was written for $12,000 which made the balance for a negative $1500. Depending on when the check is written and when the money is collected from payroll the amount can be positive or negative at any given time. If the entire amount should be sent after each payroll then the balance of the Prepaid Group Ins asset account should be zero at the end of each month. Note: If Prepaid Insurance is being tracked through one fund, disbursement entries will only be made with one record. Software Technology, Inc. 14 Copyright 2014

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