For Plan Administrators and finance teams, understanding and managing costs efficiently is key. myHSA offers tools that make it easier to align benefit expenses with your internal accounting practices, such as charging expenses by department, team, or any other system your organization uses. One such tool is the Billing Code field, which allows you to associate specific codes with employee profiles, providing detailed expense tracking and simplifying your financial processes.
What Are Billing Codes?
Billing Codes are customizable identifiers that can be assigned to employee profiles. These codes are particularly useful for companies that need to allocate costs to specific departments, cost centers, or projects. By applying these codes, you can generate reports that clearly outline expenses per code, streamlining both internal billing and financial reviews.
How to Apply Billing Codes
There are two simple ways to set up billing codes in myHSA:
Manually Add Codes to Employee Profiles:
Log into your myHSA administrator account.
Navigate to the employee’s profile.
Enter the appropriate Billing Code in the designated field of their profile.
Save the changes, and the employee's expenses will now reflect this code in your reports.
Bulk Import via Spreadsheet: If you need to assign codes to a large number of employees, our support team can help you. Here’s how:
Prepare a spreadsheet with the following columns: Employee Name (as it displays in the system) and Billing Code.
Email the spreadsheet to our support team at support@getmyhsa.com.
We will import the data for you, ensuring each employee is assigned the correct billing code.
Using myHSA Reports with Billing Codes
Once billing codes are assigned, you can use myHSA’s reports to analyze costs based on these codes. Here’s how:
Access Reports:
Navigate to the Reports section of your myHSA administrator account.
Select the report type you need, such as the bank rec report.
View the Billing Code column
Export and Integrate with Financial Systems:
Export the data to CSV or Excel for further analysis.
Use this information to integrate with your internal accounting software or share it with relevant stakeholders.
Why Use Billing Codes?
Streamlined Accounting: Easily track expenses by department or team, making it simpler to allocate costs and budget accurately.
Customizable Reporting: Tailor reports to suit your organizational needs.
Effortless Integration: Compatible with existing accounting workflows, helping finance teams save time and reduce errors.
Get Started Today
Applying billing codes to employee profiles is a straightforward way to enhance your financial reporting and ensure clear accountability for benefit expenses. If you need assistance or have questions, don’t hesitate to reach out to us at support@getmyhsa.com. Our team is here to help you make the most of myHSA’s features!
By leveraging this powerful functionality, Plan Administrators and finance teams can enjoy greater control, transparency, and efficiency in managing their employee benefit plans.