At the end of the financial year, you must process the unclaimed FBP amounts and pay them to the employees as taxable.
On the Home Page click “Transactions”.
Scroll down to Spend, Loan Management.
Click “Flexible Benefits”.
Click on “Year End Unclaimed FBP Reconciliation” Under “Workflow”.
- Here, you can view the “Total Eligibility”, “Total Claimed Amount” and “Unclaimed Amount” of all the Employees.
- Click “View/Edit” against each Employee, and a detailed component-wise statement will be displayed.
Process Unclaimed FBP
On processing the unclaimed FBP amount, it would be paid as taxable components in the March salary i.e., end of the Financial Year.
Before processing unclaimed FBP, ensure:
1. Unclaimed Reimbursement component should be created
2. Till March all FBP claims must be approved and FBP should be locked.
Note: For now, unclaimed FBP can be processed only at the yearend after closing the FBP month of March.
To ensure FBP is closed/locked please go to TransactionsàSpend, Loan Management à BenefitsàWorkflowàLock FBP Claims.
Select the month and click “Save”.
Click on the Process Unclaimed FBP button to run the unclaimed FBP, process the payroll, and then check the salary statement.
