Section 125 Cafeteria Plans-Anyone doing them through Vantage?

We are currently using Vantage 4.0. We have a Sec 125 Cafeteria Plan but so
far, we only put the medical ins. deductions through the plan. Here is how
I will set it up when we go to out of pocket medical and daycare expenses:

Set up 2 liability accounts: Sec 125 Medical and Sec 125 Daycare
Set up 2 new deductions: Sec 125 Medical and Sec 125 Daycare
Sec 125 Medical and Daycare are not subject to Federal Withholding, Soc Sec,
Medicare, or FUTA. We are in the state of Washington and these benefits are
subject to State Unemployment Tax so check your state guidelines.
For the Daycare deduction, in the Special Type field, choose Pre-401k
Section 125
It is my understanding that the Medical deductions do not have to be
reported on form W-2 but can be in box 14, however Vantage doesn't seem to
allow you to elect any deduction to go to this box.

Keep separate spreadsheets on each employee for Medical and Daycare
activity. The balance of all medical at month end should agree with the
liability account. Same for daycare.

Remind employees that any contributions not used by the deadline for
submitting claims are lost to the government.

Hope this helps.

Karen Brodniak
Accounting Manager
karen.brodniak@...

-----Original Message-----
From: Wilmoth, Deb [mailto:Deb@...]
Sent: Wednesday, August 22, 2001 2:01 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Section 125 Cafeteria Plans-Anyone doing them through
Vantage?

We are setting up a Section 125 Cafeteria Plan for dependent care and
medical expense reimbursements. I would be interested in learning how others
are doing all the recordkeeping that accompanies this as well as knowing
what kinds of issues to expect from employees.

Vantage does not currently have the capability to track Section 125
transactions or get the deductions noted to the proper boxes on the W-2.
Obviously, the deductions come out of payroll. We are planning on making
the reimbursement payments through A/P. Are others keeping balances
through Spreadsheets or a crystal or report builder report?

I am interested in your pearls of wisdom and any heads up to avoid stubbing
my toe.

Deb Wilmoth
Reeder & Kline Machine Co.


[Non-text portions of this message have been removed]




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[Non-text portions of this message have been removed]
We are setting up a Section 125 Cafeteria Plan for dependent care and
medical expense reimbursements. I would be interested in learning how others
are doing all the recordkeeping that accompanies this as well as knowing
what kinds of issues to expect from employees.

Vantage does not currently have the capability to track Section 125
transactions or get the deductions noted to the proper boxes on the W-2.
Obviously, the deductions come out of payroll. We are planning on making
the reimbursement payments through A/P. Are others keeping balances
through Spreadsheets or a crystal or report builder report?

I am interested in your pearls of wisdom and any heads up to avoid stubbing
my toe.

Deb Wilmoth
Reeder & Kline Machine Co.


[Non-text portions of this message have been removed]