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Setting up HSA accounts in Great Plains

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We just started with HSA accounts. Prior to this we did not have them available in our health plan. My boss set up the HSA as an other current liability account. I believe the entry needs to look like this, but could use a second opinion:

Credit to cash for the amount deducted for the employer contribution

Debit to the Liability for the same amount

Debit to the Liability for the employee paid portion

What I need to understand is where would the opposing debit go? Is this typically put to payroll tax/ fringe benefits/respective employee labor accounts if there is not a specific HSA account designated for the labor categories?

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Microsoft Dynamics GP

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Joseph Markovich 3,947 on at

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RE: Setting up HSA accounts in Great Plains

Terry Heley posted about this a few years ago:

community.dynamics.com/.../how-to-setup-up-an-hsa-health-savings-account-in-microsoft-dynamics-gp

This is using US Payroll and the integration to Payables, but I think the concepts might apply to you here.

Joe
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Margi Jandro on at

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RE: Setting up HSA accounts in Great Plains

Hi Elise,

Thank you for your post asking for recommendations on how to set up your ‘HSA’ general ledger accounts.

Every company is unique in how they set up the general ledger accounts. The best recommendation for your company is to speak to your company’s accountant or accounting lawyers to say what accounts should be used to best suit your company’s needs. Also, because we in Dynamics GP Support are not accounts, we recommend speaking to your company’s professional accountant.

Here is some basic information pertaining to the Payroll Posting accounts Setup window Administration >> Setup >> Posting >> Payroll Accounts. There are options for deduction withholding, Benefit Expense, Benefits Payable etc. What accounts you assign for your companies ‘HSA’ should come from your accountant.

Here are some great resources for you to use pertaining to Payroll Posting Accounts.

Posting accounts to build the check file - Dynamics GP | Microsoft Docs

Microsoft Dynamics GP 2016 - Payroll Posting Accounts Setup Enhancements - Microsoft Dynamics GP Community

Dynamics GP Payroll Posting Accounts - Microsoft Dynamics GP Community

Thank you,

Margi Jandro

Microsoft Dynamics GP Support