Flex Spending plans are used for employees who wishes to set aside funds for later use. The amounts can be changed through out the year regardless of the date or amount
In order to change the amount of a deduction on a Flex Spending Account, will need to do two processes. The first process is to expire the current Flex Plan that is on the employee record.
1. Open Employee Record. 2. Select the Compensations and Deductions Tab. 3. Double click the current Flex Plan. 4. On Flex Plan we need to change the effective dates drop down to "Only effective on period end dates from". 5. In the box that appears to the far right, enter a date to expire this deduction. This will need to be a date since the last payroll was calculated. 6. Save and close.
This will expire the current plan. The second step is to add the plan back to the record with the new amount of the deduction.
1. Click arrow to the right of "New Pay type" button and select "New Deduction" 2. Select the Flex Plan you use. 3. On the Flex Plan we need to change the effective dates drop down to "Only effective on period end dates from". 4. In the box that appears immediately to the right of the effective date statement, enter a beginning date. This will need to be a date since the last payroll calculation was created. 5. Enter the new amount to deduct from check. 6. Save and close.
This will enable The Financial Edge to begin deducting the new amount on the employee payroll.