Finance Page Overview

To access the Finance page, log into benefitbay and click on the Finance tab on the left navigation bar.

Premium Funding Statements

The Finance tab opens onto your company's Premium Funding Statements, which are provided upon the funding of your company’s ARC account.

Use the coverage year dropdown to access previous years’ records.

Click on the Summary button to download a pdf document of the statement for your company’s financial records.

Click on the Details button to download a CSV of all premiums funded by that day's funding pull. 

Accrued and Prepaid Premiums Reports

What is an Accrued Premium? 

The Accrued Premiums report displays premium payments that have been funded by your company, and are being held in your company’s ARC account, but have not yet been withdrawn by the carrier.

For example, if a premium for the month of March is funded, but not withdrawn by the carrier until April, the March premium will appear in the Accrued report until the carrier makes the withdrawal from the employee’s ARC account. While this situation is rare, we want your company to have visibility on these transactions.  

What is a Prepaid Premium?

Prepaid Premiums occur when a carrier withdraws more than the current month’s funding from an employee's ARC account. For example, if a carrier withdraws two months when only one month is due, the additional month will be listed as a prepaid asset. While this situation is rare, we want your company to have visibility on these transactions.

Navigating the reports

You can sort both reports by using the month and year drop-downs on the right. You can also export the reports to CSV.

To search for specific employee transactions, use the search bar and search for an employee’s name.