Account Administration Reports Overview
Learn about the different types of Account Administration Reports and why they're important.
What Are Account Administration Reports?
Account Administration Reports highlight critical account and client-related tasks that require attention to maintain compliance, accurate record-keeping, and efficient client service. These reports identify expiring documentation, registration or grant rejections, restricted accounts, and significant client milestones, ensuring proactive management and minimizing disruption.
Account Administration Reports are accessible through custom views on the Contact, Account, and Systematic Plan Index Pages within HubSpot CRM.
These reports fall into three key categories:
- Expiring Documentation and Forms: Essential documents and tax forms that must be updated or renewed to avoid negative tax implications or compliance issues.
- Rejected Grants, Bonds, and Registrations (RESP/RDSP/TFSA): Issues impacting the receipt of government incentives or proper account registration that need immediate resolution.
- Administrative Account Issues: Highlighting restricted accounts, returned communications, and key account milestones (such as clients turning age 71).
Expiring Documentation and Forms Reports
These reports identify critical documents approaching expiration. Timely renewal prevents potential tax penalties or withholding taxes:
- Expiring W8BEN / W8BEN-E: Identifies expiring US tax withholding forms for non-US residents or entities.
- Expiring Treaty Statement: Highlights expiring tax treaty documents that could impact withholding taxes.
- Expiring Non-Residents: Tracks expiring documentation for non-resident clients.
- Expiring Withholding Statement: Indicates withholding tax statements nearing expiration.
Rejected Grants, Bonds, and Registration Reports
These reports identify rejected registrations or government incentives (RESP, RDSP, TFSA), allowing prompt corrective action:
- RESP Grant Rejections: RESP grant contributions rejected by the government.
- RESP Registration Rejections: RESP accounts rejected during registration.
- RESP SIR Registration Rejections: Issues with RESP Specimen Individual Registration.
- RDSP Registration Rejections: RDSP accounts rejected during registration.
- RDSP Grant Bond Refusals: Government grant or bond contributions refused for RDSP accounts.
- TFSA Registration Rejections: TFSA accounts rejected during registration.
Administrative Account Issues Reports
These reports identify operational and communication issues requiring immediate attention:
- Clients Turning 71: Identifies clients turning 71 this calendar year who must convert RRSP accounts to RIF accounts.
- Restricted Accounts: Lists accounts flagged for restrictions.
- Returned Emails / Returned Mail: Highlights clients whose communications have been returned, indicating incorrect or outdated contact information.
- Depleting Systematic Plans: Alerts when systematic investment or withdrawal plans approach depletion.
- All Plans: Provides a comprehensive list of systematic plans for general oversight (no immediate action required).
Why Are Account Administration Reports Important?
Account Administration Reports proactively ensure that accounts remain compliant, documentation stays current, and clients receive entitled benefits without interruption. Addressing these issues promptly helps avoid financial penalties, ensures regulatory compliance, and maintains a high-quality client experience.
Key Benefits of Using Account Administration Reports:
- Enhanced Compliance: Reduces risk by identifying and addressing expiring compliance-related documentation early.
- Proactive Issue Resolution: Quickly resolves registration and government incentive issues, preserving client satisfaction.
- Improved Client Communication: Ensures accurate client information, preventing disruptions due to returned mail or emails.
- Operational Efficiency: Enables timely actions for crucial client milestones and account maintenance.