Reports serve as a vital tool, providing essential insights for both advisors and plan administrators. They aid in comprehending plan utilization, billing details, forecast projections, and even facilitate year-end tax obligations. These reports offer a broader scope for making informed changes to the plan, ensuring effective coverage. Both Advisors and Plan Admins can access their necessary reports in their "Reports" tab on the left hand side of their myHSA portal.
Types of Reports:
*Helpful Hint - use ctrl + f to quickly jump to any report you are looking for!*
Add-on Utilization Report
Parameters: Company-specific; Time frame selectable by plan year (select from the dropdown)
Audience: Advisors and Plan Administrators
Function: Evaluates add-on performance and utilization, offering insights into their effectiveness.
Advisor Deposit Report
Parameters: Yearly or monthly selection.
Audience: Advisors (or their accountants.)
Function: Essential for recording myHSA commission income for tax purposes, detailing advisor deposits paid on a monthly basis. (We don't provide a T4 to advisors)
Client Fee Structure
Parameters: All clients; no date range required (run in real time)
Audience: Advisors (usually coming up to renewal.)
Function: Allows quick review and assessment of client fee structures for informed decisions during renewal processes.
Referral Partner Payment Report
Parameters: Start and End Date selection.
Audience: Advisors and Referral Partners
Function: Tracks referral partner payments, where applicable.
Renewal Report
Contents: Comprehensive company details for advisors (usually used approaching renewal.)Company NamePlan NamePlan TypePlan Renewal DatePlan AmountCarryover (Y/N)Grace Period (Y/N & length)Active # of EmployeesPlan Admins
Function: Designed to support advisors during renewal, offering detailed information crucial for effective planning and decision-making.
Plan Details Report
Contents: Similar to the Renewal Report with additional plan details.
Audience: Advisors (approaching Renewa)
Function: Serves as a comprehensive resource for advisors, encompassing plan specifics and crucial administrative information.
Bank Reconciliation Report
Parameters: Open start/end date, based on bank file date.
Audience: Advisors, Plan Administrators (PAs), and PA Accounting Teams.
Contents: Detailed reconciliation of claims charged to the corporate account, including employee name, claim type, amount paid, fees/taxes, and billing codes/EE IDs when applicable.
Function: Useful for any reconciliation of transactions, especially useful for year-end tax purposes.
Detailed Claim Report
Parameters: Similar to Bank Rec Report but sorted by Employee Name.Audience: Advisors Plan Administrators
Function: Provides the same data as Bank Reconciliation Report but sorted by employee names instead of bank file dates.
Bank Transaction Report (Withdrawal Report)
Parameters: Single bank file date selection.
Audience: Advisors, PAs, PA Accounting Teams.
Contents: Provides a PDF matching the email sent for corporate withdrawals.
Function: Used to obtain a copy of the withdrawal report (sent to PA's on bank file dates)
Allocation Report
Parameters: Start and end date selection.
Audience: Advisors and Plan administrators
Function: Shows the amounts allocated by each employee to various categories on their myFlex plan, including auto-allocated amounts.
Claims Reports (myHSA, myWSA, myFlexplan, myASO)
Parameters: Start/End Date selection, based on Bank File Date.
Audience: Advisors, Plan Admins.
Content: Lists claims for specific categories without revealing employee names, maintaining medical privacy.
Taxable Claims Report
Parameters: Optional start/end date.
Function: Summarizes taxable claims for tax recording purposes by advisors and PA accountants. *inclusive of Quebec HSA claims.
Utilization Report
Parameters: Benefit Year selection (based on service date - not suitable for taxation purposes)
Contents: Pie chart illustrating major and sub-category utilization during the benefit year. Can display utilization by category or by plan/employee with detailed breakdowns.
Function: The utilization report shows which categories are being used more than others, helping Plan Administrators to make sure the plan is meeting their employee needs.
Employee Balance Report
Audience: Advisors and PAs.
Contents: Real-time employee balance details, including current, carryover, and reserve balances, EE number, and billing codes if applicable.
Function: Great for checking an employee balance on a specific date. This can be used for auditing purposes, reinstating previous employees, or getting an overview of employee balances at any time throughout the year.
Each report serves a specific purpose, facilitating better financial management, tax compliance, and comprehensive oversight for advisors, plan administrators, and accounting teams.If you require further assistance with the reports, please reach out to support@getmyhsa.com