Last modified by Megan Kahl on 2022/06/17 08:36
<
From version < 68.1 >
edited by Megan Kahl
on 2022/06/17 06:20
To version < 66.1 >
edited by Megan Kahl
on 2022/06/17 06:11
>
Change comment: There is no comment for this version

Summary

Details

Page properties
Title
... ... @@ -1,0 +1,1 @@
1 + How to calculate and load Interim/Final rates on Everest
Content
... ... @@ -1,30 +2,44 @@
1 -
2 2  
3 -(% style="text-align: center;" %)
4 -(% style="font-size: 28px; color: rgb(41, 128, 185)" %)**CALCULATING AND LOADING INTERIM_FINAL RATES**
2 +**DISCLAIMER**
5 5  
4 +Please note, whilst care is taken to illustrate numerous scenarios, it is impossible to detail all instances and therefore this document should merely serve as a guide for the purposes of demonstrating system functionality and conducting employee training.
6 6  
6 +In accordance with the above paragraph, this training manual is published and distributed on the basis that EBSphere (Pty) Ltd is not responsible/accountable for any actions taken by users of information contained in this training manual nor for any error in or omission from this manual.
7 7  
8 -(% style="text-align: center;" %)
9 -(% style="color:#2980b9" %)**BY**
8 +EBSphere (Pty) Ltd does not accept any responsibility whatsoever for a misrepresentation performed by any person in respect of claims, losses or damage or any other matter, either direct or consequential arising out of or in relation to the use and reliance, whether wholly or partially, upon any information contained or products referred to in this manual.
10 10  
10 +Further, the contents of this training manual are subject to change without any notice and further highlight the need for this training manual to serve only as a guide.
11 11  
12 12  
13 -(% style="text-align:center" %)
14 -[[image:Calculating and Loading Interim_Final Rates_html_8cba33b1e8c9fa24.gif||height="128" width="463"]]
15 15  
16 16  
17 17  
18 18  
19 -(% style="text-align: center;" %)
20 -== (% style="color:#2980b9" %)**How to calculate and load Interim/Final rates on Everest**(%%) ==
21 21  
22 22  
19 +**COPYRIGHT**
20 +
21 +This documentation and the software described in it is the exclusive property of EBSphere (Pty) Ltd. This manual or the software may not be copied in whole or part, without the express written consent of EBSphere (Pty) Ltd. Under the law, copying includes translating into another language or format.
22 +
23 +EBSphere (Pty) Limited
24 +
25 +P.O. Box 785803
26 +
27 +Sandton
28 +
29 +2146
30 +
31 +
32 +
33 +[[image:Calculating and Loading Interim_Final Rates_html_8cba33b1e8c9fa24.gif||height="96" width="344"]]\\
34 +
35 += {{id name="_How_to_calculate"/}}[[image:Calculating and Loading Interim_Final Rates_html_857ba1e075348553.png||height="13" width="656"]] //How to calculate and load Interim/Final rates on Everest// =
36 +
23 23  Everest is a unit-based system, and therefore requires that rates are converted to a unit price. To do this, a template is provided, for calculating the unit prices. Note that the template may change to accommodate the specific needs of the client, so please discuss your requirements with your EBSphere Consultant so that the correct template is provided.
24 24  
25 25  [[image:Calculating and Loading Interim_Final Rates_html_2d15cc65377c4c7c.png||height="180" width="210"]]
26 26  
27 -== INTERIM RATE ==
41 +== {{id name="_INTERIM_RATE"/}}INTERIM RATE ==
28 28  
29 29  When loading rates for the first time on the Fund, start with a price of 100. If not, determine the unit price as at the last month prior to the new interim rate. E.g., if the interim is being applied for the year 2021, the unit price from Everest to be utilized will be as at 31/12/2020. To do this, ensure that the Parent is selected, go to Client → Investment Products:
30 30  
... ... @@ -32,7 +32,7 @@
32 32  
33 33  Double Click on the “UPs” button for the product you want to update:
34 34  
35 - [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
49 +[[image:Calculating and Loading Interim_Final Rates_html_9bb70105408a83b3.gif||alt="Shape2"]] [[image:Calculating and Loading Interim_Final Rates_html_fd2346ffdb565ea6.gif||alt="Shape1"]] [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
36 36  
37 37  A screen will open that reflects the “Used Unit Prices”. These are the prices the system is currently using for calculation of member values and benefits.
38 38  
... ... @@ -51,6 +51,10 @@
51 51  [[image:Calculating and Loading Interim_Final Rates_html_f768b169db3dc5bb.png||height="53" width="304"]]
52 52  
53 53  
68 +
69 +
70 +
71 +
54 54  To calculate the interim rate prices for the next year, insert the MONTHLY interim rate to be used in column B, Return for the Month, for each month of the year. The spreadsheet will calculate the unit prices for each month:
55 55  
56 56  [[image:Calculating and Loading Interim_Final Rates_html_e8af78425277d3fb.png||height="194" width="191"]]
... ... @@ -65,10 +65,11 @@
65 65  
66 66  On the screen that opens, note the **ProductID** for the relevant product:
67 67  
68 -[[image:Calculating and Loading Interim_Final Rates_html_b68b72a894d7efaa.png||height="88" width="366"]]
86 +[[image:Calculating and Loading Interim_Final Rates_html_869a8c7ba9c90dc4.gif||alt="Shape4"]] [[image:Calculating and Loading Interim_Final Rates_html_f42a109d80d201ee.gif||alt="Shape3"]] [[image:Calculating and Loading Interim_Final Rates_html_b68b72a894d7efaa.png||height="88" width="366"]]
69 69  
70 70  Once identified, prepare the Product Price Import file attached.
71 71  
90 +{{id name="_MON_1715679781"/}}\\
72 72  
73 73  [[image:Calculating and Loading Interim_Final Rates_html_d5ab4359b6c55057.gif]]
74 74  
... ... @@ -82,17 +82,17 @@
82 82  
83 83  Locate the “**Import your unit prices**” section:
84 84  
85 -[[image:Calculating and Loading Interim_Final Rates_html_4f1b11fda376cd0c.png||height="121" width="294"]]
104 +[[image:Calculating and Loading Interim_Final Rates_html_95dcc3ff2a20d022.gif||alt="Shape5"]] [[image:Calculating and Loading Interim_Final Rates_html_4f1b11fda376cd0c.png||height="121" width="294"]]
86 86  
87 87  Click on the second **Import** button – Import Unit Prices for Parent Investment Products:
88 88  
89 -[[image:Calculating and Loading Interim_Final Rates_html_4f1b11fda376cd0c.png||height="121" width="294"]]
108 +[[image:Calculating and Loading Interim_Final Rates_html_900dbe41cdd5d48d.gif||alt="Shape6"]] [[image:Calculating and Loading Interim_Final Rates_html_4f1b11fda376cd0c.png||height="121" width="294"]]
90 90  
91 91  
92 92  
93 93  Browse to pick up your saved import file:
94 94  
95 - [[image:Calculating and Loading Interim_Final Rates_html_591f84d57fbc47ca.png||height="162" width="252"]]
114 +[[image:Calculating and Loading Interim_Final Rates_html_d8dfc5c0148ebda.gif||alt="Shape7"]] [[image:Calculating and Loading Interim_Final Rates_html_591f84d57fbc47ca.png||height="162" width="252"]]
96 96  
97 97  Select **Save** and **Execute.**
98 98  
... ... @@ -99,7 +99,7 @@
99 99  
100 100  A report will be produced indicating that the headings were recognised.
101 101  
102 - [[image:Calculating and Loading Interim_Final Rates_html_160a7632760e70b4.png||height="153" width="452"]]
121 +[[image:Calculating and Loading Interim_Final Rates_html_aff8d6cbf4eba266.gif||alt="Shape8"]] [[image:Calculating and Loading Interim_Final Rates_html_160a7632760e70b4.png||height="153" width="452"]]
103 103  
104 104  
105 105  To confirm the rates were correctly imported, while on the Parent go to:
... ... @@ -108,6 +108,13 @@
108 108  
109 109  [[image:Calculating and Loading Interim_Final Rates_html_c2201debac9c4fd5.png||height="149" width="244"]]
110 110  
130 +
131 +
132 +
133 +
134 +
135 +
136 +
111 111  Once satisfied that the unit prices have been successfully imported, the prices are required to be linked for use in calculating the member values and benefits for the interim rate period.
112 112  
113 113  Go to Accounts → Unit Price Management:
... ... @@ -123,11 +123,11 @@
123 123  
124 124  In the screen that opens, select the product you want to update, date range you want to link and select “Test” in the **Custom 1** field. The Parent should be pre-populated but please do check it.
125 125  
126 - [[image:Calculating and Loading Interim_Final Rates_html_13e8528d92a2925e.png||height="103" width="250"]]
152 +[[image:Calculating and Loading Interim_Final Rates_html_a0af60637b39519e.gif||alt="Shape9"]] [[image:Calculating and Loading Interim_Final Rates_html_1c23cf620044f3bb.gif||alt="Shape10"]] [[image:Calculating and Loading Interim_Final Rates_html_13e8528d92a2925e.png||height="103" width="250"]]
127 127  
128 128  Save and Execute. A report will be produced confirming the prices it would write up:
129 129  
130 - [[image:Calculating and Loading Interim_Final Rates_html_c9fe771aada585dc.png||height="104" width="323"]]
156 +[[image:Calculating and Loading Interim_Final Rates_html_c6eac29d315b5b6d.gif||alt="Shape13"]] [[image:Calculating and Loading Interim_Final Rates_html_b14942133e4d8078.gif||alt="Shape12"]] [[image:Calculating and Loading Interim_Final Rates_html_2def891d203ddc6f.gif||alt="Shape11"]] [[image:Calculating and Loading Interim_Final Rates_html_c9fe771aada585dc.png||height="104" width="323"]]
131 131  
132 132  Once satisfied with the results, repeat using the “Live” option.
133 133  
... ... @@ -139,9 +139,9 @@
139 139  
140 140  
141 141  
142 -== FINAL RATE ==
168 +== {{id name="_FINAL_RATE"/}}FINAL RATE ==
143 143  
144 -Whilst waiting for the Final Rate to be declared, the interim rate unit prices were utilised to process claims. Once the Final Rate is received for the period, update the unit prices to use the Final Rate.
170 +Whilst waiting for the Final Rate to be declared, the interim rate unit prices were utilised to process claims. Once the Final Rate is received for the period, update the unit prices to use the Final Rate.
145 145  \\There are 2 ways of doing this. Applying the final rate retrospectively per month OR applying an annual rate at the end of the period.
146 146  
147 147  The implication of each method is:
... ... @@ -159,6 +159,10 @@
159 159  
160 160  [[image:Calculating and Loading Interim_Final Rates_html_163d76866478adfc.png||height="209" width="463"]]
161 161  
188 +
189 +
190 +
191 +
162 162  On Everest, manually adjust each month’s price. The import functionality cannot be used. While on the Parent go to Accounts → Investment Products:
163 163  
164 164  [[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
... ... @@ -165,7 +165,7 @@
165 165  
166 166  Double Click on the “UPs” button for the product you want to update:
167 167  
168 - [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
198 +[[image:Calculating and Loading Interim_Final Rates_html_9bb70105408a83b3.gif||alt="Shape15"]] [[image:Calculating and Loading Interim_Final Rates_html_fd2346ffdb565ea6.gif||alt="Shape14"]] [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
169 169  
170 170  Click on the “New Used Ups” button at the bottom of the screen:
171 171  
... ... @@ -189,15 +189,15 @@
189 189  
190 190  In the screen that opens leave the policy row blank, populate the date range you want to link, “Check” = No, and “Confirmed Prices Only” = No.
191 191  
192 - [[image:Calculating and Loading Interim_Final Rates_html_a33dc31135f02423.png||height="91" width="276"]]
222 +[[image:Calculating and Loading Interim_Final Rates_html_1c23cf620044f3bb.gif||alt="Shape16"]] [[image:Calculating and Loading Interim_Final Rates_html_a33dc31135f02423.png||height="91" width="276"]]
193 193  
194 194  A report will be produced reflecting all the batches that have been repriced:
195 195  
196 - [[image:Calculating and Loading Interim_Final Rates_html_42d6c79cb5c90d09.png||height="164" width="407"]]
226 +[[image:Calculating and Loading Interim_Final Rates_html_dabb0653072121a8.gif||alt="Shape18"]] [[image:Calculating and Loading Interim_Final Rates_html_52c920fdd9c31dd1.gif||alt="Shape17"]] [[image:Calculating and Loading Interim_Final Rates_html_42d6c79cb5c90d09.png||height="164" width="407"]]
197 197  
198 198  **NB!** If there are transactions that were processed AFTER the year end date, you will need to recalculate the unit prices for that period and reprice the transactions. The reason for this is that the unit price has changed at the year end, which then affects all unit prices thereafter. Follow the exact same procedure detailed above, but for the new year and utilising the new interim price for that year.
199 199  
200 -=== Final - Annual Adjustment ===
230 +=== {{id name="_Once_off_Annual"/}}Final - Annual Adjustment ===
201 201  
202 202  For an Annual Adjustment you will need to calculate the closing unit price via an Asset Liability match. To do so follow this procedure:
203 203  
... ... @@ -205,13 +205,13 @@
205 205  
206 206  While on the Parent, run the batch ‘Parent Investment Member Product’ at the year-end date:
207 207  
208 - [[image:Calculating and Loading Interim_Final Rates_html_23e36b7dee89d05d.png||height="85" width="274"]]
238 +[[image:Calculating and Loading Interim_Final Rates_html_6b5d08ff82028557.gif||alt="Shape19"]] [[image:Calculating and Loading Interim_Final Rates_html_23e36b7dee89d05d.png||height="85" width="274"]]
209 209  
210 210  Use the ‘By Client’ Report Output for the total values. If you want to see the data at member level, use the ‘By Member’ option.
211 211  
212 212  A report will be produced:
213 213  
214 - [[image:Calculating and Loading Interim_Final Rates_html_e6e7ba44e13d0b5b.png||height="439" width="443"]]
244 +[[image:Calculating and Loading Interim_Final Rates_html_a82a2ff8aeafb355.gif||alt="Shape29"]] [[image:Calculating and Loading Interim_Final Rates_html_549f5d6ddbf7bb01.gif||alt="Shape28"]] [[image:Calculating and Loading Interim_Final Rates_html_ea20d567e136c78f.gif||alt="Shape25"]] [[image:Calculating and Loading Interim_Final Rates_html_227ecb1425eccdb4.gif||alt="Shape23"]] [[image:Calculating and Loading Interim_Final Rates_html_8f5f7b301349435b.gif||alt="Shape30"]] [[image:Calculating and Loading Interim_Final Rates_html_f633da10da6a5fff.gif||alt="Shape26"]] [[image:Calculating and Loading Interim_Final Rates_html_f7b76a41325d987f.gif||alt="Shape27"]] [[image:Calculating and Loading Interim_Final Rates_html_34856d1e44029a73.gif||alt="Shape22"]] [[image:Calculating and Loading Interim_Final Rates_html_f7b76a41325d987f.gif||alt="Shape24"]] [[image:Calculating and Loading Interim_Final Rates_html_34856d1e44029a73.gif||alt="Shape20"]] [[image:Calculating and Loading Interim_Final Rates_html_34856d1e44029a73.gif||alt="Shape21"]] [[image:Calculating and Loading Interim_Final Rates_html_e6e7ba44e13d0b5b.png||height="439" width="443"]]
215 215  
216 216  
217 217  The report shows values for Active Members, Exited Members, and a combined total for both. If there are Exited Member values in the product you are calculating, you need to ascertain if the exits have been paid (call the Parent Investment Member Product report using the ‘By Member’ option). If they have been paid, they must be excluded from the Unit Price calculation.
... ... @@ -224,7 +224,7 @@
224 224  
225 225  In this example we are using the total member assets excluding the exits as the exits have already been paid.
226 226  
227 - [[image:Calculating and Loading Interim_Final Rates_html_ed5d26b2719bfd15.png||height="103" width="559"]]
257 +[[image:Calculating and Loading Interim_Final Rates_html_28be6e7cb077eae5.gif||alt="Shape31"]] [[image:Calculating and Loading Interim_Final Rates_html_ed5d26b2719bfd15.png||height="103" width="559"]]
228 228  
229 229  //In this example we are calculating the unit price for both products, as both products are included in the total asset value.//
230 230  
... ... @@ -241,9 +241,11 @@
241 241  [[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
242 242  
243 243  
274 +
275 +
244 244  Double Click on the “UPs” button for the product you want to update (note that in this example we need to update the price for BOTH products):
245 245  
246 - [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
278 +[[image:Calculating and Loading Interim_Final Rates_html_9bb70105408a83b3.gif||alt="Shape33"]] [[image:Calculating and Loading Interim_Final Rates_html_fd2346ffdb565ea6.gif||alt="Shape32"]] [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
247 247  
248 248  Click on the “New Used Ups” button at the bottom of the screen:
249 249  
... ... @@ -267,11 +267,11 @@
267 267  
268 268  In the screen that opens, select the product you want to update, date range must be the year end, and select “Test” in the **Custom 1** field. The Parent should be pre-populated but please do check it.
269 269  
270 - [[image:Calculating and Loading Interim_Final Rates_html_9c7ad50c95447944.png||height="96" width="258"]]
302 +[[image:Calculating and Loading Interim_Final Rates_html_f3bffbf1954309ed.gif||alt="Shape35"]] [[image:Calculating and Loading Interim_Final Rates_html_1c23cf620044f3bb.gif||alt="Shape34"]] [[image:Calculating and Loading Interim_Final Rates_html_9c7ad50c95447944.png||height="96" width="258"]]
271 271  
272 272  Save and Execute. A report will be produced confirming the prices it would write up:
273 273  
274 - [[image:Calculating and Loading Interim_Final Rates_html_2fa50f4e6cc1b3db.png||height="108" width="548"]]
306 +[[image:Calculating and Loading Interim_Final Rates_html_32af388397f965b9.gif||alt="Shape38"]] [[image:Calculating and Loading Interim_Final Rates_html_af650d3df37fc3da.gif||alt="Shape37"]] [[image:Calculating and Loading Interim_Final Rates_html_7b191eac472dcef9.gif||alt="Shape36"]] [[image:Calculating and Loading Interim_Final Rates_html_2fa50f4e6cc1b3db.png||height="108" width="548"]]
275 275  
276 276  Once satisfied with the results, repeat using the “Live” option. You will need to do this for each product that needs to be updated.
277 277  
... ... @@ -287,7 +287,7 @@
287 287  
288 288  Use the unit price calculator to calculate the new prices for the following year:
289 289  
290 - [[image:Calculating and Loading Interim_Final Rates_html_649a53d74e537d43.png||height="116" width="112"]]
322 +[[image:Calculating and Loading Interim_Final Rates_html_7ca684a96b3d7905.gif||alt="Shape40"]] [[image:Calculating and Loading Interim_Final Rates_html_42c4e4f03d0357f0.gif||alt="Shape39"]] [[image:Calculating and Loading Interim_Final Rates_html_649a53d74e537d43.png||height="116" width="112"]]
291 291  
292 292  
293 293  On Everest you will need to manually adjust each month’s price. The import functionality cannot be used in this case. While on the Parent go to Accounts → Investment Products:
... ... @@ -296,7 +296,7 @@
296 296  
297 297  Double Click on the “UPs” button for the product you want to update:
298 298  
299 - [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
331 +[[image:Calculating and Loading Interim_Final Rates_html_9bb70105408a83b3.gif||alt="Shape42"]] [[image:Calculating and Loading Interim_Final Rates_html_fd2346ffdb565ea6.gif||alt="Shape41"]] [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
300 300  
301 301  Click on the “New Used Ups” button at the bottom of the screen:
302 302  
... ... @@ -307,6 +307,11 @@
307 307  [[image:Calculating and Loading Interim_Final Rates_html_fe124aaa0aea5a6d.png||height="143" width="259"]]
308 308  
309 309  
342 +
343 +
344 +
345 +
346 +
310 310  You will need to **reprice** the transactions for the period. While on the Parent, go to Accounts → Unit Price Management:
311 311  
312 312  [[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="191" width="86"]]
... ... @@ -319,44 +319,8 @@
319 319  
320 320  In the screen that opens leave the policy row blank, populate the date range you want to link, “Check” = No, and “Confirmed Prices Only” = No.
321 321  
322 - [[image:Calculating and Loading Interim_Final Rates_html_a33dc31135f02423.png||height="101" width="306"]]
359 +[[image:Calculating and Loading Interim_Final Rates_html_1c23cf620044f3bb.gif||alt="Shape43"]] [[image:Calculating and Loading Interim_Final Rates_html_a33dc31135f02423.png||height="101" width="306"]]
323 323  
324 324  A report will be produced reflecting all the batches that have been repriced:
325 325  
326 - [[image:Calculating and Loading Interim_Final Rates_html_42d6c79cb5c90d09.png||height="164" width="407"]]
327 -
328 -
329 -
330 -
331 -(% style="text-align: center;" %)
332 -== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
333 -
334 -
335 -(% style="color:#2980b9" %)**DISCLAIMER**
336 -
337 -Please note, whilst care is taken to illustrate numerous scenarios, it is impossible to detail all instances and therefore this document should merely serve as a guide for the purposes of demonstrating system functionality and conducting employee training.
338 -
339 -In accordance with the above paragraph, this training manual is published and distributed on the basis that EBSphere (Pty) Ltd is not responsible/accountable for any actions taken by users of information contained in this training manual nor for any error in or omission from this manual.
340 -
341 -EBSphere (Pty) Ltd does not accept any responsibility whatsoever for a misrepresentation performed by any person in respect of claims, losses or damage or any other matter, either direct or consequential arising out of or in relation to the use and reliance, whether wholly or partially, upon any information contained or products referred to in this manual.
342 -
343 -Further, the contents of this training manual are subject to change without any notice and further highlight the need for this training manual to serve only as a guide.
344 -
345 -
346 -
347 -(% style="color:#2980b9" %)**COPYRIGHT**
348 -
349 -This documentation and the software described in it is the exclusive property of EBSphere (Pty) Ltd. This manual or the software may not be copied in whole or part, without the express written consent of EBSphere (Pty) Ltd. Under the law, copying includes translating into another language or format.
350 -
351 -
352 -EBSphere (Pty) Limited
353 -
354 -P.O. Box 785803
355 -
356 -Sandton
357 -
358 -2146
359 -
360 -
361 -(% style="text-align:center" %)
362 -[[image:Calculating and Loading Interim_Final Rates_html_8cba33b1e8c9fa24.gif||height="128" width="463"]]
363 +[[image:Calculating and Loading Interim_Final Rates_html_dabb0653072121a8.gif||alt="Shape45"]] [[image:Calculating and Loading Interim_Final Rates_html_52c920fdd9c31dd1.gif||alt="Shape44"]] [[image:Calculating and Loading Interim_Final Rates_html_42d6c79cb5c90d09.png||height="164" width="407"]]
Calculating and Loading Interim_Final Rates_html_b993779320601de0.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -18.1 KB
Content

Applications

Navigation

Need help?

If you need help with XWiki you can contact: