Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
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From version < 101.1
edited by Megan Kahl
on 2022/08/03 09:03
To version < 57.1 >
edited by Megan Kahl
on 2021/10/01 12:17
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1 -(% class="wikigeneratedid" id="HSECTION14TRANSFERPROCESS" style="text-align: center;" %)
2 -(% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **
1 +**DISCLAIMER**
3 3  
3 +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.
4 4  
5 +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.
5 5  
7 +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.
6 6  
7 -(% style="text-align: center;" %)
8 -(% style="color:#2980b9" %)**BY**
9 +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.
9 9  
10 10  
11 11  
12 12  
13 -(% style="text-align:center" %)
14 -[[image:Section 14 Transfer Process_html_8cba33b1e8c9fa24.gif||data-xwiki-image-style-alignment="center" height="128" width="463"]]
15 15  
16 -{{info}}
17 -(% style="break-before: page; text-align: center;" %)
18 -(% style="color:#2980b9; font-size:20px" %)**TABLE OF CONTENTS**
19 19  
20 20  
21 -{{toc/}}
22 22  
23 -
24 -{{/info}}
18 +**COPYRIGHT**
25 25  
20 +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.
26 26  
22 +EBSphere (Pty) Limited
27 27  
28 -(% style="break-before: page; text-align: center;" %)
29 -= (% style="color:#2980b9" %)**Introduction**(%%) =
24 +P.O. Box 785803
30 30  
26 +Sandton
31 31  
28 +2146
32 32  
30 +
31 +
32 +[[image:Section 14 Transfer Process_html_8cba33b1e8c9fa24.gif||height="96" width="344"]] [[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="13" width="656"]]\\
33 +
34 +[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Introduction//
35 +
33 33  When processing a section 14 transfer out of Everest various factors need to be considered before commencing on the system.
34 34  
35 35  1. Is the section 14 transfer for an individual member?
... ... @@ -40,381 +40,326 @@
40 40  
41 41  
42 42  
43 -(% style="break-before: page; text-align: center;" %)
44 -= (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) =
45 45  
46 46  
47 47  
48 -== (% style="color:#2980b9" %)**Section 14 where the member is invested in a Managed Fund**(%%) ==
49 49  
50 -Generate a Member Statement and ensure that all transactions have been completed and priced.  Exit the member using the standard Member Exit Batch.  Ensure that the workflow process is completed in full.  The Disinvestment Process, which is part of the workflow MUST be done to ensure that the investable portion is moved to Bank for payment. Tax must be applied for on all Section 14 Transfers, in line with SARS’ rules.  Payment is then made to the receiving Fund.
51 51  
52 52  
53 -== (% style="color:#2980b9" %)**Section 14 where the member is invested in a Unitized Fund**(%%) ==
54 54  
55 -Generate a Member Statement and ensure that all transactions have been completed and priced.  Exit the member using the standard Member Exit Batch.  Ensure that the workflow process is completed in full.  The Disinvestment Process, which is part of the workflow MUST be done to ensure that the investable portion is moved to Bank for payment.  Execute the transaction in Market and ensure that the transaction is priced before continuing. Tax must be applied for on all Section 14 Transfers, in line with SARS’ rules.  Payment is then made to the receiving Fund.
56 56  
57 57  
58 58  
59 -(% style="break-before: page; text-align: center;" %)
60 -= (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) =
61 61  
62 62  
63 63  
64 -== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Managed Fund**(%%) ==
65 65  
66 -* Generate a few Member Statements and ensure that all transactions have been completed and priced. Check that there are no Outstanding Contributions.
67 -* that the banking details of the receiving Fund has been loaded in the (% style="color:#2980b9" %)Administration > Financial Settings > System Bank Accounts > Transfer Funds (Bank Account Type)(%%) screen. Should the user not have access to this screen ensure that someone who does have access loads the banking details before commencing the process.
68 68  
69 -Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product”** (%%)batch.
70 70  
71 -(% style="color:#2980b9" %)**Effective Date:**(%%)** **Today’s date.
72 72  
73 -Click on (% style="color:#2980b9" %)“**Save**” (%%)and (% style="color:#2980b9" %)“**Execute**”.
74 74  
75 75  
76 -(% style="text-align:center" %)
77 -[[image:1633327074202-714.png||data-xwiki-image-style-alignment="center"]]
78 78  
79 -(% style="break-before: page" %)
80 -A report will generate reflecting the member’s current Fund Credit.
81 81  
82 82  
83 -(% style="text-align:center" %)
84 -[[image:1633327282743-140.png||data-xwiki-image-style-alignment="center"]]
85 85  
86 86  
87 -Using the (% style="color:#2980b9" %)**Import Unclaimed Benefit Template**(%%), create a file for import. This template will process the member’s exits in Bulk and write up the payment to be paid into the transferring Fund.
88 88  
89 89  
90 -(% style="text-align:center" %)
91 -[[image:1633327441733-379.png||data-xwiki-image-style-alignment="center"]]
92 92  
93 93  
94 -Critical fields that must be considered are:
95 95  
96 -(% style="color:#2980b9" %)**System Number  **(%%) This is the unique Everest generated number.
97 97  
98 -(% style="color:#2980b9" %)**Exit Type**(%%)  The Exit type is depicted as a number that must be copied from the Key to ensure that the correct exit type is used.
99 99  
100 -(% style="color:#2980b9" %)**ID Number**(%%)  Member’s Identity number.
101 101  
102 -(% style="color:#2980b9" %)**Tax Ref No**(%%)  Member’s tax reference number.
103 103  
104 -(% style="color:#2980b9" %)**DOX  **(%%) Date of exit, this is the Section 14 date.
105 105  
106 -(% style="color:#2980b9" %)**Gross Benefit  **(%%) This is the Rand Amount of the member’s benefit to be transferred, if its not 100% of the members benefit. Leave blank if  the full benefit is to be transferred
107 107  
108 -(% style="color:#2980b9" %)**Tax Upload Group**(%%)  Set a tax group name, for example 22042020 (date of tax application)
109 109  
110 -(% style="color:#2980b9" %)**Effective Date **(%%) This is the Section 14 Date.
111 111  
112 -(% style="color:#2980b9" %)**Transfer **(%%) Always set this to Y
113 113  
114 -(% style="color:#2980b9" %)**Transfer Fund Type**(%%)  This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
84 +[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Section 14 Process for an Individual Member//
115 115  
116 -(% style="color:#2980b9" %)**Transfer Fund Name**(%%)  This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
86 +Section 14 where the member is invested in a Managed Fund
117 117  
118 -(% style="color:#2980b9" %)**FSB Transfer Fund No **(%%) This is the FSB number of the receiving fund and must match the System bank account screen exactly.
88 +Generate a Member Statement and ensure that all transactions have been completed and priced. Exit the member using the standard Member Exit Batch. Ensure that the workflow process is completed in full. The Disinvestment Process, which is part of the workflow MUST be done to ensure that the investable portion is moved to Bank for payment. Tax must be applied for on all Section 14 Transfers, in line with SARS’ rules. Payment is then made to the receiving Fund.
119 119  
120 -(% style="color:#2980b9" %)**Transfer Participating Employer  **(%%) This is only required if the last 6 digits of the FSB Transfer number(% style="color:#2980b9" %)** **(%%)does not end in zeros (0)
90 +Section 14 where the member is invested in a Unitized Fund
121 121  
92 +Generate a Member Statement and ensure that all transactions have been completed and priced. Exit the member using the standard Member Exit Batch. Ensure that the workflow process is completed in full. The Disinvestment Process, which is part of the workflow MUST be done to ensure that the investable portion is moved to Bank for payment. Execute the transaction in Market and ensure that the transaction is priced before continuing. Tax must be applied for on all Section 14 Transfers, in line with SARS’ rules. Payment is then made to the receiving Fund.
122 122  
123 -Once the file has been updated, save the file for import into the system.
124 124  
125 -Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
126 126  
127 127  
128 -(% style="text-align:center" %)
129 -[[image:1633327705654-665.png||data-xwiki-image-style-alignment="center"]]
130 130  
131 131  
132 -(% style="color:#2980b9" %)**Client  **(%%) This is the Client for which the Section 14 is being processed.
133 133  
134 -(% style="color:#2980b9" %)**File Name**(%%)  Click on the (% style="color:#2980b9" %)“**Browse**” (%%)button and locate the saved file.
135 135  
136 -(% style="color:#2980b9" %)**Batch Reference**(%%)  This is defaulted by the system.
137 137  
138 -(% style="color:#2980b9" %)**Client Parent **(%%) This is the Parent that the client belongs to.
139 139  
140 140  
141 -Click on the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**” (%%)button.
142 142  
143 -Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
144 144  
145 145  
146 -The second report will confirm if the import was successful or not. If the import was not successful, the errors will need to be rectified before the import is run again. The(% style="color:#e74c3c" %) batch ref number(%%) of the successful import, as highlighted below, (% style="color:#2980b9" %)**must**(%%)** **be kept as it will be used later in the process.
147 147  
148 148  
149 -(% style="text-align:center" %)
150 -[[image:1633327962522-699.png||data-xwiki-image-style-alignment="center"]]
151 151  
152 152  
153 -The tax information will be populated with the transfer details contained in the file and under System Bank Accounts. The tax application will need to be submitted to SARS and a response is required before processing with payment.
154 154  
155 -The member records now appear in (% style="color:#e74c3c" %)RED(%%) with an exit date and an exit type.
156 156  
157 -(% style="text-align:center" %)
158 -[[image:1633328086509-533.png||data-xwiki-image-style-alignment="center"]]
159 159  
160 -Once the tax response is received, the (% style="color:#2980b9" %)**“Import Unclaimed Benefits – Creditor Payment” **(%%)batch needs to be run.
161 161  
162 162  
163 -Insert the (% style="color:#e74c3c" %)Batch Number(%%) from your first import, that was done previously, into this Batch Ref field.
164 164  
165 -The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
166 166  
167 167  
168 -A report will generate confirming which benefits have been populated for payment.  Only benefits where tax has been received back will be populated.  The report will clearly highlight which members are ready for payment and which are not.
169 169  
170 170  
171 -(% style="text-align:center" %)
172 -[[image:1633328312880-362.png||data-xwiki-image-style-alignment="center"]]
173 173  
122 +[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Bulk Section 14 Process//
174 174  
175 -Click on the (% style="color:#2980b9" %)__**cflo**__(%%) button on the member record. A line would have been created for payment.
176 176  
125 +Bulk Section 14 where the member is invested in a Managed Fund
177 177  
178 -(% style="text-align:center" %)
179 -[[image:1633328484167-380.png||data-xwiki-image-style-alignment="center"]]
127 +* Generate a few Member Statements and ensure that all transactions have been completed and priced. Check that there are no Outstanding Contributions.
128 +* that the banking details of the receiving Fund has been loaded in the Administration > Financial Settings > System Bank Accounts > Transfer Funds (Bank Account Type) screen. Should the user not have access to this screen ensure that someone who does have access loads the banking details before commencing the process.
180 180  
130 +Select and generate the “**Client Member Investment Product”** batch.
181 181  
182 -The payment can now be made in Bulk at the Parent Level.
132 +Effective Date: Today’s date.
183 183  
184 -Go to (% style="color:#2980b9" %)Accounts > Debtors and Creditors Menu (%%)item.
134 +Click on “**Save**” and “**Execute**”.
185 185  
186 -Select (% style="color:#2980b9" %)“**Creditors**”(%%). A creditor payment reflects in the Creditor Payment.
136 +[[image:Section 14 Transfer Process_html_c72b9ed75dcebe90.png||height="375" width="596"]]
187 187  
188 188  
189 -(% style="text-align:center" %)
190 -[[image:1633328582529-671.png||data-xwiki-image-style-alignment="center" height="189" width="466"]]
191 191  
140 +A report will generate reflecting the member’s current Fund Credit.
192 192  
193 -(% style="text-align:center" %)
194 -[[image:1633328678458-232.png||data-xwiki-image-style-alignment="center"]]
142 +[[image:Section 14 Transfer Process_html_8541d28b1417b9c.gif||alt="Shape4"]] [[image:Section 14 Transfer Process_html_7e29ef10d964b47f.gif||alt="Shape3"]] [[image:Section 14 Transfer Process_html_c649388b137190ca.gif||alt="Shape2"]] [[image:Section 14 Transfer Process_html_3930484e7184c6de.gif||alt="Shape1"]] [[image:Section 14 Transfer Process_html_3d86ffcc6981f295.png||height="227" width="596"]]
195 195  
144 +Using the **Import Unclaimed Benefit Template**, create a file for import. This template will process the member’s exits in Bulk and write up the payment to be paid into the transferring Fund.
196 196  
197 -Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
146 +[[image:Section 14 Transfer Process_html_24594eb853258361.gif||alt="Shape8"]] [[image:Section 14 Transfer Process_html_70f18afe2e169708.gif||alt="Shape7"]] [[image:Section 14 Transfer Process_html_70f18afe2e169708.gif||alt="Shape6"]] [[image:Section 14 Transfer Process_html_24594eb853258361.gif||alt="Shape5"]] [[image:Section 14 Transfer Process_html_edac83519c80620f.png||height="88" width="596"]]
198 198  
199 - ​​​​
148 +Critical fields that must be considered are:
200 200  
201 -(% style="text-align:center" %)
202 -[[image:1633328773306-793.png||data-xwiki-image-style-alignment="center"]]
150 +System Number This is the unique Everest generated number.
203 203  
152 +Exit Type The Exit type is depicted as a number that must be copied from the Key to ensure that the correct exit type is used.
204 204  
205 -The payment can be approved on the Payment Management screen as a bulk payment. The process has been completed and the necessary payment records have been created.
154 +ID Number Member’s Identity number.
206 206  
156 +Tax Ref No Member’s tax reference number.
207 207  
208 -(% style="break-before: page" %)
209 -== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ==
158 +DOX Date of exit, this is the Section 14 date.
210 210  
211 -1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
212 -1. Ensure that the banking details of the receiving Fund has been loaded in the (% style="color:#2980b9" %)Administration > Financial Settings > System Bank Accounts > Transfer Funds (Bank Account Type)(%%) screen. Should the user not have access to this screen ensure that some who does have access loads the banking details.
160 +Gross Benefit This is the Rand Amount of the member’s benefit to be transferred, if its not 100% of the members benefit. Leave blank if the full benefit is to be transferred
213 213  
214 -Ensure that the client has been selected.
162 +Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
215 215  
216 -Go to the (% style="color:#2980b9" %)Accounts > Investment Switch Menu(%%) option and create the switch, moving 100% of the member’s Fund Credit into the bank account.
164 +Effective Date This is the Section 14 Date.
217 217  
166 +Transfer Always set this to Y
218 218  
219 -(% style="text-align:center" %)
220 -[[image:1633328856464-285.png||data-xwiki-image-style-alignment="center"]]
168 +Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
221 221  
170 +Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
222 222  
223 -The system has the option to import the member switch as well. Should only a select number of members be transferring out, the preferred option would be to complete the (% style="color:#2980b9" %)**“Investment Switches Import”** (%%)template and import the members for switching.
172 +FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
224 224  
174 +Transfer Participating This is only required if the last 6 digits of the FSB
225 225  
226 -(% style="text-align:center" %)
227 -[[image:1633328913530-279.png||data-xwiki-image-style-alignment="center"]]
176 +Employer Transfer number does not end in zeros (0)
228 228  
178 +Once the file has been updated, save the file for import into the system.
229 229  
230 -Please refer to the (% style="color:#2980b9" %)**Investment Switches**(%%) guide for the full process to be followed.
180 +Select and generate the “**Import Unclaimed Benefits**” batch.
231 231  
182 +[[image:Section 14 Transfer Process_html_dc98d67779e486b2.gif||alt="Shape9"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
232 232  
233 -Once the switch has been generated (as per the Investment Switches guide), go to (% style="color:#2980b9" %)Accounts > Cashflow Unit Prices (%%)screen at a Parent level to obtain the number of units that must be disinvested from the market.
184 +Client This is the Client for which the Section 14 is being processed.
234 234  
186 +File Name Click on the “**Browse**” button and locate the saved file.
235 235  
236 -(% style="text-align:center" %)
237 -[[image:1633328986406-762.png||data-xwiki-image-style-alignment="center"]]
188 +Batch Reference This is defaulted by the system.
238 238  
239 -Only once the disinvestment process has been finalised in full can the user continue with the process.
190 +Client Parent This is the Parent that the client belongs to.
240 240  
192 +Click on the “**Save**” and “**Execute**” button.
241 241  
242 -(% style="break-before: page" %)
243 -Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
194 +Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
244 244  
245 -(% style="color:#2980b9" %)**Effective Date:**(%%) Today’s date.
246 246  
247 -Click on (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”.
197 +The second report will confirm if the import was successful or not. If the import was not successful, the errors will need to be rectified before the import is run again. The batch number of the successful import, as highlighted below, **must **be kept as it will be used later in the process.
248 248  
199 +[[image:Section 14 Transfer Process_html_3c44cb464ba230ec.gif||alt="Shape10"]]\\
249 249  
250 -(% style="text-align:center" %)
251 -[[image:1633330252894-988.png||data-xwiki-image-style-alignment="center"]]
201 +[[image:Section 14 Transfer Process_html_77654b27a44142c7.gif||alt="Shape15"]] [[image:Section 14 Transfer Process_html_31dc894b565ac890.gif||alt="Shape13"]] [[image:Section 14 Transfer Process_html_3738ae3fed0e23ba.gif||alt="Shape14"]] [[image:Section 14 Transfer Process_html_cbea286eac588052.gif||alt="Shape12"]] [[image:Section 14 Transfer Process_html_ae20d586e83cea70.gif||alt="Shape11"]] [[image:Section 14 Transfer Process_html_f9794f129d0f132d.png||height="263" width="589"]]
252 252  
253 253  
254 -A report will generate reflecting the member’s current Fund Credit.
204 +The tax information will be populated with the transfer details contained in the file and under System Bank Accounts. The tax application will need to be submitted to SARS and a response is required before processing with payment.
255 255  
206 +The member records now appear in RED with an exit date and an exit type.
256 256  
257 -(% style="text-align:center" %)
258 -[[image:1633330357571-100.png||data-xwiki-image-style-alignment="center"]]
208 +[[image:Section 14 Transfer Process_html_a999f86cd16a1f7.gif||alt="Shape17"]] [[image:Section 14 Transfer Process_html_a999f86cd16a1f7.gif||alt="Shape16"]] [[image:Section 14 Transfer Process_html_6e379d9d97fe9faf.png||height="29" width="596"]]
259 259  
260 260  
261 -Using the (% style="color:#2980b9" %)**Import Unclaimed Benefit Template, **(%%)create a file for import.
211 +Once the tax response is received, the “Import Unclaimed Benefits – Creditor Payment” batch needs to be run.
262 262  
263 -This template will process the member’s exits in Bulk and write up the payment to be paid into the transferring Fund.
213 +Insert the Batch Number from your first import, that was done previously, into this Batch Ref field.
264 264  
265 -​​​​​​
215 +The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
266 266  
267 -(% style="text-align:center" %)
268 -[[image:1633327441733-379.png||data-xwiki-image-style-alignment="center"]]
217 +A report will generate confirming which benefits have been populated for payment. Only benefits where tax has been received back will be populated. The report will clearly highlight which members are ready for payment and which are not.
269 269  
270 -(% style="break-before: page" %)
271 -Critical fields that must be considered are:
219 +[[image:Section 14 Transfer Process_html_a8fc749ec192db6e.gif||alt="Shape25"]] [[image:Section 14 Transfer Process_html_dfade64b5ed09c55.gif||alt="Shape20"]] [[image:Section 14 Transfer Process_html_89671654314bcf74.gif||alt="Shape21"]] [[image:Section 14 Transfer Process_html_60105f24eeeba985.gif||alt="Shape22"]] [[image:Section 14 Transfer Process_html_f0277650d9cfff17.gif||alt="Shape24"]] [[image:Section 14 Transfer Process_html_c1173cfa9620e590.gif||alt="Shape18"]] [[image:Section 14 Transfer Process_html_acca890ac713bf79.gif||alt="Shape28"]] [[image:Section 14 Transfer Process_html_a5ef2601c5b72efd.gif||alt="Shape27"]] [[image:Section 14 Transfer Process_html_2a3fc378d55c1861.gif||alt="Shape26"]] [[image:Section 14 Transfer Process_html_ad0adb617a1f7835.gif||alt="Shape23"]] [[image:Section 14 Transfer Process_html_dfade64b5ed09c55.gif||alt="Shape19"]] [[image:Section 14 Transfer Process_html_5249ecf812b94fa3.png||height="211" width="571"]]
272 272  
221 +Click on the __**cflo**__ button on the member record. A line would have been created for payment.
273 273  
274 -(% style="color:#2980b9" %)**System Number  **(%%) This is the unique Everest generated number.
223 +[[image:Section 14 Transfer Process_html_177aa0d23e5492f5.gif||alt="Shape34"]] [[image:Section 14 Transfer Process_html_2e9f9f850619a51b.gif||alt="Shape33"]] [[image:Section 14 Transfer Process_html_177aa0d23e5492f5.gif||alt="Shape32"]] [[image:Section 14 Transfer Process_html_177aa0d23e5492f5.gif||alt="Shape31"]] [[image:Section 14 Transfer Process_html_177aa0d23e5492f5.gif||alt="Shape30"]] [[image:Section 14 Transfer Process_html_177aa0d23e5492f5.gif||alt="Shape29"]] [[image:Section 14 Transfer Process_html_732d6e4bdfdf6c4d.png||height="162" width="596"]]
275 275  
276 -(% style="color:#2980b9" %)**Exit Type **(%%) The Exit type is depicted as a number that must be copied from the Key to ensure that the correct exit type is used.
225 +The payment can now be made in Bulk at the Parent Level. Go to Accounts > Debtors and Creditors Menu item. Select “**Creditors**”. A creditor payment reflects in the Creditor Payment.
277 277  
278 -(% style="color:#2980b9" %)**ID Number  **(%%) Members Identity number.
227 +[[image:Section 14 Transfer Process_html_490a447ca6d370f3.gif||alt="Shape35"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
279 279  
280 -(% style="color:#2980b9" %)**Tax Ref No  **(%%) Members tax reference number.
281 281  
282 -(% style="color:#2980b9" %)**DOX **(%%) Date of exit, this is the Section 14 date.
230 +[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
283 283  
284 -(% style="color:#2980b9" %)**Gross Benefit **(%%) This is the Rand Amount of the member’s benefit to be transferred, if its not 100% of the members benefit. Leave blank if  the full benefit is to be transferred
232 +Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
285 285  
286 -(% style="color:#2980b9" %)**Tax Upload Group **(%%) Set a tax group name, for example 22042020 (date of tax application)
234 +[[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
287 287  
288 -(% style="color:#2980b9" %)**Effective Date   **(%%) This is the Section 14 Date.
236 +{{id name="_Hlk38464577"/}}The payment can be approved on the Payment Management screen as a bulk payment. The process has been completed and the necessary payment records have been created.
289 289  
290 -(% style="color:#2980b9" %)**Transfer        **(%%) Always set this to Y
291 291  
292 -(% style="color:#2980b9" %)**Transfer Fund Type **(%%) This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
239 +Bulk Section 14 where the member is invested in a Unitised Fund
293 293  
294 -(% style="color:#2980b9" %)**Transfer Fund Name**(%%)  This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
241 +1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
242 +1. Ensure that the banking details of the receiving Fund has been loaded in the Administration > Financial Settings > System Bank Accounts > Transfer Funds (Bank Account Type) screen. Should the user not have access to this screen ensure that some who does have access loads the banking details.
295 295  
296 -(% style="color:#2980b9" %)**FSB Transfer Fund No**(%%)  This is the FSB number of the receiving fund and must match the System bank account screen exactly.
244 +Ensure that the client has been selected. Go to the Accounts – Investment Switch Menu option and create the switch, moving 100% of the member’s Fund Credit into the bank account.
297 297  
298 -(% style="color:#2980b9" %)**Transfer Participating Employer  **(%%) This is only required if the last 6 digits of the FSB Transfer number(% style="color:#2980b9" %)** **(%%)does not end in zeros (0)
246 +[[image:Section 14 Transfer Process_html_c9a8f5eb63e4ea98.gif||alt="Shape38"]] [[image:Section 14 Transfer Process_html_8dd7da9fee6333c0.gif||alt="Shape37"]] [[image:Section 14 Transfer Process_html_914ecb34dc025696.png||height="77" width="596"]]
299 299  
248 +The system has the option to import the member switch as well. Should only a select number of members be transferring out, the preferred option would be to complete the **“Investment Switches Import”** template and import the members for switching.
300 300  
301 -Once the file has been updated, save the file for import into the system.
250 +[[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
302 302  
303 -(% style="break-before: page" %)
304 -Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
252 +Please refer to the **Investment Switches** guide for the full process to be followed.
305 305  
254 +Once the switch has been generated (as per the Investment Switches guide), go to Accounts > Cashflow Unit Prices screen at a Parent level to obtain the number of units that must be disinvested from the market.
306 306  
307 -(% style="text-align:center" %)
308 -[[image:1633327705654-665.png||data-xwiki-image-style-alignment="center"]]
256 +[[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
309 309  
258 +Only once the disinvestment process has been finalised in full can the user continue with the process.
310 310  
311 -(% style="color:#2980b9" %)**Client  **(%%) This is the Client for which the Section 14 is being processed.
312 312  
313 -(% style="color:#2980b9" %)**File Name**(%%)  Click on the (% style="color:#2980b9" %)“**Browse**” (%%)button and locate the saved file.
261 +Select and generate the “**Client Member Investment Product**” batch, once the disinvestment has been actioned and priced.
314 314  
315 -(% style="color:#2980b9" %)**Batch Reference**(%%)  This is defaulted by the system.
263 +Effective Date: Today’s date.
316 316  
317 -(% style="color:#2980b9" %)**Client Parent **(%%) This is the Parent that the client belongs to.
265 +Click on “**Save**” and “**Execute**”.
318 318  
267 +[[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
319 319  
320 -Click on the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”(%%) button.
269 +A report will generate reflecting the member’s current Fund Credit.
321 321  
322 -Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
271 +[[image:Section 14 Transfer Process_html_dd6bb0d4aadcc1e.gif||alt="Shape45"]] [[image:Section 14 Transfer Process_html_44a69186be2f911d.gif||alt="Shape44"]] [[image:Section 14 Transfer Process_html_795b2fe118f74f90.gif||alt="Shape43"]] [[image:Section 14 Transfer Process_html_54c95dec8ba71eb7.gif||alt="Shape42"]] [[image:Section 14 Transfer Process_html_54c95dec8ba71eb7.gif||alt="Shape41"]] [[image:Section 14 Transfer Process_html_54c95dec8ba71eb7.gif||alt="Shape40"]] [[image:Section 14 Transfer Process_html_3d86ffcc6981f295.png||height="227" width="596"]]
323 323  
324 324  
325 -The second report will confirm if the import was successful or not. If the import was not successful, the errors will need to be rectified before the import is run again. The (% style="color:#e74c3c" %)Batch Ref number(%%) of the successful import, as highlighted below, (% style="color:#2980b9" %)**must**(%%) be kept as it will be used later in the process.
326 326  
275 +Using the **Import Unclaimed Benefit Template, **create a file for import. This template will process the member’s exits in Bulk and write up the payment to be paid into the transferring Fund.
327 327  
328 -(% style="text-align:center" %)
329 -[[image:1633327962522-699.png||data-xwiki-image-style-alignment="center"]]
277 +[[image:Section 14 Transfer Process_html_b7c60dcb38cb3d0d.gif||alt="Shape49"]] [[image:Section 14 Transfer Process_html_b7c60dcb38cb3d0d.gif||alt="Shape48"]] [[image:Section 14 Transfer Process_html_89b2a307c6818d88.gif||alt="Shape47"]] [[image:Section 14 Transfer Process_html_89b2a307c6818d88.gif||alt="Shape46"]] [[image:Section 14 Transfer Process_html_edac83519c80620f.png||height="88" width="596"]]
330 330  
279 +Critical fields that must be considered are:
331 331  
332 -The tax information will be populated along with the transfer details contained in the file and under System Bank Accounts. The tax application will need to be submitted to SARS and a response is required before processing with payment.
281 +{{id name="_Hlk38437145"/}}\\
333 333  
334 -The member records now appear in(% style="color:#e74c3c" %) RED(%%) with an exit date and an exit type.
283 +System Number This is the unique Everest generated number.
335 335  
285 +Exit Type The Exit type is depicted as a number that must be copied from the Key to ensure that the correct exit type is used.
336 336  
337 -(% style="text-align:center" %)
338 -[[image:1633328086509-533.png||data-xwiki-image-style-alignment="center"]]
287 +ID Number Members Identity number.
339 339  
289 +Tax Ref No Members tax reference number.
340 340  
341 -Once the tax response is received, the (% style="color:#2980b9" %)“**Import Unclaimed Benefits – Creditor Payment**”(%%) batch needs to be run.
291 +DOX Date of exit, this is the Section 14 date.
342 342  
293 +Gross Benefit This is the Rand Amount of the member’s benefit to be transferred, if its not 100% of the members benefit. Leave blank if the full benefit is to be transferred
343 343  
344 -Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
295 +Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
345 345  
346 -The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
297 +Effective Date This is the Section 14 Date.
347 347  
299 +Transfer Always set this to Y
348 348  
349 -A report will generate confirming which benefits have been populated for payment.  Only benefits where tax has been received back will be populated.  The report will clearly highlight which members are ready for payment and which are not.
301 +Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
350 350  
303 +Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
351 351  
352 -Click on the (% style="color:#2980b9" %)cflo (%%)button on the member record. A line would have been created for payment.
305 +FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
353 353  
307 +Transfer Participating This is only required if the last 6 digits of the FSB Transfer number
354 354  
355 -(% style="text-align:center" %)
356 -[[image:1633328484167-380.png||data-xwiki-image-style-alignment="center"]]
309 +Employer does not end in zeros (0)
357 357  
358 358  
359 -The payment can now be made in Bulk at the Parent Level.
312 +Once the file has been updated, save the file for import into the system.
360 360  
361 -Go to (% style="color:#2980b9" %)Accounts > Debtors and Creditors(%%) Menu item. Select (% style="color:#2980b9" %)**“Creditors”.**
314 +Select and generate the “**Import Unclaimed Benefits**” batch.
362 362  
363 -A creditor payment reflects in the Creditor Payment.
316 +[[image:Section 14 Transfer Process_html_31273b549dc2bb7f.gif||alt="Shape50"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
364 364  
318 +Client This is the Client for which the Section 14 is being processed.
365 365  
366 -(% style="text-align:center" %)
367 -[[image:1633328582529-671.png||data-xwiki-image-style-alignment="center" height="189" width="466"]]
320 +File Name Click on the “**Browse**” button and locate the saved file.
368 368  
322 +Batch Reference This is defaulted by the system.
369 369  
370 -(% style="text-align:center" %)
371 -[[image:1633328678458-232.png||data-xwiki-image-style-alignment="center"]]
324 +Client Parent This is the Parent that the client belongs to.
372 372  
326 +Click on the “**Save**” and “**Execute**” button.
373 373  
374 -Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
328 +Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
375 375  
376 376  
377 -(% style="text-align:center" %)
378 -[[image:1633328773306-793.png||data-xwiki-image-style-alignment="center"]]
331 +The second report will confirm if the import was successful or not. If the import was not successful, the errors will need to be rectified before the import is run again. The batch number of the successful import, as highlighted below, **must** be kept as it will be used later in the process.
379 379  
333 +[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]\\
380 380  
381 -The payment can be approved on the Payment Management screen as a bulk payment. The process has been completed and the necessary payment records have been created.
335 +[[image:Section 14 Transfer Process_html_72d505212098e4a4.gif||alt="Shape56"]] [[image:Section 14 Transfer Process_html_72d505212098e4a4.gif||alt="Shape55"]] [[image:Section 14 Transfer Process_html_7b5731133d009589.gif||alt="Shape54"]] [[image:Section 14 Transfer Process_html_f70533c7086bc698.gif||alt="Shape53"]] [[image:Section 14 Transfer Process_html_65c2790631bf45f.gif||alt="Shape52"]] [[image:Section 14 Transfer Process_html_f9794f129d0f132d.png||height="263" width="589"]]
382 382  
383 383  
338 +The tax information will be populated along with the transfer details contained in the file and under System Bank Accounts. The tax application will need to be submitted to SARS and a response is required before processing with payment.
384 384  
340 +The member records now appear in RED with an exit date and an exit type.
385 385  
386 -(% style="break-before: page; text-align: center;" %)
387 -= (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) =
342 +[[image:Section 14 Transfer Process_html_f70533c7086bc698.gif||alt="Shape57"]] [[image:Section 14 Transfer Process_html_6e379d9d97fe9faf.png||height="29" width="596"]]
388 388  
344 +Once the tax response is received, the “**Import Unclaimed Benefits – Creditor Payment**” batch needs to be run.
389 389  
346 +Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
390 390  
348 +The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
391 391  
392 -(% style="color:#2980b9" %)**DISCLAIMER**
350 +A report will generate confirming which benefits have been populated for payment. Only benefits where tax has been received back will be populated. The report will clearly highlight which members are ready for payment and which are not.
393 393  
394 -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.
352 +Click on the __cflo__ button on the member record. A line would have been created for payment.
395 395  
396 -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.
354 +[[image:Section 14 Transfer Process_html_2a9cb94c0f4c405d.gif||alt="Shape63"]] [[image:Section 14 Transfer Process_html_2a9cb94c0f4c405d.gif||alt="Shape62"]] [[image:Section 14 Transfer Process_html_2a9cb94c0f4c405d.gif||alt="Shape61"]] [[image:Section 14 Transfer Process_html_2a9cb94c0f4c405d.gif||alt="Shape60"]] [[image:Section 14 Transfer Process_html_2a9cb94c0f4c405d.gif||alt="Shape58"]] [[image:Section 14 Transfer Process_html_2a9cb94c0f4c405d.gif||alt="Shape59"]] [[image:Section 14 Transfer Process_html_732d6e4bdfdf6c4d.png||height="162" width="596"]]
397 397  
398 -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.
356 +The payment can now be made in Bulk at the Parent Level. Go to Accounts > Debtors and Creditors Menu item. Select “Creditors”. A creditor payment reflects in the Creditor Payment.
399 399  
400 -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.
358 +[[image:Section 14 Transfer Process_html_fdf87a27103cb999.gif||alt="Shape64"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
401 401  
360 +[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
402 402  
403 403  
404 -(% style="color:#2980b9" %)**COPYRIGHT**
363 +Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
405 405  
406 -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.
365 +[[image:Section 14 Transfer Process_html_f7922830ceb22f0e.gif||alt="Shape65"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
407 407  
367 +The payment can be approved on the Payment Management screen as a bulk payment. The process has been completed and the necessary payment records have been created.
408 408  
409 -EBSphere (Pty) Limited
410 -
411 -P.O. Box 785803
412 -
413 -Sandton
414 -
415 -2146
416 -
417 -
418 -
419 -(% style="text-align:center" %)
420 -[[image:Section 14 Transfer Process_html_8cba33b1e8c9fa24.gif||data-xwiki-image-style-alignment="center" height="128" width="463"]]
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