Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
<
From version < 65.1 >
edited by Megan Kahl
on 2021/10/01 12:17
To version < 68.1 >
edited by Megan Kahl
on 2021/10/04 05:57
>
Change comment: Uploaded new attachment "1633327074202-714.png", version {1}

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1 -**DISCLAIMER**
1 +(% style="text-align: center;" %)
2 += (% style="color:#2980b9; font-size:28px" %)**Section 14 Transfer Process**(%%) =
2 2  
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.
6 6  
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.
8 8  
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.
7 +(% style="text-align: center;" %)
8 +(% style="color:#2980b9" %)**BY**
10 10  
11 11  
12 12  
13 13  
13 +(% style="text-align:center" %)
14 +[[image:Section 14 Transfer Process_html_8cba33b1e8c9fa24.gif||height="128" width="463"]]
14 14  
16 +{{info}}
17 +(% style="text-align: center;" %)
18 +(% style="color:#2980b9; font-size:20px" %)**TABLE OF CONTENTS**
15 15  
16 16  
21 +{{toc/}}
17 17  
18 -**COPYRIGHT**
23 +
24 +{{/info}}
19 19  
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.
21 21  
22 -EBSphere (Pty) Limited
23 23  
24 -P.O. Box 785803
28 +(% style="text-align: center;" %)
29 +== (% style="color:#2980b9" %)**Introduction**(%%) ==
25 25  
26 -Sandton
27 27  
28 -2146
29 29  
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 -
36 36  When processing a section 14 transfer out of Everest various factors need to be considered before commencing on the system.
37 37  
38 38  1. Is the section 14 transfer for an individual member?
... ... @@ -43,46 +43,11 @@
43 43  
44 44  
45 45  
43 +(% style="text-align: center;" %)
44 +== (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) ==
46 46  
47 47  
48 48  
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83 -
84 -[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Section 14 Process for an Individual Member//
85 -
86 86  Section 14 where the member is invested in a Managed Fund
87 87  
88 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.
... ... @@ -93,35 +93,11 @@
93 93  
94 94  
95 95  
58 +(% style="text-align: center;" %)
59 +== (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) ==
96 96  
97 97  
98 98  
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
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114 -
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116 -
117 -
118 -
119 -
120 -
121 -
122 -[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Bulk Section 14 Process//
123 -
124 -
125 125  Bulk Section 14 where the member is invested in a Managed Fund
126 126  
127 127  * Generate a few Member Statements and ensure that all transactions have been completed and priced. Check that there are no Outstanding Contributions.
... ... @@ -133,18 +133,22 @@
133 133  
134 134  Click on “**Save**” and “**Execute**”.
135 135  
74 +
136 136  [[image:Section 14 Transfer Process_html_c72b9ed75dcebe90.png||height="375" width="596"]]
137 137  
138 138  
139 -
140 140  A report will generate reflecting the member’s current Fund Credit.
141 141  
80 +
142 142  [[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"]]
143 143  
83 +
144 144  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.
145 145  
86 +
146 146  [[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"]]
147 147  
89 +
148 148  Critical fields that must be considered are:
149 149  
150 150  System Number This is the unique Everest generated number.
... ... @@ -179,8 +179,10 @@
179 179  
180 180  Select and generate the “**Import Unclaimed Benefits**” batch.
181 181  
124 +
182 182  [[image:Section 14 Transfer Process_html_dc98d67779e486b2.gif||alt="Shape9"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
183 183  
127 +
184 184  Client This is the Client for which the Section 14 is being processed.
185 185  
186 186  File Name Click on the “**Browse**” button and locate the saved file.
... ... @@ -196,18 +196,22 @@
196 196  
197 197  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.
198 198  
199 -[[image:Section 14 Transfer Process_html_3c44cb464ba230ec.gif||alt="Shape10"]]\\
200 200  
144 +[[image:Section 14 Transfer Process_html_3c44cb464ba230ec.gif||alt="Shape10"]]
145 +
201 201  [[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"]]
202 202  
203 203  
149 +
204 204  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.
205 205  
206 206  The member records now appear in RED with an exit date and an exit type.
207 207  
154 +
208 208  [[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"]]
209 209  
210 210  
158 +
211 211  Once the tax response is received, the “Import Unclaimed Benefits – Creditor Payment” batch needs to be run.
212 212  
213 213  Insert the Batch Number from your first import, that was done previously, into this Batch Ref field.
... ... @@ -216,26 +216,34 @@
216 216  
217 217  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.
218 218  
167 +
219 219  [[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"]]
220 220  
170 +
221 221  Click on the __**cflo**__ button on the member record. A line would have been created for payment.
222 222  
173 +
223 223  [[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"]]
224 224  
176 +
225 225  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.
226 226  
179 +
227 227  [[image:Section 14 Transfer Process_html_490a447ca6d370f3.gif||alt="Shape35"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
228 228  
229 229  
230 230  [[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
231 231  
185 +
232 232  Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
233 233  
188 +
234 234  [[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
235 235  
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.
237 237  
192 +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.
238 238  
194 +
239 239  Bulk Section 14 where the member is invested in a Unitised Fund
240 240  
241 241  1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
... ... @@ -243,18 +243,25 @@
243 243  
244 244  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.
245 245  
202 +
246 246  [[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"]]
247 247  
205 +
248 248  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.
249 249  
208 +
250 250  [[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
251 251  
211 +
252 252  Please refer to the **Investment Switches** guide for the full process to be followed.
253 253  
214 +
254 254  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.
255 255  
217 +
256 256  [[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
257 257  
220 +
258 258  Only once the disinvestment process has been finalised in full can the user continue with the process.
259 259  
260 260  
... ... @@ -264,22 +264,27 @@
264 264  
265 265  Click on “**Save**” and “**Execute**”.
266 266  
230 +
267 267  [[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
268 268  
269 269  A report will generate reflecting the member’s current Fund Credit.
270 270  
235 +
271 271  [[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"]]
272 272  
273 273  
274 274  
240 +
275 275  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.
276 276  
243 +
277 277  [[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"]]
278 278  
246 +
279 279  Critical fields that must be considered are:
280 280  
281 -{{id name="_Hlk38437145"/}}\\
282 282  
250 +
283 283  System Number This is the unique Everest generated number.
284 284  
285 285  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.
... ... @@ -313,8 +313,10 @@
313 313  
314 314  Select and generate the “**Import Unclaimed Benefits**” batch.
315 315  
284 +
316 316  [[image:Section 14 Transfer Process_html_31273b549dc2bb7f.gif||alt="Shape50"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
317 317  
287 +
318 318  Client This is the Client for which the Section 14 is being processed.
319 319  
320 320  File Name Click on the “**Browse**” button and locate the saved file.
... ... @@ -328,19 +328,24 @@
328 328  Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
329 329  
330 330  
301 +
331 331  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.
332 332  
333 -[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]\\
334 334  
305 +[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]
306 +
335 335  [[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"]]
336 336  
337 337  
310 +
338 338  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.
339 339  
340 340  The member records now appear in RED with an exit date and an exit type.
341 341  
315 +
342 342  [[image:Section 14 Transfer Process_html_f70533c7086bc698.gif||alt="Shape57"]] [[image:Section 14 Transfer Process_html_6e379d9d97fe9faf.png||height="29" width="596"]]
343 343  
318 +
344 344  Once the tax response is received, the “**Import Unclaimed Benefits – Creditor Payment**” batch needs to be run.
345 345  
346 346  Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
... ... @@ -351,18 +351,61 @@
351 351  
352 352  Click on the __cflo__ button on the member record. A line would have been created for payment.
353 353  
329 +
354 354  [[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"]]
355 355  
332 +
356 356  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.
357 357  
335 +
358 358  [[image:Section 14 Transfer Process_html_fdf87a27103cb999.gif||alt="Shape64"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
359 359  
360 360  [[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
361 361  
362 362  
341 +
363 363  Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
364 364  
344 +
365 365  [[image:Section 14 Transfer Process_html_f7922830ceb22f0e.gif||alt="Shape65"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
366 366  
347 +
367 367  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.
368 368  
350 +
351 +
352 +
353 +(% style="text-align: center;" %)
354 +== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
355 +
356 +
357 +
358 +
359 +(% style="color:#2980b9" %)**DISCLAIMER**
360 +
361 +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.
362 +
363 +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.
364 +
365 +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.
366 +
367 +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.
368 +
369 +
370 +
371 +(% style="color:#2980b9" %)**COPYRIGHT**
372 +
373 +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.
374 +
375 +EBSphere (Pty) Limited
376 +
377 +P.O. Box 785803
378 +
379 +Sandton
380 +
381 +2146
382 +
383 +
384 +
385 +(% style="text-align:center" %)
386 +[[image:Section 14 Transfer Process_html_8cba33b1e8c9fa24.gif||height="128" width="463"]]
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