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 < 98.1 >
edited by Dominique Tricerri
on 2021/12/01 13:46
>
Change comment: There is no comment for this version

Summary

Details

Page properties
Author
... ... @@ -1,1 +1,1 @@
1 -XWiki.megank
1 +XWiki.dominiquet
Content
... ... @@ -1,38 +1,35 @@
1 -**DISCLAIMER**
1 +(% class="wikigeneratedid" id="HSECTION14TRANSFERPROCESS" 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="break-before: page; 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="break-before: page; 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?
... ... @@ -43,326 +43,397 @@
43 43  
44 44  
45 45  
43 +(% style="break-before: page; text-align: center;" %)
44 += (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) =
46 46  
47 47  
48 48  
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. Ensure the workflow is completed so that all relevant accounts are updated.
50 50  
51 51  
53 +== (% style="color:#2980b9" %)**Section 14 where the member is invested in a Unitized Fund**(%%) ==
52 52  
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. Ensure the workflow is completed so that all relevant accounts are updated.
53 53  
54 54  
55 55  
59 +(% style="break-before: page; text-align: center;" %)
60 += (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) =
56 56  
57 57  
58 58  
64 +== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Managed Fund**(%%) ==
59 59  
66 +* Generate a few Member Statements and ensure that all transactions have been completed and priced.
67 +* Check that there are no Outstanding Contributions.
68 +* 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 someone who does have access loads the banking details before commencing the process.
60 60  
70 +Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product”** (%%)batch.
61 61  
72 +(% style="color:#2980b9" %)**Effective Date:**(%%)** **Today’s date.
62 62  
74 +Click on (% style="color:#2980b9" %)“**Save**” (%%)and (% style="color:#2980b9" %)“**Execute**”.
63 63  
64 64  
77 +(% style="text-align:center" %)
78 +[[image:1633327074202-714.png]]
65 65  
80 +(% style="break-before: page" %)
81 +A report will generate reflecting the member’s current Fund Credit.
66 66  
67 67  
84 +(% style="text-align:center" %)
85 +[[image:1633327282743-140.png]]
68 68  
69 69  
88 +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.
70 70  
71 71  
72 72  
92 +(% style="text-align:center" %)
93 +[[image:1633327441733-379.png]]
73 73  
74 74  
96 +Critical fields that must be considered are:
75 75  
76 76  
99 +(% style="color:#2980b9" %)**System Number**(%%) This is the unique Everest generated number.
77 77  
101 +(% 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.
78 78  
103 +(% style="color:#2980b9" %)**ID Number **(%%)Member’s Identity number.
79 79  
105 +(% style="color:#2980b9" %)**Tax Ref No**(%%) Member’s tax reference number.
80 80  
107 +(% style="color:#2980b9" %)**DOX **(%%)Date of exit, this is the Section 14 date.
81 81  
109 +(% 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
82 82  
111 +(% style="color:#2980b9" %)**Tax Upload Group **(%%)Set a tax group name, for example 22042020 (date of tax application)
83 83  
84 -[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Section 14 Process for an Individual Member//
113 +(% style="color:#2980b9" %)**Effective Date**(%%) This is the Section 14 Date.
85 85  
86 -Section 14 where the member is invested in a Managed Fund
115 +(% style="color:#2980b9" %)**Transfer**(%%) Always set this to Y
87 87  
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.
117 +(% 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.
89 89  
90 -Section 14 where the member is invested in a Unitized Fund
119 +(% style="color:#2980b9" %)**Transfer Fund Name**(%%) This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
91 91  
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.
121 +(% 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.
93 93  
123 +(% style="color:#2980b9" %)**Transfer Participating**(%%) This is only required if the last 6 digits of the FSB
94 94  
125 +(% style="color:#2980b9" %)**Employer**(%%) Transfer number does not end in zeros (0)
95 95  
96 96  
128 +Once the file has been updated, save the file for import into the system.
97 97  
130 +Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
98 98  
99 99  
133 +(% style="text-align:center" %)
134 +[[image:1633327705654-665.png]]
100 100  
101 101  
137 +(% style="color:#2980b9" %)**Client **(%%)This is the Client for which the Section 14 is being processed.
102 102  
139 +(% style="color:#2980b9" %)**File Name**(%%) Click on the (% style="color:#2980b9" %)“**Browse**”(%%) button and locate the saved file.
103 103  
141 +(% style="color:#2980b9" %)**Batch Reference**(%%) This is defaulted by the system.
104 104  
143 +(% style="color:#2980b9" %)**Client Parent **(%%)This is the Parent that the client belongs to.
105 105  
106 106  
146 +Click on the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**” (%%)button.
107 107  
148 +Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
108 108  
109 109  
151 +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.
110 110  
111 111  
112 112  
155 +(% style="text-align:center" %)
156 +[[image:1633327962522-699.png]]
113 113  
114 114  
115 115  
160 +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.
116 116  
162 +The member records now appear in (% style="color:#e74c3c" %)RED(%%) with an exit date and an exit type.
117 117  
118 118  
165 +(% style="text-align:center" %)
166 +[[image:1633328086509-533.png]]
119 119  
120 120  
169 +Once the tax response is received, the “Import Unclaimed Benefits – Creditor Payment” batch needs to be run.
121 121  
122 -[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Bulk Section 14 Process//
171 +Insert the (% style="color:#e74c3c" %)Batch Ref Number (%%)from your first import, that was done previously, into this Batch Ref field.
123 123  
173 +The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
124 124  
125 -Bulk Section 14 where the member is invested in a Managed Fund
175 +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.
126 126  
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.
129 129  
130 -Select and generate the “**Client Member Investment Product”** batch.
178 +(% style="text-align:center" %)
179 +[[image:1633328312880-362.png]]
131 131  
132 -Effective Date: Today’s date.
133 133  
134 -Click on “**Save**” and “**Execute**”.
182 +Click on the (% style="color:#2980b9" %)__**cflo**__(%%) button on the member record. A line would have been created for payment.
135 135  
136 -[[image:Section 14 Transfer Process_html_c72b9ed75dcebe90.png||height="375" width="596"]]
137 137  
138 138  
186 +(% style="text-align:center" %)
187 +[[image:1633328484167-380.png]]
139 139  
140 -A report will generate reflecting the member’s current Fund Credit.
141 141  
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"]]
190 +The payment can now be made in Bulk at the Parent Level.
143 143  
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.
192 +Go to (% style="color:#2980b9" %)Accounts > Debtors and Creditors Menu (%%)item.
145 145  
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"]]
194 +Select (% style="color:#2980b9" %)“**Creditors**”(%%). A creditor payment reflects in the Creditor Payment.
147 147  
148 -Critical fields that must be considered are:
149 149  
150 -System Number This is the unique Everest generated number.
151 151  
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.
198 +(% style="text-align:center" %)
199 +[[image:1633328582529-671.png||height="189" width="466"]]
153 153  
154 -ID Number Member’s Identity number.
155 155  
156 -Tax Ref No Member’s tax reference number.
202 +(% style="text-align:center" %)
203 +[[image:1633328678458-232.png]]
157 157  
158 -DOX Date of exit, this is the Section 14 date.
159 159  
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
206 +Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
161 161  
162 -Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
208 + ​​​​
163 163  
164 -Effective Date This is the Section 14 Date.
210 +(% style="text-align:center" %)
211 +[[image:1633328773306-793.png]]
165 165  
166 -Transfer Always set this to Y
167 167  
168 -Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
214 +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.
169 169  
170 -Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
216 +(% style="break-before: page" %)
217 +== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ==
171 171  
172 -FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
219 +1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
220 +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.
173 173  
174 -Transfer Participating This is only required if the last 6 digits of the FSB
222 +Ensure that the client has been selected.
175 175  
176 -Employer Transfer number does not end in zeros (0)
224 +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.
177 177  
178 -Once the file has been updated, save the file for import into the system.
179 179  
180 -Select and generate the “**Import Unclaimed Benefits**” batch.
227 +(% style="text-align:center" %)
228 +[[image:1633328856464-285.png]]
181 181  
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  
184 -Client This is the Client for which the Section 14 is being processed.
231 +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.
185 185  
186 -File Name Click on the “**Browse**” button and locate the saved file.
187 187  
188 -Batch Reference This is defaulted by the system.
234 +(% style="text-align:center" %)
235 +[[image:1633328913530-279.png]]
189 189  
190 -Client Parent This is the Parent that the client belongs to.
191 191  
192 -Click on the “**Save**” and “**Execute**” button.
238 +Please refer to the (% style="color:#2980b9" %)**Investment Switches**(%%) guide for the full process to be followed.
193 193  
194 -Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
195 195  
241 +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.
196 196  
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"]]\\
244 +(% style="text-align:center" %)
245 +[[image:1633328986406-762.png]]
200 200  
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  
248 +Only once the disinvestment process has been finalised in full can the user continue with the process.
203 203  
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.
250 +(% style="break-before: page %)
251 +Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
205 205  
206 -The member records now appear in RED with an exit date and an exit type.
253 +(% style="color:#2980b9" %)**Effective Date:**(%%) Today’s date.
207 207  
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"]]
255 +Click on (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”.
209 209  
210 210  
211 -Once the tax response is received, the “Import Unclaimed Benefits – Creditor Payment” batch needs to be run.
258 +(% style="text-align:center" %)
259 +[[image:1633330252894-988.png]]
212 212  
213 -Insert the Batch Number from your first import, that was done previously, into this Batch Ref field.
214 214  
215 -The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
262 +A report will generate reflecting the member’s current Fund Credit.
216 216  
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  
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"]]
265 +(% style="text-align:center" %)
266 +[[image:1633330357571-100.png]]
220 220  
221 -Click on the __**cflo**__ button on the member record. A line would have been created for payment.
222 222  
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  
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.
270 +Using the (% style="color:#2980b9" %)**Import Unclaimed Benefit Template, **(%%)create a file for import.
226 226  
227 -[[image:Section 14 Transfer Process_html_490a447ca6d370f3.gif||alt="Shape35"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
272 +This template will process the member’s exits in Bulk and write up the payment to be paid into the transferring Fund.
228 228  
274 +​​​​​​
229 229  
230 -[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
276 +(% style="text-align:center" %)
277 +[[image:1633327441733-379.png]]
231 231  
232 -Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
233 233  
234 -[[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
280 +Critical fields that must be considered are:
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  
283 +(% style="color:#2980b9" %)**System Number**(%%) This is the unique Everest generated number.
238 238  
239 -Bulk Section 14 where the member is invested in a Unitised Fund
285 +(% 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.
240 240  
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.
287 +(% style="color:#2980b9" %)**ID Number**(%%) Members Identity number.
243 243  
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.
289 +(% style="color:#2980b9" %)**Tax Ref No**(%%) Members tax reference number.
245 245  
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"]]
291 +(% style="color:#2980b9" %)**DOX **(%%)Date of exit, this is the Section 14 date.
247 247  
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.
293 +(% 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
249 249  
250 -[[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
295 +(% style="color:#2980b9" %)**Tax Upload Group**(%%) Set a tax group name, for example 22042020 (date of tax application)
251 251  
252 -Please refer to the **Investment Switches** guide for the full process to be followed.
297 +(% style="color:#2980b9" %)**Effective Date **(%%)This is the Section 14 Date.
253 253  
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.
299 +(% style="color:#2980b9" %)**Transfer **(%%)Always set this to Y
255 255  
256 -[[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
301 +(% 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.
257 257  
258 -Only once the disinvestment process has been finalised in full can the user continue with the process.
303 +(% style="color:#2980b9" %)**Transfer Fund Name**(%%) This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
259 259  
305 +(% 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.
260 260  
261 -Select and generate the “**Client Member Investment Product**” batch, once the disinvestment has been actioned and priced.
307 +(% style="color:#2980b9" %)**Transfer Participating**(%%) This is only required if the last 6 digits of the FSB Transfer number
262 262  
263 -Effective Date: Today’s date.
309 +(% style="color:#2980b9" %)**Employer**(%%) does not end in zeros (0)
264 264  
265 -Click on “**Save**” and “**Execute**”.
266 266  
267 -[[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
312 +Once the file has been updated, save the file for import into the system.
268 268  
269 -A report will generate reflecting the member’s current Fund Credit.
314 +Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
270 270  
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  
318 +(% style="text-align:center" %)
319 +[[image:1633327705654-665.png]]
274 274  
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  
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"]]
322 +(% style="color:#2980b9" %)**Client **(%%)This is the Client for which the Section 14 is being processed.
278 278  
279 -Critical fields that must be considered are:
324 +(% style="color:#2980b9" %)**File Name**(%%) Click on the (% style="color:#2980b9" %)“**Browse**”(%%) button and locate the saved file.
280 280  
281 -{{id name="_Hlk38437145"/}}\\
326 +(% style="color:#2980b9" %)**Batch Reference**(%%) This is defaulted by the system.
282 282  
283 -System Number This is the unique Everest generated number.
328 +(% style="color:#2980b9" %)**Client Parent **(%%)This is the Parent that the client belongs to.
284 284  
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.
286 286  
287 -ID Number Members Identity number.
331 +Click on the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”(%%) button.
288 288  
289 -Tax Ref No Members tax reference number.
333 +Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
290 290  
291 -DOX Date of exit, this is the Section 14 date.
292 292  
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
336 +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.
294 294  
295 -Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
296 296  
297 -Effective Date This is the Section 14 Date.
298 298  
299 -Transfer Always set this to Y
340 +​​​​​​​
300 300  
301 -Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
342 +(% style="text-align:center" %)
343 +[[image:1633327962522-699.png]]
302 302  
303 -Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
304 304  
305 -FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
306 306  
307 -Transfer Participating This is only required if the last 6 digits of the FSB Transfer number
347 +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.
308 308  
309 -Employer does not end in zeros (0)
349 +The member records now appear in(% style="color:#e74c3c" %) RED(%%) with an exit date and an exit type.
310 310  
311 311  
312 -Once the file has been updated, save the file for import into the system.
352 +(% style="text-align:center" %)
353 +[[image:1633328086509-533.png]]
313 313  
314 -Select and generate the “**Import Unclaimed Benefits**” batch.
315 315  
316 -[[image:Section 14 Transfer Process_html_31273b549dc2bb7f.gif||alt="Shape50"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
356 +Once the tax response is received, the (% style="color:#2980b9" %)“**Import Unclaimed Benefits – Creditor Payment**”(%%) batch needs to be run.
317 317  
318 -Client This is the Client for which the Section 14 is being processed.
358 +Insert the (% style="color:#e74c3c" %)Batch Ref Number(%%) from your import, that was done previously, into this Batch Ref field.
319 319  
320 -File Name Click on the “**Browse**” button and locate the saved file.
360 +The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
321 321  
322 -Batch Reference This is defaulted by the system.
362 +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.
323 323  
324 -Client Parent This is the Parent that the client belongs to.
364 +Click on the(% style="color:#2980b9" %)** __cflo__ **(%%)button on the member record. A line would have been created for payment.
325 325  
326 -Click on the “**Save**” and “**Execute**” button.
327 327  
328 -Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
367 +​​​​​​​
329 329  
369 +(% style="text-align:center" %)
370 +[[image:1633328484167-380.png]]
330 330  
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"]]\\
373 +The payment can now be made in Bulk at the Parent Level.
334 334  
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"]]
375 +Go to (% style="color:#2980b9" %)Accounts > Debtors and Creditors(%%) Menu item. Select (% style="color:#2980b9" %)**“Creditors”.**
336 336  
377 +A creditor payment reflects in the Creditor Payment.
337 337  
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 -The member records now appear in RED with an exit date and an exit type.
380 +(% style="text-align:center" %)
381 +[[image:1633328582529-671.png||height="189" width="466"]]
341 341  
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  
344 -Once the tax response is received, the “**Import Unclaimed Benefits – Creditor Payment**” batch needs to be run.
345 345  
346 -Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
347 347  
348 -The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
386 +(% style="text-align:center" %)
387 +[[image:1633328678458-232.png]]
349 349  
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.
351 351  
352 -Click on the __cflo__ button on the member record. A line would have been created for payment.
390 +Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
353 353  
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  
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.
393 +(% style="text-align:center" %)
394 +[[image:1633328773306-793.png]]
357 357  
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 -[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
397 +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.
361 361  
362 362  
363 -Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
364 364  
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  
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.
402 +(% style="break-before: page; text-align: center;" %)
403 += (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) =
368 368  
405 +
406 +
407 +
408 +(% style="color:#2980b9" %)**DISCLAIMER**
409 +
410 +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.
411 +
412 +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.
413 +
414 +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.
415 +
416 +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.
417 +
418 +
419 +
420 +(% style="color:#2980b9" %)**COPYRIGHT**
421 +
422 +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.
423 +
424 +
425 +EBSphere (Pty) Limited
426 +
427 +P.O. Box 785803
428 +
429 +Sandton
430 +
431 +2146
432 +
433 +
434 +
435 +(% style="text-align:center" %)
436 +[[image:Section 14 Transfer Process_html_8cba33b1e8c9fa24.gif||height="128" width="463"]]
1633327074202-714.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +57.6 KB
Content
1633327228805-388.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +171.8 KB
Content
1633327282743-140.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +165.9 KB
Content
1633327441733-379.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +80.3 KB
Content
1633327705654-665.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +57.6 KB
Content
1633327962522-699.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +72.2 KB
Content
1633328086509-533.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +33.0 KB
Content
1633328312880-362.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +63.2 KB
Content
1633328465931-621.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +94.6 KB
Content
1633328484167-380.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +93.1 KB
Content
1633328582529-671.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +40.0 KB
Content
1633328678458-232.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +31.3 KB
Content
1633328773306-793.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +65.1 KB
Content
1633328856464-285.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +48.7 KB
Content
1633328913530-279.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +35.0 KB
Content
1633328986406-762.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +69.0 KB
Content
1633330252894-988.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +45.5 KB
Content
1633330357571-100.png
Author
... ... @@ -1,0 +1,1 @@
1 +XWiki.megank
Size
... ... @@ -1,0 +1,1 @@
1 +121.7 KB
Content

Applications

Navigation

Need help?

If you need help with XWiki you can contact: