Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
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From version < 67.1 >
edited by Megan Kahl
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edited by Megan Kahl
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1 -(% 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||height="128" width="463"]]
15 15  
16 -{{info}}
17 -(% style="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="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?
... ... @@ -40,11 +40,46 @@
40 40  
41 41  
42 42  
43 -(% style="text-align: center;" %)
44 -== (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) ==
45 45  
46 46  
47 47  
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84 +[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Section 14 Process for an Individual Member//
85 +
48 48  Section 14 where the member is invested in a Managed Fund
49 49  
50 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.
... ... @@ -55,11 +55,35 @@
55 55  
56 56  
57 57  
58 -(% style="text-align: center;" %)
59 -== (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) ==
60 60  
61 61  
62 62  
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121 +
122 +[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Bulk Section 14 Process//
123 +
124 +
63 63  Bulk Section 14 where the member is invested in a Managed Fund
64 64  
65 65  * Generate a few Member Statements and ensure that all transactions have been completed and priced. Check that there are no Outstanding Contributions.
... ... @@ -71,22 +71,18 @@
71 71  
72 72  Click on “**Save**” and “**Execute**”.
73 73  
74 -
75 75  [[image:Section 14 Transfer Process_html_c72b9ed75dcebe90.png||height="375" width="596"]]
76 76  
77 77  
139 +
78 78  A report will generate reflecting the member’s current Fund Credit.
79 79  
80 -
81 81  [[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"]]
82 82  
83 -
84 84  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.
85 85  
86 -
87 87  [[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"]]
88 88  
89 -
90 90  Critical fields that must be considered are:
91 91  
92 92  System Number This is the unique Everest generated number.
... ... @@ -121,10 +121,8 @@
121 121  
122 122  Select and generate the “**Import Unclaimed Benefits**” batch.
123 123  
124 -
125 125  [[image:Section 14 Transfer Process_html_dc98d67779e486b2.gif||alt="Shape9"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
126 126  
127 -
128 128  Client This is the Client for which the Section 14 is being processed.
129 129  
130 130  File Name Click on the “**Browse**” button and locate the saved file.
... ... @@ -140,22 +140,18 @@
140 140  
141 141  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.
142 142  
199 +[[image:Section 14 Transfer Process_html_3c44cb464ba230ec.gif||alt="Shape10"]]\\
143 143  
144 -[[image:Section 14 Transfer Process_html_3c44cb464ba230ec.gif||alt="Shape10"]]
145 -
146 146  [[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"]]
147 147  
148 148  
149 -
150 150  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.
151 151  
152 152  The member records now appear in RED with an exit date and an exit type.
153 153  
154 -
155 155  [[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"]]
156 156  
157 157  
158 -
159 159  Once the tax response is received, the “Import Unclaimed Benefits – Creditor Payment” batch needs to be run.
160 160  
161 161  Insert the Batch Number from your first import, that was done previously, into this Batch Ref field.
... ... @@ -164,34 +164,26 @@
164 164  
165 165  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.
166 166  
167 -
168 168  [[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"]]
169 169  
170 -
171 171  Click on the __**cflo**__ button on the member record. A line would have been created for payment.
172 172  
173 -
174 174  [[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"]]
175 175  
176 -
177 177  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.
178 178  
179 -
180 180  [[image:Section 14 Transfer Process_html_490a447ca6d370f3.gif||alt="Shape35"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
181 181  
182 182  
183 183  [[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
184 184  
185 -
186 186  Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
187 187  
188 -
189 189  [[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
190 190  
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.
191 191  
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.
193 193  
194 -
195 195  Bulk Section 14 where the member is invested in a Unitised Fund
196 196  
197 197  1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
... ... @@ -199,25 +199,18 @@
199 199  
200 200  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.
201 201  
202 -
203 203  [[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"]]
204 204  
205 -
206 206  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.
207 207  
208 -
209 209  [[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
210 210  
211 -
212 212  Please refer to the **Investment Switches** guide for the full process to be followed.
213 213  
214 -
215 215  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.
216 216  
217 -
218 218  [[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
219 219  
220 -
221 221  Only once the disinvestment process has been finalised in full can the user continue with the process.
222 222  
223 223  
... ... @@ -227,27 +227,22 @@
227 227  
228 228  Click on “**Save**” and “**Execute**”.
229 229  
230 -
231 231  [[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
232 232  
233 233  A report will generate reflecting the member’s current Fund Credit.
234 234  
235 -
236 236  [[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"]]
237 237  
238 238  
239 239  
240 -
241 241  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.
242 242  
243 -
244 244  [[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"]]
245 245  
246 -
247 247  Critical fields that must be considered are:
248 248  
281 +{{id name="_Hlk38437145"/}}\\
249 249  
250 -
251 251  System Number This is the unique Everest generated number.
252 252  
253 253  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.
... ... @@ -281,10 +281,8 @@
281 281  
282 282  Select and generate the “**Import Unclaimed Benefits**” batch.
283 283  
284 -
285 285  [[image:Section 14 Transfer Process_html_31273b549dc2bb7f.gif||alt="Shape50"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
286 286  
287 -
288 288  Client This is the Client for which the Section 14 is being processed.
289 289  
290 290  File Name Click on the “**Browse**” button and locate the saved file.
... ... @@ -298,24 +298,19 @@
298 298  Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
299 299  
300 300  
301 -
302 302  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.
303 303  
333 +[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]\\
304 304  
305 -[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]
306 -
307 307  [[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"]]
308 308  
309 309  
310 -
311 311  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.
312 312  
313 313  The member records now appear in RED with an exit date and an exit type.
314 314  
315 -
316 316  [[image:Section 14 Transfer Process_html_f70533c7086bc698.gif||alt="Shape57"]] [[image:Section 14 Transfer Process_html_6e379d9d97fe9faf.png||height="29" width="596"]]
317 317  
318 -
319 319  Once the tax response is received, the “**Import Unclaimed Benefits – Creditor Payment**” batch needs to be run.
320 320  
321 321  Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
... ... @@ -326,61 +326,18 @@
326 326  
327 327  Click on the __cflo__ button on the member record. A line would have been created for payment.
328 328  
329 -
330 330  [[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"]]
331 331  
332 -
333 333  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.
334 334  
335 -
336 336  [[image:Section 14 Transfer Process_html_fdf87a27103cb999.gif||alt="Shape64"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
337 337  
338 338  [[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
339 339  
340 340  
341 -
342 342  Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
343 343  
344 -
345 345  [[image:Section 14 Transfer Process_html_f7922830ceb22f0e.gif||alt="Shape65"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
346 346  
347 -
348 348  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.
349 349  
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"]]
Section 14 Transfer Process_html_732d6e4bdfdf6c4d.png
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