Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
<
From version < 85.1 >
edited by Megan Kahl
on 2021/10/04 06:31
To version < 60.1 >
edited by Megan Kahl
on 2021/10/01 12:17
>
Change comment: There is no comment for this version

Summary

Details

Page properties
Content
... ... @@ -1,35 +1,38 @@
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?
... ... @@ -40,248 +40,243 @@
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  
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="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.
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.
69 69  
70 -Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product”** (%%)batch.
71 71  
72 -(% style="color:#2980b9" %)**Effective Date:**(%%)** **Today’s date.
73 73  
74 -Click on (% style="color:#2980b9" %)“**Save**” (%%)and (% style="color:#2980b9" %)“**Execute**”.
75 75  
76 76  
77 -(% style="text-align:center" %)
78 -[[image:1633327074202-714.png]]
79 79  
80 80  
81 -A report will generate reflecting the member’s current Fund Credit.
82 82  
83 83  
84 -(% style="text-align:center" %)
85 -[[image:1633327282743-140.png]]
86 86  
87 87  
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.
89 89  
90 90  
91 91  
92 -(% style="text-align:center" %)
93 -[[image:1633327441733-379.png]]
94 94  
95 95  
96 -Critical fields that must be considered are:
97 97  
98 98  
99 -(% style="color:#2980b9" %)**System Number**(%%) This is the unique Everest generated number.
100 100  
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.
102 102  
103 -(% style="color:#2980b9" %)**ID Number **(%%)Member’s Identity number.
104 104  
105 -(% style="color:#2980b9" %)**Tax Ref No**(%%) Member’s tax reference number.
106 106  
107 -(% style="color:#2980b9" %)**DOX **(%%)Date of exit, this is the Section 14 date.
108 108  
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
110 110  
111 -(% style="color:#2980b9" %)**Tax Upload Group **(%%)Set a tax group name, for example 22042020 (date of tax application)
84 +[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Section 14 Process for an Individual Member//
112 112  
113 -(% style="color:#2980b9" %)**Effective Date**(%%) This is the Section 14 Date.
86 +Section 14 where the member is invested in a Managed Fund
114 114  
115 -(% style="color:#2980b9" %)**Transfer**(%%) Always set this to Y
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.
116 116  
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.
90 +Section 14 where the member is invested in a Unitized Fund
118 118  
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.
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.
120 120  
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.
122 122  
123 -(% style="color:#2980b9" %)**Transfer Participating**(%%) This is only required if the last 6 digits of the FSB
124 124  
125 -(% style="color:#2980b9" %)**Employer**(%%) Transfer number does not end in zeros (0)
126 126  
127 127  
128 -Once the file has been updated, save the file for import into the system.
129 129  
130 -Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
131 131  
132 132  
133 -(% style="text-align:center" %)
134 -[[image:1633327705654-665.png]]
135 135  
136 136  
137 -(% style="color:#2980b9" %)**Client **(%%)This is the Client for which the Section 14 is being processed.
138 138  
139 -(% style="color:#2980b9" %)**File Name**(%%) Click on the (% style="color:#2980b9" %)“**Browse**”(%%) button and locate the saved file.
140 140  
141 -(% style="color:#2980b9" %)**Batch Reference**(%%) This is defaulted by the system.
142 142  
143 -(% style="color:#2980b9" %)**Client Parent **(%%)This is the Parent that the client belongs to.
144 144  
145 145  
146 -Click on the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**” (%%)button.
147 147  
148 -Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
149 149  
150 150  
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.
152 152  
153 -​​​​​​​
154 154  
155 155  
156 -(% style="text-align:center" %)
157 -[[image:1633327962522-699.png]]
158 158  
159 159  
160 160  
161 -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.
162 162  
163 -The member records now appear in (% style="color:#e74c3c" %)RED(%%) with an exit date and an exit type.
164 164  
165 -​​​​​​​
166 166  
167 -(% style="text-align:center" %)
168 -[[image:1633328086509-533.png]]
169 169  
170 170  
171 -Once the tax response is received, the “Import Unclaimed Benefits – Creditor Payment” batch needs to be run.
122 +[[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Bulk Section 14 Process//
172 172  
173 -Insert the (% style="color:#e74c3c" %)Batch Ref Number (%%)from your first import, that was done previously, into this Batch Ref field.
174 174  
175 -The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
125 +Bulk Section 14 where the member is invested in a Managed Fund
176 176  
177 -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.
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.
178 178  
179 -​​​​​​​
130 +Select and generate the “**Client Member Investment Product”** batch.
180 180  
181 -(% style="text-align:center" %)
182 -[[image:1633328312880-362.png]]
132 +Effective Date: Today’s date.
183 183  
134 +Click on “**Save**” and “**Execute**”.
184 184  
185 -Click on the (% style="color:#2980b9" %)__**cflo**__(%%) button on the member record. A line would have been created for payment.
136 +[[image:Section 14 Transfer Process_html_c72b9ed75dcebe90.png||height="375" width="596"]]
186 186  
187 187  
188 -​​​​​​​​​​​​​​
189 189  
190 -(% style="text-align:center" %)
191 -[[image:1633328484167-380.png]]
140 +A report will generate reflecting the member’s current Fund Credit.
192 192  
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"]]
193 193  
194 -The payment can now be made in Bulk at the Parent Level.
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.
195 195  
196 -Go to (% style="color:#2980b9" %)Accounts > Debtors and Creditors Menu (%%)item.
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"]]
197 197  
198 -Select (% style="color:#2980b9" %)“**Creditors**”(%%). A creditor payment reflects in the Creditor Payment.
148 +Critical fields that must be considered are:
199 199  
150 +System Number This is the unique Everest generated number.
200 200  
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.
201 201  
202 -(% style="text-align:center" %)
203 -[[image:1633328582529-671.png]]
154 +ID Number Member’s Identity number.
204 204  
156 +Tax Ref No Member’s tax reference number.
205 205  
206 -(% style="text-align:center" %)
207 -[[image:1633328678458-232.png]]
158 +DOX Date of exit, this is the Section 14 date.
208 208  
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
209 209  
210 -Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
162 +Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
211 211  
212 - ​​​​
164 +Effective Date This is the Section 14 Date.
213 213  
214 -(% style="text-align:center" %)
215 -[[image:1633328773306-793.png]]
166 +Transfer Always set this to Y
216 216  
168 +Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
217 217  
218 -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.
170 +Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
219 219  
172 +FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
220 220  
221 -(% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**
174 +Transfer Participating This is only required if the last 6 digits of the FSB
222 222  
223 -1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
224 -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.
176 +Employer Transfer number does not end in zeros (0)
225 225  
226 -Ensure that the client has been selected.
178 +Once the file has been updated, save the file for import into the system.
227 227  
228 -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.
180 +Select and generate the “**Import Unclaimed Benefits**” batch.
229 229  
230 -​​​​​​​
182 +[[image:Section 14 Transfer Process_html_dc98d67779e486b2.gif||alt="Shape9"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
231 231  
232 -(% style="text-align:center" %)
233 -[[image:1633328856464-285.png]]
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 -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.
188 +Batch Reference This is defaulted by the system.
237 237  
190 +Client Parent This is the Parent that the client belongs to.
238 238  
239 -(% style="text-align:center" %)
240 -[[image:1633328913530-279.png]]
192 +Click on the “**Save**” and “**Execute**” button.
241 241  
194 +Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
242 242  
243 -Please refer to the (% style="color:#2980b9" %)**Investment Switches**(%%) guide for the full process to be followed.
244 244  
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.
245 245  
246 -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.
199 +[[image:Section 14 Transfer Process_html_3c44cb464ba230ec.gif||alt="Shape10"]]\\
247 247  
248 - ​​​​​​​
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"]]
249 249  
250 -(% style="text-align:center" %)
251 -[[image:1633328986406-762.png]]
252 252  
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.
253 253  
254 -Only once the disinvestment process has been finalised in full can the user continue with the process.
206 +The member records now appear in RED with an exit date and an exit type.
255 255  
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"]]
256 256  
257 -Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
258 258  
259 -(% style="color:#2980b9" %)**Effective Date:**(%%) Today’s date.
211 +Once the tax response is received, the “Import Unclaimed Benefits – Creditor Payment” batch needs to be run.
260 260  
261 -Click on (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”.
213 +Insert the Batch Number from your first import, that was done previously, into this Batch Ref field.
262 262  
215 +The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
263 263  
264 -[[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
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.
265 265  
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"]]
266 266  
267 -A report will generate reflecting the member’s current Fund Credit.
221 +Click on the __**cflo**__ button on the member record. A line would have been created for payment.
268 268  
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"]]
269 269  
270 -[[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"]]
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.
271 271  
227 +[[image:Section 14 Transfer Process_html_490a447ca6d370f3.gif||alt="Shape35"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
272 272  
273 273  
230 +[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
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.
232 +Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
276 276  
234 +[[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
277 277  
278 -[[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"]]
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.
279 279  
280 280  
281 -Critical fields that must be considered are:
239 +Bulk Section 14 where the member is invested in a Unitised Fund
282 282  
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.
283 283  
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.
284 284  
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 +
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 +
250 +[[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
251 +
252 +Please refer to the **Investment Switches** guide for the full process to be followed.
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.
255 +
256 +[[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
257 +
258 +Only once the disinvestment process has been finalised in full can the user continue with the process.
259 +
260 +
261 +Select and generate the “**Client Member Investment Product**” batch, once the disinvestment has been actioned and priced.
262 +
263 +Effective Date: Today’s date.
264 +
265 +Click on “**Save**” and “**Execute**”.
266 +
267 +[[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
268 +
269 +A report will generate reflecting the member’s current Fund Credit.
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 +
273 +
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 +
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 +
279 +Critical fields that must be considered are:
280 +
281 +{{id name="_Hlk38437145"/}}\\
282 +
285 285  System Number This is the unique Everest generated number.
286 286  
287 287  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.
... ... @@ -315,10 +315,8 @@
315 315  
316 316  Select and generate the “**Import Unclaimed Benefits**” batch.
317 317  
318 -
319 319  [[image:Section 14 Transfer Process_html_31273b549dc2bb7f.gif||alt="Shape50"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
320 320  
321 -
322 322  Client This is the Client for which the Section 14 is being processed.
323 323  
324 324  File Name Click on the “**Browse**” button and locate the saved file.
... ... @@ -332,24 +332,19 @@
332 332  Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
333 333  
334 334  
335 -
336 336  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 batch number of the successful import, as highlighted below, **must** be kept as it will be used later in the process.
337 337  
333 +[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]\\
338 338  
339 -[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]
340 -
341 341  [[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"]]
342 342  
343 343  
344 -
345 345  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.
346 346  
347 347  The member records now appear in RED with an exit date and an exit type.
348 348  
349 -
350 350  [[image:Section 14 Transfer Process_html_f70533c7086bc698.gif||alt="Shape57"]] [[image:Section 14 Transfer Process_html_6e379d9d97fe9faf.png||height="29" width="596"]]
351 351  
352 -
353 353  Once the tax response is received, the “**Import Unclaimed Benefits – Creditor Payment**” batch needs to be run.
354 354  
355 355  Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
... ... @@ -360,61 +360,18 @@
360 360  
361 361  Click on the __cflo__ button on the member record. A line would have been created for payment.
362 362  
363 -
364 364  [[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"]]
365 365  
366 -
367 367  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.
368 368  
369 -
370 370  [[image:Section 14 Transfer Process_html_fdf87a27103cb999.gif||alt="Shape64"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
371 371  
372 372  [[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
373 373  
374 374  
375 -
376 376  Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
377 377  
378 -
379 379  [[image:Section 14 Transfer Process_html_f7922830ceb22f0e.gif||alt="Shape65"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
380 380  
381 -
382 382  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.
383 383  
384 -
385 -
386 -
387 -(% style="text-align: center;" %)
388 -== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
389 -
390 -
391 -
392 -
393 -(% style="color:#2980b9" %)**DISCLAIMER**
394 -
395 -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.
396 -
397 -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.
398 -
399 -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.
400 -
401 -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.
402 -
403 -
404 -
405 -(% style="color:#2980b9" %)**COPYRIGHT**
406 -
407 -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.
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||height="128" width="463"]]
1633327074202-714.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -57.6 KB
Content
1633327228805-388.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -171.8 KB
Content
1633327282743-140.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -165.9 KB
Content
1633327441733-379.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -80.3 KB
Content
1633327705654-665.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -57.6 KB
Content
1633327962522-699.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -72.2 KB
Content
1633328086509-533.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -33.0 KB
Content
1633328312880-362.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -63.2 KB
Content
1633328465931-621.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -94.6 KB
Content
1633328484167-380.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -93.1 KB
Content
1633328582529-671.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -40.0 KB
Content
1633328678458-232.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -31.3 KB
Content
1633328773306-793.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -65.1 KB
Content
1633328856464-285.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -48.7 KB
Content
1633328913530-279.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -35.0 KB
Content
1633328986406-762.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -69.0 KB
Content
Section 14 Transfer Process_html_70f18afe2e169708.gif
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -985 bytes
Content
Section 14 Transfer Process_html_732d6e4bdfdf6c4d.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -34.5 KB
Content
Section 14 Transfer Process_html_77654b27a44142c7.gif
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -902 bytes
Content
Section 14 Transfer Process_html_a999f86cd16a1f7.gif
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -908 bytes
Content
Section 14 Transfer Process_html_edac83519c80620f.png
Author
... ... @@ -1,1 +1,0 @@
1 -XWiki.megank
Size
... ... @@ -1,1 +1,0 @@
1 -20.0 KB
Content

Applications

Navigation

Need help?

If you need help with XWiki you can contact: