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 < 71.1 >
edited by Megan Kahl
on 2021/10/04 06:04
>
Change comment: Uploaded new attachment "1633327441733-379.png", version {1}

Summary

Details

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1 1  (% style="text-align: center;" %)
2 -= (% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **(%%) =
2 += (% style="color:#2980b9; font-size:28px" %)**Section 14 Transfer Process**(%%) =
3 3  
4 4  
5 5  
... ... @@ -45,13 +45,12 @@
45 45  
46 46  
47 47  
48 -(% style="color:#2980b9" %)**Section 14 where the member is invested in a Managed Fund**
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.
51 51  
52 +Section 14 where the member is invested in a Unitized Fund
52 52  
53 -(% style="color:#2980b9" %)**Section 14 where the member is invested in a Unitized Fund**
54 -
55 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  
... ... @@ -61,209 +61,176 @@
61 61  
62 62  
63 63  
64 -(% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Managed Fund**
63 +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.
65 +* Generate a few Member Statements and ensure that all transactions have been completed and priced. Check that there are no Outstanding Contributions.
66 +* 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.
69 69  
70 -Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product”** (%%)batch.
68 +Select and generate the “**Client Member Investment Product”** batch.
71 71  
72 -(% style="color:#2980b9" %)**Effective Date:**(%%)** **Today’s date.
70 +Effective Date: Today’s date.
73 73  
74 -Click on (% style="color:#2980b9" %)“**Save**” (%%)and (% style="color:#2980b9" %)“**Execute**”.
72 +Click on “**Save**” and “**Execute**”.
75 75  
76 76  
77 -(% style="text-align:center" %)
78 -[[image:1633327074202-714.png]]
75 +[[image:Section 14 Transfer Process_html_c72b9ed75dcebe90.png||height="375" width="596"]]
79 79  
80 80  
81 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]]
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"]]
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.
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.
89 89  
90 90  
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"]]
91 91  
92 -(% style="text-align:center" %)
93 -[[image:1633327441733-379.png]]
94 94  
95 -
96 96  Critical fields that must be considered are:
97 97  
92 +System Number This is the unique Everest generated number.
98 98  
99 -(% style="color:#2980b9" %)**System Number**(%%) This is the unique Everest generated number.
94 +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.
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.
96 +ID Number Member’s Identity number.
102 102  
103 -(% style="color:#2980b9" %)**ID Number **(%%)Member’s Identity number.
98 +Tax Ref No Member’s tax reference number.
104 104  
105 -(% style="color:#2980b9" %)**Tax Ref No**(%%) Member’s tax reference number.
100 +DOX Date of exit, this is the Section 14 date.
106 106  
107 -(% style="color:#2980b9" %)**DOX **(%%)Date of exit, this is the Section 14 date.
102 +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
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
104 +Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
110 110  
111 -(% style="color:#2980b9" %)**Tax Upload Group **(%%)Set a tax group name, for example 22042020 (date of tax application)
106 +Effective Date This is the Section 14 Date.
112 112  
113 -(% style="color:#2980b9" %)**Effective Date**(%%) This is the Section 14 Date.
108 +Transfer Always set this to Y
114 114  
115 -(% style="color:#2980b9" %)**Transfer**(%%) Always set this to Y
110 +Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
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.
112 +Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
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.
114 +FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
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.
116 +Transfer Participating This is only required if the last 6 digits of the FSB
122 122  
123 -(% style="color:#2980b9" %)**Transfer Participating**(%%) This is only required if the last 6 digits of the FSB
118 +Employer Transfer number does not end in zeros (0)
124 124  
125 -(% style="color:#2980b9" %)**Employer**(%%) Transfer number does not end in zeros (0)
126 -
127 -
128 128  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.
122 +Select and generate the “**Import Unclaimed Benefits**” batch.
131 131  
132 132  
133 -(% style="text-align:center" %)
134 -[[image:1633327705654-665.png]]
125 +[[image:Section 14 Transfer Process_html_dc98d67779e486b2.gif||alt="Shape9"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
135 135  
136 136  
137 -(% style="color:#2980b9" %)**Client **(%%)This is the Client for which the Section 14 is being processed.
128 +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.
130 +File Name Click on the “**Browse**” button and locate the saved file.
140 140  
141 -(% style="color:#2980b9" %)**Batch Reference**(%%) This is defaulted by the system.
132 +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.
134 +Client Parent This is the Parent that the client belongs to.
144 144  
136 +Click on the “**Save**” and “**Execute**” button.
145 145  
146 -Click on the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**” (%%)button.
147 -
148 148  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.
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.
152 152  
153 -​​​​​​​
154 154  
144 +[[image:Section 14 Transfer Process_html_3c44cb464ba230ec.gif||alt="Shape10"]]
155 155  
156 -(% style="text-align:center" %)
157 -[[image:1633327962522-699.png]]
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"]]
158 158  
159 159  
160 160  
161 161  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.
152 +The member records now appear in RED with an exit date and an exit type.
164 164  
165 -​​​​​​​
166 166  
167 -(% style="text-align:center" %)
168 -[[image:1633328086509-533.png]]
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"]]
169 169  
170 170  
158 +
171 171  Once the tax response is received, the “Import Unclaimed Benefits – Creditor Payment” batch needs to be run.
172 172  
173 -Insert the (% style="color:#e74c3c" %)Batch Ref Number (%%)from your first import, that was done previously, into this Batch Ref field.
161 +Insert the Batch Number from your first import, that was done previously, into this Batch Ref field.
174 174  
175 175  The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
176 176  
177 177  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.
178 178  
179 -​​​​​​​
180 180  
181 -(% style="text-align:center" %)
182 -[[image:1633328312880-362.png]]
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"]]
183 183  
184 184  
185 -Click on the (% style="color:#2980b9" %)__**cflo**__(%%) button on the member record. A line would have been created for payment.
171 +Click on the __**cflo**__ button on the member record. A line would have been created for payment.
186 186  
187 187  
188 -​​​​​​​​​​​​​​
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"]]
189 189  
190 -(% style="text-align:center" %)
191 -[[image:1633328484167-380.png]]
192 192  
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.
193 193  
194 -The payment can now be made in Bulk at the Parent Level.
195 195  
196 -Go to (% style="color:#2980b9" %)Accounts > Debtors and Creditors Menu (%%)item.
180 +[[image:Section 14 Transfer Process_html_490a447ca6d370f3.gif||alt="Shape35"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
197 197  
198 -Select (% style="color:#2980b9" %)“**Creditors**”(%%). A creditor payment reflects in the Creditor Payment.
199 199  
183 +[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
200 200  
201 201  
202 -(% style="text-align:center" %)
203 -[[image:1633328582529-671.png]]
186 +Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
204 204  
205 205  
206 -(% style="text-align:center" %)
207 -[[image:1633328678458-232.png]]
189 +[[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
208 208  
209 209  
210 -Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
211 -
212 - ​​​​
213 -
214 -(% style="text-align:center" %)
215 -[[image:1633328773306-793.png]]
216 -
217 -
218 218  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.
219 219  
220 220  
221 -(% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**
195 +Bulk Section 14 where the member is invested in a Unitised Fund
222 222  
223 223  1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
224 224  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.
225 225  
226 -Ensure that the client has been selected.
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.
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.
229 229  
230 -​​​​​​​
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"]]
231 231  
232 -(% style="text-align:center" %)
233 -[[image:1633328856464-285.png]]
234 234  
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.
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.
237 237  
209 +[[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
238 238  
239 -(% style="text-align:center" %)
240 -[[image:1633328913530-279.png]]
241 241  
212 +Please refer to the **Investment Switches** guide for the full process to be followed.
242 242  
243 -Please refer to the (% style="color:#2980b9" %)**Investment Switches**(%%) guide for the full process to be followed.
244 244  
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.
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.
247 247  
248 - ​​​​​​​
218 +[[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
249 249  
250 -(% style="text-align:center" %)
251 -[[image:1633328986406-762.png]]
252 252  
253 -
254 254  Only once the disinvestment process has been finalised in full can the user continue with the process.
255 255  
256 256  
257 -Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
224 +Select and generate the “**Client Member Investment Product**” batch, once the disinvestment has been actioned and priced.
258 258  
259 -(% style="color:#2980b9" %)**Effective Date:**(%%) Today’s date.
226 +Effective Date: Today’s date.
260 260  
261 -Click on (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”.
228 +Click on “**Save**” and “**Execute**”.
262 262  
263 263  
264 264  [[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
265 265  
266 -
267 267  A report will generate reflecting the member’s current Fund Credit.
268 268  
269 269  
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