Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
<
From version < 86.1 >
edited by Megan Kahl
on 2021/10/04 06:50
To version < 88.1 >
edited by Megan Kahl
on 2021/10/04 07:03
>
Change comment: There is no comment for this version

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61 61  
62 62  
63 63  
64 -(% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Managed Fund**
64 +=== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Managed Fund**(%%) ===
65 65  
66 66  * Generate a few Member Statements and ensure that all transactions have been completed and priced.
67 67  * Check that there are no Outstanding Contributions.
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150 150  
151 151  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  
156 156  (% style="text-align:center" %)
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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**
220 +=== (% style="color:#2980b9" %)**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.
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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.
256 +Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
258 258  
259 259  (% style="color:#2980b9" %)**Effective Date:**(%%) Today’s date.
260 260  
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261 261  Click on (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”.
262 262  
263 263  
264 -[[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
263 +(% style="text-align:center" %)
264 +[[image:1633330252894-988.png]]
265 265  
266 266  
267 267  A report will generate reflecting the member’s current Fund Credit.
268 268  
269 +​​​​​​​
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"]]
271 +(% style="text-align:center" %)
272 +[[image:1633330357571-100.png]]
271 271  
272 272  
273 273  
276 +Using the (% style="color:#2980b9" %)**Import Unclaimed Benefit Template, **(%%)create a file for import.
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.
278 +This template will process the member’s exits in Bulk and write up the payment to be paid into the transferring Fund.
276 276  
280 +​​​​​​
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"]]
282 +(% style="text-align:center" %)
283 +[[image:1633327441733-379.png]]
279 279  
280 280  
281 281  Critical fields that must be considered are:
282 282  
283 283  
289 +(% style="color:#2980b9" %)**System Number**(%%) This is the unique Everest generated number.
284 284  
285 -System Number This is the unique Everest generated number.
291 +(% 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.
286 286  
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.
293 +(% style="color:#2980b9" %)**ID Number**(%%) Members Identity number.
288 288  
289 -ID Number Members Identity number.
295 +(% style="color:#2980b9" %)**Tax Ref No**(%%) Members tax reference number.
290 290  
291 -Tax Ref No Members tax reference number.
297 +(% style="color:#2980b9" %)**DOX **(%%)Date of exit, this is the Section 14 date.
292 292  
293 -DOX Date of exit, this is the Section 14 date.
299 +(% 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
294 294  
295 -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
301 +(% style="color:#2980b9" %)**Tax Upload Group**(%%) Set a tax group name, for example 22042020 (date of tax application)
296 296  
297 -Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
303 +(% style="color:#2980b9" %)**Effective Date **(%%)This is the Section 14 Date.
298 298  
299 -Effective Date This is the Section 14 Date.
305 +(% style="color:#2980b9" %)**Transfer **(%%)Always set this to Y
300 300  
301 -Transfer Always set this to Y
307 +(% 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.
302 302  
303 -Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
309 +(% style="color:#2980b9" %)**Transfer Fund Name**(%%) This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
304 304  
305 -Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
311 +(% 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.
306 306  
307 -FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
313 +(% style="color:#2980b9" %)**Transfer Participating**(%%) This is only required if the last 6 digits of the FSB Transfer number
308 308  
309 -Transfer Participating This is only required if the last 6 digits of the FSB Transfer number
315 +(% style="color:#2980b9" %)**Employer**(%%) does not end in zeros (0)
310 310  
311 -Employer does not end in zeros (0)
312 312  
313 -
314 314  Once the file has been updated, save the file for import into the system.
315 315  
316 -Select and generate the “**Import Unclaimed Benefits**” batch.
320 +Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
317 317  
318 318  
319 -[[image:Section 14 Transfer Process_html_31273b549dc2bb7f.gif||alt="Shape50"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
323 + ​​​​​​​
320 320  
325 +(% style="text-align:center" %)
326 +[[image:1633327705654-665.png]]
321 321  
322 -Client This is the Client for which the Section 14 is being processed.
323 323  
324 -File Name Click on the “**Browse**” button and locate the saved file.
329 +(% style="color:#2980b9" %)**Client **(%%)This is the Client for which the Section 14 is being processed.
325 325  
326 -Batch Reference This is defaulted by the system.
331 +(% style="color:#2980b9" %)**File Name**(%%) Click on the (% style="color:#2980b9" %)“**Browse**”(%%) button and locate the saved file.
327 327  
328 -Client Parent This is the Parent that the client belongs to.
333 +(% style="color:#2980b9" %)**Batch Reference**(%%) This is defaulted by the system.
329 329  
330 -Click on the “**Save**” and “**Execute**” button.
335 +(% style="color:#2980b9" %)**Client Parent **(%%)This is the Parent that the client belongs to.
331 331  
337 +
338 +Click on the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”(%%) button.
339 +
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  
343 +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.
335 335  
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  
338 338  
339 -[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]
347 +​​​​​​​
340 340  
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"]]
349 +(% style="text-align:center" %)
350 +[[image:1633327962522-699.png]]
342 342  
343 343  
344 344  
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 -The member records now appear in RED with an exit date and an exit type.
356 +The member records now appear in(% style="color:#e74c3c" %) RED(%%) with an exit date and an exit type.
348 348  
349 349  
350 -[[image:Section 14 Transfer Process_html_f70533c7086bc698.gif||alt="Shape57"]] [[image:Section 14 Transfer Process_html_6e379d9d97fe9faf.png||height="29" width="596"]]
359 +(% style="text-align:center" %)
360 +[[image:1633328086509-533.png]]
351 351  
352 352  
353 -Once the tax response is received, the “**Import Unclaimed Benefits – Creditor Payment**” batch needs to be run.
363 +Once the tax response is received, the (% style="color:#2980b9" %)“**Import Unclaimed Benefits – Creditor Payment**”(%%) batch needs to be run.
354 354  
355 -Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
365 +Insert the (% style="color:#e74c3c" %)Batch Ref Number(%%) from your import, that was done previously, into this Batch Ref field.
356 356  
357 357  The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
358 358  
359 359  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.
360 360  
361 -Click on the __cflo__ button on the member record. A line would have been created for payment.
371 +Click on the(% style="color:#2980b9" %)** __cflo__ **(%%)button on the member record. A line would have been created for payment.
362 362  
363 363  
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"]]
374 +​​​​​​​
365 365  
376 +(% style="text-align:center" %)
377 +[[image:1633328484167-380.png]]
366 366  
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  
380 +The payment can now be made in Bulk at the Parent Level.
369 369  
370 -[[image:Section 14 Transfer Process_html_fdf87a27103cb999.gif||alt="Shape64"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
382 +Go to (% style="color:#2980b9" %)Accounts > Debtors and Creditors(%%) Menu item. Select (% style="color:#2980b9" %)**“Creditors”.**
371 371  
372 -[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
384 +A creditor payment reflects in the Creditor Payment.
373 373  
374 374  
387 +(% style="text-align:center" %)
388 +[[image:1633328582529-671.png]]
375 375  
376 -Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
377 377  
378 378  
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  
393 +(% style="text-align:center" %)
394 +[[image:1633328678458-232.png]]
381 381  
396 +
397 +Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
398 +
399 +
400 +(% style="text-align:center" %)
401 +[[image:1633328773306-793.png]]
402 +
403 +
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  
384 384  
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