Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
<
From version < 87.1 >
edited by Megan Kahl
on 2021/10/04 06:52
To version < 84.1 >
edited by Megan Kahl
on 2021/10/04 06:29
>
Change comment: Uploaded new attachment "1633328986406-762.png", version {1}

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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  
... ... @@ -67,10 +67,11 @@
67 67  * Check that there are no Outstanding Contributions.
68 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.
71 +Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product”** (%%)batch.
73 73  
73 +Effective Date: (% style="color:#2980b9" %)Today’s date.
74 +
74 74  Click on (% style="color:#2980b9" %)“**Save**” (%%)and (% style="color:#2980b9" %)“**Execute**”.
75 75  
76 76  
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88 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  
92 +​​​​​​​
91 91  
92 92  (% style="text-align:center" %)
93 93  [[image:1633327441733-379.png]]
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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.
153 +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  
153 153  ​​​​​​​
154 154  
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203 203  [[image:1633328582529-671.png]]
204 204  
205 205  
206 -(% style="text-align:center" %)
207 -[[image:1633328678458-232.png]]
208 +[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" 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 +Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
211 211  
212 - ​​​​
213 213  
214 -(% style="text-align:center" %)
215 -[[image:1633328773306-793.png]]
214 +[[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
216 216  
217 217  
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**
220 +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.
225 +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 -​​​​​​​
228 +[[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  
231 +The system has the option to import the member switch as well. Should only a select number of members be transferring out, the preferred option would be to complete the **“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  
234 +[[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  
237 +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  
240 +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 - ​​​​​​​
243 +[[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.
249 +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.
251 +Effective Date: Today’s date.
260 260  
261 -Click on (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”.
253 +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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