Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
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From version < 88.1 >
edited by Megan Kahl
on 2021/10/04 07:03
To version < 60.1 >
edited by Megan Kahl
on 2021/10/01 12:17
>
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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?
... ... @@ -40,403 +40,326 @@
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  
153 153  
154 154  
155 -(% style="text-align:center" %)
156 -[[image:1633327962522-699.png]]
157 157  
158 158  
159 159  
160 -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.
161 161  
162 -The member records now appear in (% style="color:#e74c3c" %)RED(%%) with an exit date and an exit type.
163 163  
164 -​​​​​​​
165 165  
166 -(% style="text-align:center" %)
167 -[[image:1633328086509-533.png]]
168 168  
169 169  
170 -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//
171 171  
172 -Insert the (% style="color:#e74c3c" %)Batch Ref Number (%%)from your first import, that was done previously, into this Batch Ref field.
173 173  
174 -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
175 175  
176 -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.
177 177  
178 -​​​​​​​
130 +Select and generate the “**Client Member Investment Product”** batch.
179 179  
180 -(% style="text-align:center" %)
181 -[[image:1633328312880-362.png]]
132 +Effective Date: Today’s date.
182 182  
134 +Click on “**Save**” and “**Execute**”.
183 183  
184 -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"]]
185 185  
186 186  
187 -​​​​​​​​​​​​​​
188 188  
189 -(% style="text-align:center" %)
190 -[[image:1633328484167-380.png]]
140 +A report will generate reflecting the member’s current Fund Credit.
191 191  
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"]]
192 192  
193 -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.
194 194  
195 -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"]]
196 196  
197 -Select (% style="color:#2980b9" %)“**Creditors**”(%%). A creditor payment reflects in the Creditor Payment.
148 +Critical fields that must be considered are:
198 198  
150 +System Number This is the unique Everest generated number.
199 199  
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.
200 200  
201 -(% style="text-align:center" %)
202 -[[image:1633328582529-671.png]]
154 +ID Number Member’s Identity number.
203 203  
156 +Tax Ref No Member’s tax reference number.
204 204  
205 -(% style="text-align:center" %)
206 -[[image:1633328678458-232.png]]
158 +DOX Date of exit, this is the Section 14 date.
207 207  
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
208 208  
209 -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)
210 210  
211 - ​​​​
164 +Effective Date This is the Section 14 Date.
212 212  
213 -(% style="text-align:center" %)
214 -[[image:1633328773306-793.png]]
166 +Transfer Always set this to Y
215 215  
168 +Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
216 216  
217 -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.
218 218  
172 +FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
219 219  
220 -=== (% 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
221 221  
222 -1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
223 -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)
224 224  
225 -Ensure that the client has been selected.
178 +Once the file has been updated, save the file for import into the system.
226 226  
227 -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.
228 228  
229 -​​​​​​​
182 +[[image:Section 14 Transfer Process_html_dc98d67779e486b2.gif||alt="Shape9"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
230 230  
231 -(% style="text-align:center" %)
232 -[[image:1633328856464-285.png]]
184 +Client This is the Client for which the Section 14 is being processed.
233 233  
186 +File Name Click on the “**Browse**” button and locate the saved file.
234 234  
235 -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.
236 236  
190 +Client Parent This is the Parent that the client belongs to.
237 237  
238 -(% style="text-align:center" %)
239 -[[image:1633328913530-279.png]]
192 +Click on the “**Save**” and “**Execute**” button.
240 240  
194 +Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
241 241  
242 -Please refer to the (% style="color:#2980b9" %)**Investment Switches**(%%) guide for the full process to be followed.
243 243  
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.
244 244  
245 -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"]]\\
246 246  
247 - ​​​​​​​
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"]]
248 248  
249 -(% style="text-align:center" %)
250 -[[image:1633328986406-762.png]]
251 251  
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.
252 252  
253 -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.
254 254  
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"]]
255 255  
256 -Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
257 257  
258 -(% 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.
259 259  
260 -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.
261 261  
215 +The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
262 262  
263 -(% style="text-align:center" %)
264 -[[image:1633330252894-988.png]]
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  
269 -​​​​​​​
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"]]
270 270  
271 -(% style="text-align:center" %)
272 -[[image:1633330357571-100.png]]
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.
273 273  
227 +[[image:Section 14 Transfer Process_html_490a447ca6d370f3.gif||alt="Shape35"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
274 274  
275 275  
276 -Using the (% style="color:#2980b9" %)**Import Unclaimed Benefit Template, **(%%)create a file for import.
230 +[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
277 277  
278 -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.
279 279  
280 -​​​​​​
234 +[[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
281 281  
282 -(% style="text-align:center" %)
283 -[[image:1633327441733-379.png]]
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.
284 284  
285 285  
286 -Critical fields that must be considered are:
239 +Bulk Section 14 where the member is invested in a Unitised Fund
287 287  
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.
288 288  
289 -(% style="color:#2980b9" %)**System Number**(%%) This is the unique Everest generated number.
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.
290 290  
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.
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"]]
292 292  
293 -(% style="color:#2980b9" %)**ID Number**(%%) Members Identity number.
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.
294 294  
295 -(% style="color:#2980b9" %)**Tax Ref No**(%%) Members tax reference number.
250 +[[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
296 296  
297 -(% style="color:#2980b9" %)**DOX **(%%)Date of exit, this is the Section 14 date.
252 +Please refer to the **Investment Switches** guide for the full process to be followed.
298 298  
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
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.
300 300  
301 -(% style="color:#2980b9" %)**Tax Upload Group**(%%) Set a tax group name, for example 22042020 (date of tax application)
256 +[[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
302 302  
303 -(% style="color:#2980b9" %)**Effective Date **(%%)This is the Section 14 Date.
258 +Only once the disinvestment process has been finalised in full can the user continue with the process.
304 304  
305 -(% style="color:#2980b9" %)**Transfer **(%%)Always set this to Y
306 306  
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.
261 +Select and generate the “**Client Member Investment Product**” batch, once the disinvestment has been actioned and priced.
308 308  
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.
263 +Effective Date: Today’s date.
310 310  
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.
265 +Click on “**Save**” and “**Execute**”.
312 312  
313 -(% style="color:#2980b9" %)**Transfer Participating**(%%) This is only required if the last 6 digits of the FSB Transfer number
267 +[[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
314 314  
315 -(% style="color:#2980b9" %)**Employer**(%%) does not end in zeros (0)
269 +A report will generate reflecting the member’s current Fund Credit.
316 316  
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"]]
317 317  
318 -Once the file has been updated, save the file for import into the system.
319 319  
320 -Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
321 321  
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.
322 322  
323 - ​​​​​​​
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"]]
324 324  
325 -(% style="text-align:center" %)
326 -[[image:1633327705654-665.png]]
279 +Critical fields that must be considered are:
327 327  
281 +{{id name="_Hlk38437145"/}}\\
328 328  
329 -(% style="color:#2980b9" %)**Client **(%%)This is the Client for which the Section 14 is being processed.
283 +System Number This is the unique Everest generated number.
330 330  
331 -(% style="color:#2980b9" %)**File Name**(%%) Click on the (% style="color:#2980b9" %)“**Browse**”(%%) button and locate the saved file.
285 +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.
332 332  
333 -(% style="color:#2980b9" %)**Batch Reference**(%%) This is defaulted by the system.
287 +ID Number Members Identity number.
334 334  
335 -(% style="color:#2980b9" %)**Client Parent **(%%)This is the Parent that the client belongs to.
289 +Tax Ref No Members tax reference number.
336 336  
291 +DOX Date of exit, this is the Section 14 date.
337 337  
338 -Click on the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”(%%) button.
293 +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
339 339  
340 -Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
295 +Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
341 341  
297 +Effective Date This is the Section 14 Date.
342 342  
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.
299 +Transfer Always set this to Y
344 344  
301 +Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
345 345  
303 +Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
346 346  
347 -​​​​​​​
305 +FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
348 348  
349 -(% style="text-align:center" %)
350 -[[image:1633327962522-699.png]]
307 +Transfer Participating This is only required if the last 6 digits of the FSB Transfer number
351 351  
309 +Employer does not end in zeros (0)
352 352  
353 353  
354 -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 +Once the file has been updated, save the file for import into the system.
355 355  
356 -The member records now appear in(% style="color:#e74c3c" %) RED(%%) with an exit date and an exit type.
314 +Select and generate the “**Import Unclaimed Benefits**” batch.
357 357  
316 +[[image:Section 14 Transfer Process_html_31273b549dc2bb7f.gif||alt="Shape50"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
358 358  
359 -(% style="text-align:center" %)
360 -[[image:1633328086509-533.png]]
318 +Client This is the Client for which the Section 14 is being processed.
361 361  
320 +File Name Click on the “**Browse**” button and locate the saved file.
362 362  
363 -Once the tax response is received, the (% style="color:#2980b9" %)“**Import Unclaimed Benefits – Creditor Payment**”(%%) batch needs to be run.
322 +Batch Reference This is defaulted by the system.
364 364  
365 -Insert the (% style="color:#e74c3c" %)Batch Ref Number(%%) from your import, that was done previously, into this Batch Ref field.
324 +Client Parent This is the Parent that the client belongs to.
366 366  
367 -The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
326 +Click on the “**Save**” and “**Execute**” button.
368 368  
369 -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.
328 +Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
370 370  
371 -Click on the(% style="color:#2980b9" %)** __cflo__ **(%%)button on the member record. A line would have been created for payment.
372 372  
331 +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.
373 373  
374 -​​​​​​​
333 +[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]\\
375 375  
376 -(% style="text-align:center" %)
377 -[[image:1633328484167-380.png]]
335 +[[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"]]
378 378  
379 379  
380 -The payment can now be made in Bulk at the Parent Level.
338 +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.
381 381  
382 -Go to (% style="color:#2980b9" %)Accounts > Debtors and Creditors(%%) Menu item. Select (% style="color:#2980b9" %)**“Creditors”.**
340 +The member records now appear in RED with an exit date and an exit type.
383 383  
384 -A creditor payment reflects in the Creditor Payment.
342 +[[image:Section 14 Transfer Process_html_f70533c7086bc698.gif||alt="Shape57"]] [[image:Section 14 Transfer Process_html_6e379d9d97fe9faf.png||height="29" width="596"]]
385 385  
344 +Once the tax response is received, the “**Import Unclaimed Benefits – Creditor Payment**” batch needs to be run.
386 386  
387 -(% style="text-align:center" %)
388 -[[image:1633328582529-671.png]]
346 +Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
389 389  
348 +The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
390 390  
350 +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.
391 391  
352 +Click on the __cflo__ button on the member record. A line would have been created for payment.
392 392  
393 -(% style="text-align:center" %)
394 -[[image:1633328678458-232.png]]
354 +[[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"]]
395 395  
356 +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.
396 396  
397 -Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
358 +[[image:Section 14 Transfer Process_html_fdf87a27103cb999.gif||alt="Shape64"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
398 398  
360 +[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
399 399  
400 -(% style="text-align:center" %)
401 -[[image:1633328773306-793.png]]
402 402  
363 +Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
403 403  
365 +[[image:Section 14 Transfer Process_html_f7922830ceb22f0e.gif||alt="Shape65"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
366 +
404 404  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.
405 405  
406 -
407 -
408 -
409 -(% style="text-align: center;" %)
410 -== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
411 -
412 -
413 -
414 -
415 -(% style="color:#2980b9" %)**DISCLAIMER**
416 -
417 -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.
418 -
419 -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.
420 -
421 -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.
422 -
423 -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.
424 -
425 -
426 -
427 -(% style="color:#2980b9" %)**COPYRIGHT**
428 -
429 -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.
430 -
431 -EBSphere (Pty) Limited
432 -
433 -P.O. Box 785803
434 -
435 -Sandton
436 -
437 -2146
438 -
439 -
440 -
441 -(% style="text-align:center" %)
442 -[[image:Section 14 Transfer Process_html_8cba33b1e8c9fa24.gif||height="128" width="463"]]
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