Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
<
From version < 88.1 >
edited by Megan Kahl
on 2021/10/04 07:03
To version < 97.1 >
edited by Dominique Tricerri
on 2021/12/01 13:45
>
Change comment: There is no comment for this version

Summary

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Author
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1 -XWiki.megank
1 +XWiki.dominiquet
Content
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1 -(% style="text-align: center;" %)
2 -= (% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **(%%) =
1 +(% class="wikigeneratedid" id="HSECTION14TRANSFERPROCESS" style="text-align: center;" %)
2 +(% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **
3 3  
4 4  
5 5  
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14 14  [[image:Section 14 Transfer Process_html_8cba33b1e8c9fa24.gif||height="128" width="463"]]
15 15  
16 16  {{info}}
17 -(% style="text-align: center;" %)
17 +(% style="break-before: page; text-align: center;" %)
18 18  (% style="color:#2980b9; font-size:20px" %)**TABLE OF CONTENTS**
19 19  
20 20  
... ... @@ -25,8 +25,8 @@
25 25  
26 26  
27 27  
28 -(% style="text-align: center;" %)
29 -== (% style="color:#2980b9" %)**Introduction**(%%) ==
28 +(% style="break-before: page; text-align: center;" %)
29 += (% style="color:#2980b9" %)**Introduction**(%%) =
30 30  
31 31  
32 32  
... ... @@ -40,28 +40,28 @@
40 40  
41 41  
42 42  
43 -(% style="text-align: center;" %)
44 -== (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) ==
43 +(% style="break-before: page; 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**
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.
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. Ensure the workflow is completed so that all relevant accounts are updated.
51 51  
52 52  
53 -(% style="color:#2980b9" %)**Section 14 where the member is invested in a Unitized Fund**
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.
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. Ensure the workflow is completed so that all relevant accounts are updated.
56 56  
57 57  
58 58  
59 -(% style="text-align: center;" %)
60 -== (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) ==
59 +(% style="break-before: page; 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**(%%) ===
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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77 77  (% style="text-align:center" %)
78 78  [[image:1633327074202-714.png]]
79 79  
80 -
80 +(% style="break-before: page" %)
81 81  A report will generate reflecting the member’s current Fund Credit.
82 82  
83 83  
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161 161  
162 162  The member records now appear in (% style="color:#e74c3c" %)RED(%%) with an exit date and an exit type.
163 163  
164 -​​​​​​​
165 165  
166 166  (% style="text-align:center" %)
167 167  [[image:1633328086509-533.png]]
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175 175  
176 176  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.
177 177  
178 -​​​​​​​
179 179  
180 180  (% style="text-align:center" %)
181 181  [[image:1633328312880-362.png]]
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184 184  Click on the (% style="color:#2980b9" %)__**cflo**__(%%) button on the member record. A line would have been created for payment.
185 185  
186 186  
187 -​​​​​​​​​​​​​​
188 188  
189 189  (% style="text-align:center" %)
190 190  [[image:1633328484167-380.png]]
... ... @@ -199,7 +199,7 @@
199 199  
200 200  
201 201  (% style="text-align:center" %)
202 -[[image:1633328582529-671.png]]
199 +[[image:1633328582529-671.png||height="189" width="466"]]
203 203  
204 204  
205 205  (% style="text-align:center" %)
... ... @@ -216,9 +216,9 @@
216 216  
217 217  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.
218 218  
216 +(% style="break-before: page %)
217 +== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ==
219 219  
220 -=== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ===
221 -
222 222  1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
223 223  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.
224 224  
... ... @@ -226,7 +226,6 @@
226 226  
227 227  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.
228 228  
229 -​​​​​​​
230 230  
231 231  (% style="text-align:center" %)
232 232  [[image:1633328856464-285.png]]
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244 244  
245 245  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.
246 246  
247 - ​​​​​​​
248 248  
249 249  (% style="text-align:center" %)
250 250  [[image:1633328986406-762.png]]
... ... @@ -266,7 +266,6 @@
266 266  
267 267  A report will generate reflecting the member’s current Fund Credit.
268 268  
269 -​​​​​​​
270 270  
271 271  (% style="text-align:center" %)
272 272  [[image:1633330357571-100.png]]
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353 353  
354 354  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.
355 355  
356 -The member records now appear in(% style="color:#e74c3c" %) RED(%%) with an exit date and an exit type.
350 +The member records now appear in(% style="color:#e74c3c" %) RED(%%) with an exit date and an exit type.
357 357  
358 358  
359 359  (% style="text-align:center" %)
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385 385  
386 386  
387 387  (% style="text-align:center" %)
388 -[[image:1633328582529-671.png]]
382 +[[image:1633328582529-671.png||height="189" width="466"]]
389 389  
390 390  
391 391  
... ... @@ -406,8 +406,8 @@
406 406  
407 407  
408 408  
409 -(% style="text-align: center;" %)
410 -== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
403 +(% style="break-before: page; text-align: center;" %)
404 += (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) =
411 411  
412 412  
413 413  
... ... @@ -428,6 +428,7 @@
428 428  
429 429  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.
430 430  
425 +
431 431  EBSphere (Pty) Limited
432 432  
433 433  P.O. Box 785803

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