Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03

From version < 89.1 >

edited by Megan Kahl
on 2021/10/04 07:05

To version < 82.1 >

edited by Megan Kahl
on 2021/10/04 06:27

Change comment: Uploaded new attachment "1633328856464-285.png", version {1}

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@@ -1,5 +1,5 @@
  (% style="text-align: center;" %)
--= (% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **(%%) =
++= (% style="color:#2980b9; font-size:28px" %)**Section 14 Transfer Process**(%%) =
@@ -14,7 +14,7 @@
  [[image:Section 14 Transfer Process_html_8cba33b1e8c9fa24.gif||height="128" width="463"]]
  {{info}}
--(% style="break-before: page; text-align: center;" %)
++(% style="text-align: center;" %)
  (% style="color:#2980b9; font-size:20px" %)**TABLE OF CONTENTS**
@@ -25,7 +25,7 @@
--(% style="break-before: page; text-align: center;" %)
++(% style="text-align: center;" %)
  == (% style="color:#2980b9" %)**Introduction**(%%) ==
@@ -40,7 +40,7 @@
--(% style="break-before: page; text-align: center;" %)
++(% style="text-align: center;" %)
  == (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) ==
@@ -56,21 +56,22 @@
--(% style="break-before: page; text-align: center;" %)
++(% style="text-align: center;" %)
  == (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) ==
--=== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Managed Fund**(%%) ===
++(% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Managed Fund**
  * Generate a few Member Statements and ensure that all transactions have been completed and priced.
  * Check that there are no Outstanding Contributions.
  * 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.
--Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product”** (%%)batch.
--(% style="color:#2980b9" %)**Effective Date:**(%%)** **Today’s date.
++Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product”** (%%)batch.
++Effective Date: (% style="color:#2980b9" %)Today’s date.
++
  Click on (% style="color:#2980b9" %)“**Save**” (%%)and (% style="color:#2980b9" %)“**Execute**”.
@@ -88,6 +88,7 @@
  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.
++
  (% style="text-align:center" %)
  [[image:1633327441733-379.png]]
@@ -148,8 +148,9 @@
  Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
--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.
++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.
++
  (% style="text-align:center" %)
@@ -161,6 +161,7 @@
  The member records now appear in (% style="color:#e74c3c" %)RED(%%) with an exit date and an exit type.
++
  (% style="text-align:center" %)
  [[image:1633328086509-533.png]]
@@ -201,211 +201,177 @@
  [[image:1633328582529-671.png]]
--(% style="text-align:center" %)
--[[image:1633328678458-232.png]]
++[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
--Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
++Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
--
--(% style="text-align:center" %)
--[[image:1633328773306-793.png]]
++[[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
  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.
--=== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ===
++Bulk Section 14 where the member is invested in a Unitised Fund
 . Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
 . 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.
--Ensure that the client has been selected.
++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.
--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.
--
++[[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"]]
--(% style="text-align:center" %)
--[[image:1633328856464-285.png]]
++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.
--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.
++[[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
--(% style="text-align:center" %)
--[[image:1633328913530-279.png]]
++Please refer to the **Investment Switches** guide for the full process to be followed.
--Please refer to the (% style="color:#2980b9" %)**Investment Switches**(%%) guide for the full process to be followed.
++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.
--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.
--
++[[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
--(% style="text-align:center" %)
--[[image:1633328986406-762.png]]
--
  Only once the disinvestment process has been finalised in full can the user continue with the process.
--Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
++Select and generate the “**Client Member Investment Product**” batch, once the disinvestment has been actioned and priced.
--(% style="color:#2980b9" %)**Effective Date:**(%%) Today’s date.
++Effective Date: Today’s date.
--Click on (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”.
++Click on “**Save**” and “**Execute**”.
--(% style="text-align:center" %)
--[[image:1633330252894-988.png]]
++[[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
--
  A report will generate reflecting the member’s current Fund Credit.
--
--(% style="text-align:center" %)
--[[image:1633330357571-100.png]]
++[[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"]]
--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.
++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.
--
--(% style="text-align:center" %)
--[[image:1633327441733-379.png]]
++[[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"]]
  Critical fields that must be considered are:
--(% style="color:#2980b9" %)**System Number**(%%) This is the unique Everest generated number.
--(% 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.
++System Number This is the unique Everest generated number.
--(% style="color:#2980b9" %)**ID Number**(%%) Members Identity number.
++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.
--(% style="color:#2980b9" %)**Tax Ref No**(%%) Members tax reference number.
++ID Number Members Identity number.
--(% style="color:#2980b9" %)**DOX **(%%)Date of exit, this is the Section 14 date.
++Tax Ref No Members tax reference number.
--(% 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
++DOX Date of exit, this is the Section 14 date.
--(% style="color:#2980b9" %)**Tax Upload Group**(%%) Set a tax group name, for example 22042020 (date of tax application)
++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
--(% style="color:#2980b9" %)**Effective Date **(%%)This is the Section 14 Date.
++Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
--(% style="color:#2980b9" %)**Transfer **(%%)Always set this to Y
++Effective Date This is the Section 14 Date.
--(% 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.
++Transfer Always set this to Y
--(% style="color:#2980b9" %)**Transfer Fund Name**(%%) This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
++Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
--(% 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.
++Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
--(% style="color:#2980b9" %)**Transfer Participating**(%%) This is only required if the last 6 digits of the FSB Transfer number
++FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
--(% style="color:#2980b9" %)**Employer**(%%) does not end in zeros (0)
++Transfer Participating This is only required if the last 6 digits of the FSB Transfer number
++Employer does not end in zeros (0)
++
  Once the file has been updated, save the file for import into the system.
--Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
++Select and generate the “**Import Unclaimed Benefits**” batch.
--
++[[image:Section 14 Transfer Process_html_31273b549dc2bb7f.gif||alt="Shape50"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
--(% style="text-align:center" %)
--[[image:1633327705654-665.png]]
++Client This is the Client for which the Section 14 is being processed.
--(% style="color:#2980b9" %)**Client **(%%)This is the Client for which the Section 14 is being processed.
++File Name Click on the “**Browse**” button and locate the saved file.
--(% style="color:#2980b9" %)**File Name**(%%) Click on the (% style="color:#2980b9" %)“**Browse**”(%%) button and locate the saved file.
++Batch Reference This is defaulted by the system.
--(% style="color:#2980b9" %)**Batch Reference**(%%) This is defaulted by the system.
++Client Parent This is the Parent that the client belongs to.
--(% style="color:#2980b9" %)**Client Parent **(%%)This is the Parent that the client belongs to.
++Click on the “**Save**” and “**Execute**” button.
--
--Click on the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”(%%) button.
--
  Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
--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.
++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.
--
++[[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]
--(% style="text-align:center" %)
--[[image:1633327962522-699.png]]
++[[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"]]
  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.
--The member records now appear in(% style="color:#e74c3c" %) RED(%%) with an exit date and an exit type.
++The member records now appear in RED with an exit date and an exit type.
--(% style="text-align:center" %)
--[[image:1633328086509-533.png]]
++[[image:Section 14 Transfer Process_html_f70533c7086bc698.gif||alt="Shape57"]] [[image:Section 14 Transfer Process_html_6e379d9d97fe9faf.png||height="29" width="596"]]
--Once the tax response is received, the (% style="color:#2980b9" %)“**Import Unclaimed Benefits – Creditor Payment**”(%%) batch needs to be run.
++Once the tax response is received, the “**Import Unclaimed Benefits – Creditor Payment**” batch needs to be run.
--Insert the (% style="color:#e74c3c" %)Batch Ref Number(%%) from your import, that was done previously, into this Batch Ref field.
++Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
  The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
  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.
--Click on the(% style="color:#2980b9" %)** __cflo__ **(%%)button on the member record. A line would have been created for payment.
++Click on the __cflo__ button on the member record. A line would have been created for payment.
--
++[[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"]]
--(% style="text-align:center" %)
--[[image:1633328484167-380.png]]
++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.
--The payment can now be made in Bulk at the Parent Level.
--Go to (% style="color:#2980b9" %)Accounts > Debtors and Creditors(%%) Menu item. Select (% style="color:#2980b9" %)**“Creditors”.**
++[[image:Section 14 Transfer Process_html_fdf87a27103cb999.gif||alt="Shape64"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
--A creditor payment reflects in the Creditor Payment.
++[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
--(% style="text-align:center" %)
--[[image:1633328582529-671.png]]
++Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
++[[image:Section 14 Transfer Process_html_f7922830ceb22f0e.gif||alt="Shape65"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
--(% style="text-align:center" %)
--[[image:1633328678458-232.png]]
--
--Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
--
--
--(% style="text-align:center" %)
--[[image:1633328773306-793.png]]
--
--
  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.
--(% style="break-before: page; text-align: center;" %)
++(% style="text-align: center;" %)
  == (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==

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Changes for page Section 14 transfer

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