Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
<
From version < 92.1 >
edited by Megan Kahl
on 2021/10/11 10:35
To version < 97.1 >
edited by Dominique Tricerri
on 2021/12/01 13:45
>
Change comment: There is no comment for this version

Summary

Details

Page properties
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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26 26  
27 27  
28 28  (% style="break-before: page; text-align: center;" %)
29 -== (% style="color:#2980b9" %)**Introduction**(%%) ==
29 += (% style="color:#2980b9" %)**Introduction**(%%) =
30 30  
31 31  
32 32  
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41 41  
42 42  
43 43  (% style="break-before: page; text-align: center;" %)
44 -== (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) ==
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 59  (% style="break-before: page; text-align: center;" %)
60 -== (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) ==
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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182 182  Click on the (% style="color:#2980b9" %)__**cflo**__(%%) button on the member record. A line would have been created for payment.
183 183  
184 184  
185 -​​​​​​​
186 186  
187 187  (% style="text-align:center" %)
188 188  [[image:1633328484167-380.png]]
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214 214  
215 215  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.
216 216  
216 +(% style="break-before: page %)
217 +== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ==
217 217  
218 -=== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ===
219 -
220 220  1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
221 221  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.
222 222  
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224 224  
225 225  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.
226 226  
227 -​​​​​​​
228 228  
229 229  (% style="text-align:center" %)
230 230  [[image:1633328856464-285.png]]
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242 242  
243 243  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.
244 244  
245 - ​​​​​​​
246 246  
247 247  (% style="text-align:center" %)
248 248  [[image:1633328986406-762.png]]
... ... @@ -264,7 +264,6 @@
264 264  
265 265  A report will generate reflecting the member’s current Fund Credit.
266 266  
267 -​​​​​​​
268 268  
269 269  (% style="text-align:center" %)
270 270  [[image:1633330357571-100.png]]
... ... @@ -405,7 +405,7 @@
405 405  
406 406  
407 407  (% style="break-before: page; text-align: center;" %)
408 -== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
404 += (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) =
409 409  
410 410  
411 411  
... ... @@ -426,6 +426,7 @@
426 426  
427 427  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.
428 428  
425 +
429 429  EBSphere (Pty) Limited
430 430  
431 431  P.O. Box 785803

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