Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
<
From version < 95.1 >
edited by Dominique Tricerri
on 2021/12/01 13:42
To version < 88.1 >
edited by Megan Kahl
on 2021/10/04 07:03
>
Change comment: There is no comment for this version

Summary

Details

Page properties
Author
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1 -XWiki.dominiquet
1 +XWiki.megank
Content
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1 -(% class="wikigeneratedid" id="HSECTION14TRANSFERPROCESS" style="text-align: center;" %)
2 -(% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **
1 +(% 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="break-before: page; text-align: center;" %)
17 +(% style="text-align: center;" %)
18 18  (% style="color:#2980b9; font-size:20px" %)**TABLE OF CONTENTS**
19 19  
20 20  
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25 25  
26 26  
27 27  
28 -(% style="break-before: page; text-align: center;" %)
29 -= (% style="color:#2980b9" %)**Introduction**(%%) =
28 +(% style="text-align: center;" %)
29 +== (% style="color:#2980b9" %)**Introduction**(%%) ==
30 30  
31 31  
32 32  
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40 40  
41 41  
42 42  
43 -(% style="break-before: page; text-align: center;" %)
44 -= (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) =
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**(%%) ==
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. Ensure the workflow is completed so that all relevant accounts are updated.
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**(%%) ==
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. Ensure the workflow is completed so that all relevant accounts are updated.
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="break-before: page; text-align: center;" %)
60 -= (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) =
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**(%%) ==
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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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 +​​​​​​​
164 164  
165 165  (% style="text-align:center" %)
166 166  [[image:1633328086509-533.png]]
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174 174  
175 175  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.
176 176  
178 +​​​​​​​
177 177  
178 178  (% style="text-align:center" %)
179 179  [[image:1633328312880-362.png]]
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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  
187 +​​​​​​​​​​​​​​
185 185  
186 186  (% style="text-align:center" %)
187 187  [[image:1633328484167-380.png]]
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196 196  
197 197  
198 198  (% style="text-align:center" %)
199 -[[image:1633328582529-671.png||height="189" width="466"]]
202 +[[image:1633328582529-671.png]]
200 200  
201 201  
202 202  (% style="text-align:center" %)
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214 214  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.
215 215  
216 216  
217 -== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ==
220 +=== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ===
218 218  
219 219  1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
220 220  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.
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223 223  
224 224  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.
225 225  
229 +​​​​​​​
226 226  
227 227  (% style="text-align:center" %)
228 228  [[image:1633328856464-285.png]]
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349 349  
350 350  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.
351 351  
352 -The member records now appear in(% style="color:#e74c3c" %) RED(%%) with an exit date and an exit type.
356 +The member records now appear in(% style="color:#e74c3c" %) RED(%%) with an exit date and an exit type.
353 353  
354 354  
355 355  (% style="text-align:center" %)
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381 381  
382 382  
383 383  (% style="text-align:center" %)
384 -[[image:1633328582529-671.png||height="189" width="466"]]
388 +[[image:1633328582529-671.png]]
385 385  
386 386  
387 387  
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402 402  
403 403  
404 404  
405 -(% style="break-before: page; text-align: center;" %)
406 -= (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) =
409 +(% style="text-align: center;" %)
410 +== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
407 407  
408 408  
409 409  
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424 424  
425 425  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.
426 426  
427 -
428 428  EBSphere (Pty) Limited
429 429  
430 430  P.O. Box 785803

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