Wiki source code of Section 14 transfer

Version 2.1 by Megan Kahl on 2021/10/01 12:17
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Megan Kahl 2.1 1 **DISCLAIMER**
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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.
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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.
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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.
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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.
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18 **COPYRIGHT**
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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.
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22 EBSphere (Pty) Limited
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24 P.O. Box 785803
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26 Sandton
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28 2146
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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"]]\\
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34 [[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Introduction//
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36 When processing a section 14 transfer out of Everest various factors need to be considered before commencing on the system.
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38 1. Is the section 14 transfer for an individual member?
39 1. Is the section 14 transfer for a group of members or an entire client? (Bulk)
40 1. What type of investment product is the member’s money held in? For example, is the member invested in a Managed Fund or a Unitised Fund?
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42 Once these questions have been answered, the appropriate process can be followed. The user must ensure that the correct finalised Section 14 documentation has been received prior to commencing on Everest.
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84 [[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Section 14 Process for an Individual Member//
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86 Section 14 where the member is invested in a Managed Fund
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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.
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90 Section 14 where the member is invested in a Unitized Fund
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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.
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122 [[image:Section 14 Transfer Process_html_857ba1e075348553.png||height="12" width="594"]] //Bulk Section 14 Process//
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125 Bulk Section 14 where the member is invested in a Managed Fund
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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.
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130 Select and generate the “**Client Member Investment Product”** batch.
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132 Effective Date: Today’s date.
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134 Click on “**Save**” and “**Execute**”.
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136 [[image:Section 14 Transfer Process_html_c72b9ed75dcebe90.png||height="375" width="596"]]
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140 A report will generate reflecting the member’s current Fund Credit.
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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"]]
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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.
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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"]]
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148 Critical fields that must be considered are:
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150 System Number This is the unique Everest generated number.
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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.
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154 ID Number Member’s Identity number.
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156 Tax Ref No Member’s tax reference number.
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158 DOX Date of exit, this is the Section 14 date.
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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
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162 Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
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164 Effective Date This is the Section 14 Date.
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166 Transfer Always set this to Y
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168 Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
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170 Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
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172 FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
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174 Transfer Participating This is only required if the last 6 digits of the FSB
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176 Employer Transfer number does not end in zeros (0)
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178 Once the file has been updated, save the file for import into the system.
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180 Select and generate the “**Import Unclaimed Benefits**” batch.
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182 [[image:Section 14 Transfer Process_html_dc98d67779e486b2.gif||alt="Shape9"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
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184 Client This is the Client for which the Section 14 is being processed.
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186 File Name Click on the “**Browse**” button and locate the saved file.
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188 Batch Reference This is defaulted by the system.
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190 Client Parent This is the Parent that the client belongs to.
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192 Click on the “**Save**” and “**Execute**” button.
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194 Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
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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.
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199 [[image:Section 14 Transfer Process_html_3c44cb464ba230ec.gif||alt="Shape10"]]\\
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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"]]
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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.
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206 The member records now appear in RED with an exit date and an exit type.
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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"]]
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211 Once the tax response is received, the “Import Unclaimed Benefits – Creditor Payment” batch needs to be run.
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213 Insert the Batch Number from your first import, that was done previously, into this Batch Ref field.
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215 The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
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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.
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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"]]
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221 Click on the __**cflo**__ button on the member record. A line would have been created for payment.
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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"]]
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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.
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227 [[image:Section 14 Transfer Process_html_490a447ca6d370f3.gif||alt="Shape35"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
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230 [[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
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232 Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
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234 [[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
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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.
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239 Bulk Section 14 where the member is invested in a Unitised Fund
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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.
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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.
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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"]]
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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.
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250 [[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
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252 Please refer to the **Investment Switches** guide for the full process to be followed.
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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.
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256 [[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
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258 Only once the disinvestment process has been finalised in full can the user continue with the process.
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261 Select and generate the “**Client Member Investment Product**” batch, once the disinvestment has been actioned and priced.
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263 Effective Date: Today’s date.
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265 Click on “**Save**” and “**Execute**”.
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267 [[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
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269 A report will generate reflecting the member’s current Fund Credit.
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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"]]
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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.
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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"]]
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279 Critical fields that must be considered are:
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281 {{id name="_Hlk38437145"/}}\\
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283 System Number This is the unique Everest generated number.
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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.
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287 ID Number Members Identity number.
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289 Tax Ref No Members tax reference number.
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291 DOX Date of exit, this is the Section 14 date.
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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
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295 Tax Upload Group Set a tax group name, for example 22042020 (date of tax application)
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297 Effective Date This is the Section 14 Date.
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299 Transfer Always set this to Y
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301 Transfer Fund Type This is the transfer fund type of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
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303 Transfer Fund Name This is the name of the receiving Fund. This needs to match the System Bank Accounts screen exactly.
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305 FSB Transfer Fund No This is the FSB number of the receiving fund and must match the System bank account screen exactly.
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307 Transfer Participating This is only required if the last 6 digits of the FSB Transfer number
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309 Employer does not end in zeros (0)
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312 Once the file has been updated, save the file for import into the system.
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314 Select and generate the “**Import Unclaimed Benefits**” batch.
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316 [[image:Section 14 Transfer Process_html_31273b549dc2bb7f.gif||alt="Shape50"]] [[image:Section 14 Transfer Process_html_41e229bc4d6e5f9.png||height="355" width="596"]]
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318 Client This is the Client for which the Section 14 is being processed.
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320 File Name Click on the “**Browse**” button and locate the saved file.
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322 Batch Reference This is defaulted by the system.
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324 Client Parent This is the Parent that the client belongs to.
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326 Click on the “**Save**” and “**Execute**” button.
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328 Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
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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.
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333 [[image:Section 14 Transfer Process_html_7c90677e5d7d8644.gif||alt="Shape51"]]\\
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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"]]
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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.
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340 The member records now appear in RED with an exit date and an exit type.
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342 [[image:Section 14 Transfer Process_html_f70533c7086bc698.gif||alt="Shape57"]] [[image:Section 14 Transfer Process_html_6e379d9d97fe9faf.png||height="29" width="596"]]
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344 Once the tax response is received, the “**Import Unclaimed Benefits – Creditor Payment**” batch needs to be run.
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346 Insert the Batch Number from your import, that was done previously, into this Batch Ref field.
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348 The Administrator Bank field is the name of the creditor being paid that has been set up under System Bank Accounts (Transfer Funds).
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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.
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352 Click on the __cflo__ button on the member record. A line would have been created for payment.
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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"]]
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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.
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358 [[image:Section 14 Transfer Process_html_fdf87a27103cb999.gif||alt="Shape64"]] [[image:Section 14 Transfer Process_html_53a634c37cdda971.png||height="118" width="318"]]
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360 [[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
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363 Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
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365 [[image:Section 14 Transfer Process_html_f7922830ceb22f0e.gif||alt="Shape65"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
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367 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.
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