Risk Premiums Payable

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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.

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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Introduction

Risk Premium payments can be paid at a Parent or Client Level.

At the Parent level, all clients are consolidated to one amount per Accounting Date. When payment is made, the amount is ratioed over all client creditors.

Should payment need to be made for a specific client only, then the “Risk Premiums Payable – Client” option would be used.

Risk Premiums Payable - Parent

Ensure that the correct Parent has been selected in Everest. Go to the Accounts Menu and select “Cash Flows”:

On the Cash Flows screen, double click on the view hyperlink next to Risk Premiums Payable:

Select the relevant accounting date for which the risk premiums are payable.

Double Click the hyperlink for the relevant payment type. The pay hyperlink is for cheque payments and the eft hyperlink is to generate an electronic transfer.

Once selected a batch screen will open. Confirm that all the details are recorded correctly. The Accounting Date is the month end date, and the Effective Date is the actual date of the transaction i.e., the date it is paid.

NB! You must NOT change the Accounting Date as the system uses this date to match against the accrual entries. Only change the Effective Date to match the payment date.

Click the “Save” and “Execute” buttons.

The following accounting entries are generated from this Batch:

A communication document is generated reflecting the transaction. The amount is either entered into the CFLO Management System for cheque payments or into the Payment Management System for transfer via the electronic banking system (as per the Payment Type above).

To	Tracey Armstrong	From	Michelle Tinline
Company	Momentum	Date	09/08/2018
Fax Number	(011) 274 5410	Fund Name	Parent 4
Phone Number	(011) 274 5412	Reference No	0000 0001 0884
Re	Risk Contributions Paid

 Dear Tracey

Please note that a payment of R303 421.76 will be transferred into your bank account in respect of Parent 4 for the contribution collections as at 31/07/2018.

The Transfer will be made into the following account:

Name of Bank	SBIC
Bank Branch	Jan Smuts Ave (Jhb)
Branch Code	004205
Account Name	Momentum
Account Number	001971234

The payments have been made in respect of the following risk portfolio(s):

Should you not allocate the payment or the amount differs to this statement, please advise me immediately of any errors.

Yours sincerely

Risk Premiums Payable – Client

This option is used if you want to make payment for a single client only.

Ensure that the correct Parent has been selected in Everest. Go to the Accounts Menu and select “Cash Flows”:

On the Cash Flows screen, double click on the view hyperlink next to Risk Premiums Payable - Client:

Select the relevant accounting date for which the risk premiums are payable.

Double Click the hyperlink for the relevant payment type. The pay hyperlink is for cheque payments and the eft hyperlink is to generate an electronic transfer.

Once selected a batch screen will open. Confirm that all the details are recorded correctly. The Accounting Date is the month end date, and the Effective Date is the actual date of the transaction i.e., the date it is paid.

NB! You must NOT change the Accounting Date as the system uses this date to match against the accrual entries. Only change the Effective Date to match the payment date.

Click the “Save” and “Execute” buttons.

The following accounting entries are generated from this Batch:

A communication document is generated reflecting the transaction. The amount is either entered into the CFLO Management System for cheque payments or into the Payment Management System for transfer via the electronic banking system (as per the Payment Type above).

To		From
Company	Sanlam Employee Benefits Ltd	Date	10/01/2020
Fax Number	()	Fund Name	Parent 4
Phone Number	()	Reference No	0000 0009 3594
Re	Risk Contributions Paid

 Dear

Please note that a payment of R217 018.72 will be transferred into your bank account in respect of Parent 4 for the contribution collections as at 31/07/2017.

The Transfer will be made into the following account:

Name of Bank	FNB
Bank Branch	Johannesburg Corporate 061
Branch Code	251405
Account Name	Investec Employee Benefits Ltd
Account Number	62055452503

The payments have been made in respect of the following risk portfolio(s):

Should you not allocate the payment or the amount differs to this statement, please advise me immediately of any errors.

Yours sincerely