Wiki source code of Risk Premiums Payable
Version 24.1 by Megan Kahl on 2022/08/08 08:18
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2.1 | 2 | |
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24.1 | 3 | (% style="text-align: center;" %) |
| 4 | (% style="font-size: 28px; color: rgb(41, 128, 185)" %)**RISK PREMIUMS PAYABLE** | ||
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24.1 | 8 | (% style="text-align: center;" %) |
| 9 | (% style="color:#2980b9" %)**BY** | ||
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24.1 | 13 | [[image:Risk Premiums Payable_html_8cba33b1e8c9fa24.gif||data-xwiki-image-style-alignment="center" height="128" width="465"]] |
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24.1 | 16 | (% style="text-align: center;" %) |
| 17 | == (% style="color:#2980b9" %)**Introduction**(%%) == | ||
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2.1 | 18 | |
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| 20 | Risk Premium payments can be paid at a Parent or Client Level. | ||
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| 22 | 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. | ||
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| 24 | Should payment need to be made for a specific client only, then the “Risk Premiums Payable – Client” option would be used. | ||
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24.1 | 27 | (% style="text-align: center;" %) |
| 28 | == (% style="color:#2980b9" %)**Risk Premiums Payable - Parent**(%%) == | ||
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2.1 | 29 | |
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24.1 | 31 | Ensure that the correct Parent has been selected in Everest. Go to the Accounts Menu and select (% style="color:#2980b9" %)**“Cash Flows”:** |
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2.1 | 33 | [[image:Risk Premiums Payable_html_88e905bbaecbdbb.png||height="176" width="259"]] |
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24.1 | 35 | On the Cash Flows screen, double click on the(% style="color:#2980b9" %) __view__(%%) hyperlink next to Risk Premiums Payable: |
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2.1 | 36 | |
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24.1 | 37 | [[image:Risk Premiums Payable_html_c3784ff0a2422900.png||height="184" width="645"]] |
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2.1 | 38 | |
| 39 | Select the relevant accounting date for which the risk premiums are payable. | ||
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24.1 | 41 | Double Click the hyperlink for the relevant payment type. The (% style="color:#2980b9" %)__pay__ (%%)hyperlink is for cheque payments and the __eft__ hyperlink is to generate an electronic transfer. |
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2.1 | 42 | |
| 43 | [[image:Risk Premiums Payable_html_6c64f2ccbba103d0.png||height="118" width="628"]] | ||
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| 45 | 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. | ||
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24.1 | 47 | (% style="color:#2980b9" %)**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. |
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2.1 | 48 | |
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24.1 | 49 | [[image:Risk Premiums Payable_html_fa74d426ea491036.png||height="173" width="644"]] |
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2.1 | 50 | |
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24.1 | 51 | Click the (% style="color:#2980b9" %)“**Save**” (%%)and(% style="color:#2980b9" %) “**Execute**”(%%) buttons. |
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2.1 | 52 | |
| 53 | The following accounting entries are generated from this Batch: | ||
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| 55 | [[image:Risk Premiums Payable_html_c2149f40a0426fe9.png||height="212" width="516"]] | ||
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| 57 | 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). | ||
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24.1 | 59 | | | |
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2.1 | 60 | |
| 61 | |**XYZ Administrators**|Fund Registration Number - 12/8/88888 | ||
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24.1 | 62 | Fund PAYE Number - 75607989899 |
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2.1 | 63 | SARS Registration Number - 1820/4/12345 |
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| 65 | |**COMMUNICATION DOCUMENT - INSURER INFORMATION** | ||
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24.1 | 67 | |**To**| Tracey Armstrong|**From**|Michelle Tinline |
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2.1 | 68 | |**Company**|Momentum|**Date**|09/08/2018 |
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24.1 | 69 | |**Fax Number**| (011) 274 5410|**Fund Name**|Parent 4 |
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2.1 | 70 | |**Phone Number**|(011) 274 5412|**Reference No**|0000 0001 0884 |
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24.1 | 71 | |**Re**|Risk Contributions Paid| | |
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2.1 | 72 | |
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24.1 | 73 | Dear Tracey |
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2.1 | 74 | |
| 75 | 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. | ||
| 76 | |||
| 77 | The Transfer will be made into the following account: | ||
| 78 | |||
| 79 | |**Name of Bank**|SBIC | ||
| 80 | |**Bank Branch**|Jan Smuts Ave (Jhb) | ||
| 81 | |**Branch Code**|004205 | ||
| 82 | |**Account Name**|Momentum | ||
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24.1 | 83 | |**Account Number**|001971234 |
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2.1 | 84 | |
| 85 | The payments have been made in respect of the following risk portfolio(s): | ||
| 86 | |||
| 87 | |**Type of Risk Policy**|**Amount Paid**|**Risk Policy Number** | ||
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24.1 | 88 | |PHI|R103 421.76| |
| 89 | |GLA|R200 000.00| | ||
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2.1 | 90 | |
| 91 | Should you not allocate the payment or the amount differs to this statement, please advise me immediately of any errors. | ||
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| 93 | Yours sincerely | ||
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24.1 | 96 | (% style="text-align: center;" %) |
| 97 | == (% style="color:#2980b9" %)**Risk Premiums Payable – Client**(%%) == | ||
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2.1 | 98 | |
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24.1 | 99 | |
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2.1 | 100 | This option is used if you want to make payment for a single client only. |
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24.1 | 102 | Ensure that the correct Parent has been selected in Everest. Go to the Accounts Menu and select(% style="color:#2980b9" %) **“Cash Flows”**: |
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2.1 | 103 | |
| 104 | [[image:Risk Premiums Payable_html_88e905bbaecbdbb.png||height="176" width="259"]] | ||
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24.1 | 106 | On the Cash Flows screen, double click on the(% style="color:#2980b9" %) __view__ (%%)hyperlink next to Risk Premiums Payable - Client: |
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2.1 | 107 | |
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24.1 | 108 | [[image:Risk Premiums Payable_html_7adf34afd41a2e4.png||height="167" width="571"]] |
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2.1 | 109 | |
| 110 | Select the relevant accounting date for which the risk premiums are payable. | ||
| 111 | |||
| 112 | 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. | ||
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24.1 | 114 | [[image:Risk Premiums Payable_html_5c055a16030727ab.png||height="126" width="571"]] |
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2.1 | 115 | |
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| 117 | 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. | ||
| 118 | |||
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24.1 | 119 | (% style="color:#2980b9" %)**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. |
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2.1 | 120 | |
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24.1 | 121 | [[image:Risk Premiums Payable_html_4c236b8ad3dd3740.png||height="168" width="613"]] |
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2.1 | 122 | |
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24.1 | 123 | Click the (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”(%%) buttons. |
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2.1 | 124 | |
| 125 | The following accounting entries are generated from this Batch: | ||
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| 128 | [[image:Risk Premiums Payable_html_a2c81f4ea38fbc3e.png||height="203" width="460"]] | ||
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24.1 | 131 | 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). |
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2.1 | 132 | |
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| 134 | |**XYZ Administrators**|Fund Registration Number - 12/8/12334/2 | ||
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24.1 | 135 | Fund PAYE Number - 774567987 |
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2.1 | 136 | SARS Registration Number - 18/20/4/12345 |
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| 138 | |**COMMUNICATION DOCUMENT - INSURER INFORMATION** | ||
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24.1 | 140 | |**To**| |**From**| |
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2.1 | 141 | |**Company**|Sanlam Employee Benefits Ltd|**Date**|10/01/2020 |
| 142 | |**Fax Number**|()|**Fund Name**|Parent 4 | ||
| 143 | |**Phone Number**|()|**Reference No**|0000 0009 3594 | ||
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24.1 | 144 | |**Re**|Risk Contributions Paid| | |
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2.1 | 145 | |
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24.1 | 146 | Dear |
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2.1 | 147 | |
| 148 | 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. | ||
| 149 | |||
| 150 | The Transfer will be made into the following account: | ||
| 151 | |||
| 152 | |**Name of Bank**|FNB | ||
| 153 | |**Bank Branch**|Johannesburg Corporate 061 | ||
| 154 | |**Branch Code**|251405 | ||
| 155 | |**Account Name**|Investec Employee Benefits Ltd | ||
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24.1 | 156 | |**Account Number**|62055452503 |
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2.1 | 157 | |
| 158 | The payments have been made in respect of the following risk portfolio(s): | ||
| 159 | |||
| 160 | |**Type of Risk Policy**|**Amount Paid**|**Risk Policy Number** | ||
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24.1 | 161 | |GLA|R117 018.72| |
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2.1 | 162 | |PHI|R100 000.00|SS 194436 |
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| 164 | Should you not allocate the payment or the amount differs to this statement, please advise me immediately of any errors. | ||
| 165 | |||
| 166 | Yours sincerely | ||
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24.1 | 168 | |
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| 170 | (% style="text-align: center;" %) | ||
| 171 | == (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) == | ||
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| 173 | |||
| 174 | (% id="cke_bm_1117S" style="color: rgb(41, 128, 185); display: none" %)** **(% style="color:#2980b9" %)**DISCLAIMER** | ||
| 175 | |||
| 176 | 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. | ||
| 177 | |||
| 178 | 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. | ||
| 179 | |||
| 180 | 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. | ||
| 181 | |||
| 182 | 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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| 186 | (% style="color:#2980b9" %)**COPYRIGHT** | ||
| 187 | |||
| 188 | 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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| 190 | EBSphere (Pty) Limited | ||
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| 192 | P.O. Box 785803 | ||
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| 194 | Sandton | ||
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| 196 | 2146 | ||
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| 200 | [[image:Risk Premiums Payable_html_8cba33b1e8c9fa24.gif||data-xwiki-image-style-alignment="center" height="128" width="465"]] |