Dates and Times

By understanding which dates the system uses for different processes, the user can ensure that the correct results are generated.  This is especially important because different processes may apply the same date differently.

Similarly, processes are subject to cut-off times, or actions may be triggered at a particular time of day.

An understanding of the dates and timings used when working in the system is critical.  The following are examples of processes that may be affected by dates and timings:

-        accounting

-        switching

-        investments

-        realization of investments

-        electronic fund transfer

-        calculation of interest

Accounting transactions are created with four dates:

-        Transaction Date

-        Effective Date

-        Due Date

-        Date Timestamp

The following defines how these dates are used and how they are generated:

Transaction Date

The actual date on which the transaction occurred.

Note:

Certain processes will set the transaction date of Debtor (receivable) and Creditor (payable) entries to the due date.

Effective Date

In most cases this date will be the same as Transaction Date.

In the Realisation process, this date is created as follows:

Interest on benefit payments is calculated from this date.

Used in the retrieval of investment account balances for on-line benefit quotes and Realisation.

Due Date

Used to indicate the date contributions, premiums, fees, etc. were due.

For monthly recurring income this will be the last day of the month for the cycle month.

For transfer values this will be the date of transfer.

For non-unitised investments, this date is used in the calculation of scheme interest. This will depend on the setting on the investment calculation indicator on the scheme details (options are Due date or Transaction Date). If set to Due Date, interest is calculated from this date.

For all other transactions (non-income) this date is the same as Transaction Date.

Note:

If the investment calculation option on the scheme details is set to Due Date, and interest on take-on values is to be calculated from the actual date of take-on, then the date of the take-on values should be one day earlier.

Date Timestamp

The date and time that the accounting transaction is created.

The generation of these dates will depend, in some cases, on the time of day that the process creating the accounting transactions is run.  This is governed by a cut-off time in the program.

Use of dates and times for retrieval of transactions

In specifying the retrieval of transactions, the following options will be displayed.

These fields are displayed as options on the following screens:

-  JU2BC Member Contribution Enquiry

-  JU2BA Member Contribution Balance

-  JU2BF Member Investment Enquiry

-  JU2BD Member Investment Balance

-  JU4EG Annuity Payment History

-  JU2AX Business Transaction List

-  JU2AW Business Transaction Balance List

The following principles apply to the specification of the FROM DATE, TO DATE and the selection of the Radio Buttons for the retrieval of transactions:

-  From Date / To Date
Transactions will be retrieved where the date of the selection option is greater and equal to the FROM DATE and less than and equal to the TO DATE of the transaction.

-  Transaction Date
Transactions will be retrieved where the TRANSACTION DATE of the transaction is greater and equal to the FROM DATE and less than and equal to the TO DATE of the transaction.

-  Effective Date
Transactions will be retrieved where the EFFECTIVE DATE of the transaction is greater and equal to the FROM DATE and less than and equal to the TO DATE of the transaction.

-  Due Date
Transactions will be retrieved where the DUE DATE of the transaction is greater and equal to the FROM DATE and less than and equal to the TO DATE of the transaction.

-  Date Timestamp
Transactions will be retrieved where the TIMESTAMP of the transaction is greater and equal to the FROM DATE and less than and equal to the TO DATE of the transaction.

Cut-off times

The following processes are impacted by a cut-off time:

-        Income processing

-        Realisation

-        Switching

If transactions generated by these processes are created after the cut-off time, they are generated with a transaction date of the following working day’s date.

When processing an investment or a disinvestment transaction and determining the transaction date, the system will read the investment cut-off time or disinvestment cut-off time on the investment medium.  If no value is found for either of these fields, the system will read the threshold values defined for the following transaction codes on JU1DP Batch Parameter Maintain:

-  Investments   : TIME THRESH

-  Disinvestment : DISINV THRESH  

Income processing

If an income batch is authorised after the cut-off time, the Transaction Date and Effective Date of the transactions will be the date of the next working day.  (For processes passing Debtor (receivable) and Creditor (payable) entries (non-cash), the transaction date will be set to the due date.)  Investment amounts will be included on an investment advice for the next working day. 

Where collection of income is by EFT, the EFT file will be created dated for the next working day if the income batch is authorised after the cut-off time EXCEPT where the date has been overridden to an earlier or later date.

Realisation

If realisation is run after the cut-off time the amounts/units to be disinvested will be included on an investment advice for the next working day. The Actual Transaction Date, Business Transaction Date and Due Date of the transactions will be the date of the next working day.

If a value > 0 is captured for the Settlement Delay Days on the Investment Medium the Transaction Date will be created with the current day plus the Settlement Delay Days (or next working day thereafter, if a non-working day) or, if after the cut-off time, the next working day plus the Settlement Delay Days. 

Switching

If switching is run after the cut-off time the same will apply for the sell leg of the switch, as for realisation.

The investment leg of the switch will be processed on the date of the sell transactions plus the Settlement Delay Days (or next working day thereafter if a non-working day).

Note:

If the sell and buy transactions must be created with the same day then the Settlement Delay Days must be set to 0.

Summary

If the Investment Cut-off and the Disinvestment Cut-off parameters are both set to for example, 17h00 and all of the Investment Mediums have the Settlement Delays Days set to 1, then this means that if the switch batch job runs after 17h00 the switch sell transactions will be set to the next day and the switch buy transactions will be set to next day plus 1 (settlement delay days).

If you want the sell and buy transactions to be created with the same day then the Settlement Delay Days must be set to 0.

The Settlement Delay Days is used to define how long it takes the Asset Manager to pay the Client from the time they are notified of the disinvestment and therefore when the funds are available for investment i.e. when the buy leg can take place.  If this is academic then the value can be set to 0.

If the switch must happen on the day that the switch batch job runs then the batch jobs must be run prior to 17h00 or the Disinvestment Cut-off and Investment Cut-off parameters need to be set to a later time.

Unit allocation based on the latest unit price

Unitisation

The system will read the Pricing Method on the Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

Benefit Realisation

The system will read the Pricing Method on the Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

Switch sell

When the system sets the Sell Due Date, the Pricing Method on the Investment Medium selected for switching out of will be read. 

-  If the Pricing Method is HISTORIC, and the Pricing Frequency is DAILY, the Sell Due Date will be set to the current date

-  If the Pricing Method is after the Disinvestment Cut-off time, it will be set to the next working day.

-  If the Pricing Frequency is MONTHLY the Sell Due Date will be set to the first day of the following month irrespective of the Pricing Method.

When determining the unit price, the Pricing Method on the Investment Medium selected for switching out of will be read.  The system response will be determined by the value of the pricing method as shown in the table below.

When performing negative distribution, the system will read the Pricing Method on the Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

Switch by amount or percentage

The ability to capture an investment switch by amount or by percentage.

Online

The system will read the Pricing Method on the Sell Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

Batch

The system will read the Pricing Method on the Sell Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

Expense Billing (with member level accounting transactions)

If, when the JU3BH_BILL Expense Billing batch job is scheduled, the MEMBER LEVEL was selected, the system will read the Pricing Method on the Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

Living Annuities

When the Living Annuity batch job runs, the system will read the Pricing Method on the Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

Re-unitisation for price changes

For the Investment Portfolios for which a Correction unit price has been loaded, the system will retrieve the UNITISATION accounting activities from the members' INVSTMEMUNIT account for each member per income type for the Investment Portfolio with the corresponding Effective Date depending on the Pricing Method on the Investment Medium.  The system response will be determined by the value of the pricing method as shown in the table below.

Re-unitisation for investment date changes

When finding the unit prices, the system will read the Pricing Method on the Investment Medium.  The system response will be determined by the value of the pricing method as shown in the table below.

Benefit Statements

When calculating the fund values for benefit statements, the system will read the Pricing Method on the Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

Note:

This includes the calculation for Fund Value and the Fund Value Summary.

Member Values Report

The system will read the Pricing Method on the Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

Valuation

When calculating the investment values as the start date of the valuation report, the system will read the Pricing Method on the Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.

When calculating the investment values as the end date of the valuation report, the system will read the Pricing Method on the Investment Medium.  The system calculation will be determined by the value of the pricing method as shown in the table below.