The full amount allocated to a Beneficiary or a portion of the allocated amount may be paid to the Beneficiary at the time the money is allocated.
This option allows you to enable these initial payments to be made before the Beneficiaries’ portions are invested.
Note:
This applies if the member selected has a Membership Status of either DECEASED or BENEFICIARY.
Select Initial Payment Request from the sub-menu on the left.
Membership Status: BENEFICIARY
Membership Status: DECEASED
The JU2EU Initial Payment Request screen will be displayed.
The following details are displayed on this screen:
If the Membership Status of the member selected is DECEASED, the details of the deceased member and a list the beneficiaries linked to the deceased member will be displayed.
The Investment Amount displayed is the balance on the member’s CONTRIBUTION account
If initial payments have been captured for any of the Beneficiaries, the details of the transactions will be displayed. The system will retrieve the BT’s with the following Accounting Activities on the Pre-authorised BT table for each Beneficiary:
BENEFICIARY PMT INITIALPAYMT
BENEFICIARY INV MEM INVSTMNT
On the JU2EU Initial Payment Request screen, highlight a payment and click NEW.
The JU2EU Initial Payment Request Details screen will be displayed.
Capture data as follows:
|
Payment Date |
The date that payment must be effected.
Mandatory |
|
Amount |
The amount to be paid. Mandatory |
|
Payment Details |
Select the reason for the payment from the drop-down list. Examples of values are: BOOKS CASUAL CLOTHING COLLEGE FEES SCHOOL UNIFORM STATIONERY etc
Mandatory |
|
Income Type |
Select an Income Type from the drop-down list.
Mandatory |
|
Payee Details |
|
|
Member |
If payment must be made to the member, tick the box on the right. The member's name and account details will be displayed.
Mandatory |
|
Institution |
Click the LIST button at the end of the line. This links to the JU1AP Corporate Client screen.
Optional |
|
Individual |
Click the LIST button at the end of the line. This links to the JU1BA Client List screen.
Optional |
|
Payment Method |
Select the payment method from the drop-down list.
Mandatory |
|
Account Type |
Capture the account details. |
|
Account Number |
Mandatory (if PAYMENT METHOD is EFT). |
|
Branch Code |
Refer to Note below. |
Note:
- If the payee selected is the member, the details of the bank account linked to the membership will be displayed.
- If the payee selected is a corporate client, the details of the bank account linked to the corporate client will be displayed.
- If the payee selected is a natural person, the details of the bank account linked to the person will be displayed.
Capture the relevant information, then click OK.
The system will retrieve the balance on the Beneficiary’s INVESTMEMB account and check that the Amount captured is not greater than the balance retrieved. If it is, the following error message will be displayed:
The initial payment amount requested is greater than the beneficiary’s balance.
Click OK to remove the message. Investigate the balance available and consider changing the value captured in the Amount field.
On the JU2EU Initial Payment Request screen, highlight a line and click TRANSACTIONS.
The JU2EU Initial Payment Request Authorise screen will be displayed.
To authorise all transactions clickAUTHORISE ALL.
If the authorising user is the same as the user who created the initial payment, the following error message will be displayed:
Authoriser cannot be the same as doer
Click OK to remove the message. Ensure that a different user authorises the payment.
When AUTHORISE ALL is selected and there are no errors, the system will read the EFT cut-off time and if the current time is before the cut-off time, the BT’s will be created with a Due Date, Transaction Date and Effective Date equal to current date. If the current time is after the cut-off time, the BT’s will be created with a Due Date, Transaction Date and Effective Date equal to the next working day immediately after current date.
If the Initial Payment Percentage is equal to 100, the Payment Status will be updated to FULLY PAID.
The BT will be created with the Portfolio equal to the Portfolio of the Beneficiary’s INVESTMEMB account.
Note:
Ensure a template has been loaded for the scheme. Refer to
Infrastructure
System Data
Document Templates
In order to view the payment letter, there must be a contact person linked to a participating employer. Refer to Contact person under
Infrastructure
System Entities
Corporate Client
To create the payment letter, click PAYMENT LETTER. The JU2EO Payment Advice screen will be displayed.
To view the Beneficiary Allocation Statement, click VIEW DOCUMENT. The Beneficiary Allocation Statement will be displayed in PDF format.
This document displays the following data:
- Deceased Member Reference Number
- Deceased Member First Name
- Deceased Member Surname
- Total Investment Amount
- Transaction Date
- For Each Beneficiary:
- Membership Reference Number
- Surname and Name
- Date of Birth
- ID Number
- Relationship
- Amount
- Percentage Allocation