Product Name:
Conversion Date:
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Review accounting rule set and do changes if necessary |
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Review conversion accounting rule set and do changes if necessary |
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Review the following items under the Global Data menu and do changes if necessary: |
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Application Parameters |
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Distribution Structure |
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Scheme Group Type |
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Required Registrations |
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Review the following items under the Infrastructure menu and do changes if necessary: |
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Global Type |
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Authorisation Rules |
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Global Parameters |
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Territory Parameters |
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Legislative Body |
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Administrator Structure |
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Bank Structure |
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Asset Manager |
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Clear database of any training data / test data for initial take-on |
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Prepare product data (use the product launch coding sheets) |
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Prepare member data (use the member take-on coding sheets) |
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Member and membership details |
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Member take-on values (per income type and per portfolio) |
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Member pensionable service dates |
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Member liabilities |
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Member notes |
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Ensure that all data you wish to bring over has been considered |
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Obtain a trial balance from the last audited financial statements |
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Compile a list of all manual accounting entries since the trial balance |
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Compile a list of all unit prices / bonus rates since the trial balance |
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Compile a list of all benefit payment details since the trial balance |
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Obtain all data for each monthly cycle since the trial balance |
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Launch products with only the calculations for ECS, RCS, SCM and SCT (if take-on values are to be loaded, effective date to be one month before first monthly cycle) |
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Set up payroll mask to take on member and membership details |
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Load member and membership details (with salaries, but without any contributions). Cycle month to be one month prior to the take-on date. |
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Set up calculations (effective date to be the first contribution cycle month) |
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Load the pensionable service dates (for members whose dates are prior to the date of joining the product) |
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Load IMIAT data (Interim Member Investment & Amount Take-on) |
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Load member investment splits |
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Load member liabilities |
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Load member notes |
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Load the account closing / opening balances as per the trial balance |
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Capture all manual accounting entries from opening balance to date |
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Run the monthly income cycle |
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Perform the following: |
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1. Capture unit prices / bonus rates |
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2. Run unitization and balance the investments |
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3. Distribution of expenses, if required |
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4. Capture all benefit payments since the trial balance. Where system calculated values differ from actual amounts paid, include a benefit payment adjustment. |
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Execute the next contribution cycle and repeat steps 1 to 4 |
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Check all product and member data (run benefit statements) |
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Check all accounts |
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Set up batch schedule |
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Set up security access for users |
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