Reinstate Membership Status to LIVE or PHI

The following reversal accounting activities will be generated.

The original amounts that were realized are passed on to the income investment process.

When the income process runs, it will create the above reversal activity. 

Note:

In the Benefit Payment process when a benefit payment is cancelled, (with reinvestment) or reinstated, the system will read the Scheme Parameter with a Parameter Type of CANCEL AT DISNV and a Description of Y.

If it is found, the following processing will take place:

-       the MEMREINVEST Accounting Activities with a Transaction Date equal to the Transaction Date of the MBENRLBONNEG, MEMBENRLUNT, MEMBENRLINV and MEMBENRLBON Accounting Activities will be created.

-       for each MEMBENRLUNT Business Transaction (BT) that was created in the Benefit Payment process, BT’s will be created with the following Accounting Activity and with the Transaction Date, Effective Date and Due Date equal to the Transaction Date, Effective Date and Due Date on the MEMBENRLUNT BT respectively and with the Unit Value and Monetary Amount equal to the Unit Value and Monetary Amount on the MEMBENRLUNT BT:

Note:

The Fund level accounting rule may differ depending on the accounting set up for the fund e.g. for the UK fund, the INVESTALUNIT account is used in place of the INVESTMENT account.

If the Scheme Parameter with a Parameter Type of CANCEL AT DISNV is not found for the Scheme, processing will take place as per the current process.

If it is not found, the MEMREINVEST Accounting Activities with a Transaction Date equal to current date or the next working day, if it after the investment cut-off time, will be created.

If the payment was made by cheque, an error message will be generated.

Capture document number via Cheque Number Maintain before continuing.

Click OK, then capture the document number.

Risk

The following reversal accounting activities will be generated as per the table below:

–         if one of the benefit products associated with the benefit of the benefit payment being cancelled has a Payable/Insured? value of PAYABLE; and

–         there are accounting transactions in the scheme accounts for a risk surplus or deficit (i.e. any difference between the payable and insured benefit).

Notes:

Where only a portion of the member's units were disinvested and the remainder of the units were switched, then only the portion realised will be reinvested.  The switch will not be reversed automatically.

All reversal entries will have the transaction date, effective date and due date equal to the current date.

The following changes will be generated on the member’s records:

–         Membership status will be updated to LIVE or PHI

–         Realisation start date on the member’s benefit request will be deleted

–         Reinstated indicator on the Members for a Scheme/Pay Centre Maintain screen will be updated to Y

–         Membership status on payroll administration will be updated to LIVE on the latest cycle.

–         The claim request type will be changed from CLAIM to QUOTE (to enable enquiry access to the details of the cancelled benefit payment)