05 Jun Release – 5 June 2015
The following enhancements and new functionality are included in this week’s release:
1. Specify Amount allocation on investment
Previously only the percentage split could be specified on an investment instruction. The functionality has now been added to also specify the amounts for the instrument allocations.
This forms part of the foundation phase for the project to also cater for the ability to Invest into Risk Instruments or non-investment instrument in the investment, by specifying that some of the cash is going to another entity like for example an insurance company, funeral policy or loan payments.
If the “Amount” radio button is selected for the allocation type, then the relevant percentage allocations will still be displayed next to the amounts and gets validated to add up to 100%.
2. Allow DWT (Dividend Withholding Tax) to be set on the product level.
When this is NOT ticked, all the investor accounts for that product does not have DWT and we do not need to report to SARS in the SARS DWT file on individual.
On the Distribution detail view, a new column “Has DWT” was added in the “Investors distributed to:” table.
3. Improved the instrument import functionality
3.1 Now only displaying the field/s that changed and not all the fields on the line/s that changed
3.2 Can update the sliding scale fees using the name of the sliding scale
3.3 Displaying more line details for import errors
4. Changes to the instrument export functionality
4.1 The fund name (CIS) now excludes the class even if “Include Fund Class In Fundname” is ticked on the instrument
4.2 Now able to see the “Include Fund Class In Fundname” as Yes/No in the export and also import to update this field.
4.3 The import to updates the CIS name, by linking the instrument class to the CIS if it is an existing CIS name, else it will change the CIS name (in which case all the instrument classes on the import, which are linked to that CIS, are specified with the new CIS name).
5. Brokerage as owner of fee portfolios
The fee portfolio belongs to the brokerage, but we previously had it on the adviser level.
This means that the VAT and bank details for the fee portfolios will now be related to the brokerage entity (ie. the company linked to the brokerage) and no longer available on the adviser view.
Please note: that for commission payouts (withdrawals of fees) will be done to the brokerage’s bank account. There is a validation to verify that there should be an active bank account on the brokerage, before submitting a withdrawal on a fee portfolio.
The fee portfolios are still linked to the relevant advisers, as can be seen from the commission per adviser and when he logs in he can still see his fee portfolios and those of his customers.
It would be a good idea to perhaps rename the adviser’s fee portfolio’s to include the adviser’s name or code, to better identify the fee portfolios, which will now on a brokerage company list all the linked advisers’ fee portfolios.
6. Other enhancements
6.1 Improved the Search to also search on a company’s registration number.
6.2 Default the “From” date on statements to be one year back from today (will automatically reflect the transactions only from the inception date if the account is younger than 1 year).
6.3 Changes were made on the formatting for Combined Statement, to cater better for large amounts not to be cut off on the PDF.
* Refer to your online Pivotal Tracker Project for a full list of changes and enhancements for the release.