Setting up a new Product

1. Create the product
2. Link the product to the correct Owner – and Asset holder custodian (In most businesses these are the same. An example of where the asset holder will differ is a LISP where the actual assets are bought in the name of a Nominee, but the Retirement Fund owns the members).
3. Load a bank account on the Custodian.
4. Set this bank account as the import bank account for an instrument account (in a cash instrument or currency) on the supplier account. System -> Currency -> ZAR, override the dealer to FNB, -> More Actions – Supplier Instrument Accounts -> Add, Select correct custodian.
5. Setup the deposit bank account of the Owner Custodian. This is so that the system knows where to expect deposits for the products linked to the custodian. View details under the owner custodian’s CUSTODIAN card -> Edit – Deposit bank accounts
6. Setup the transaction bank account of the Asset holder Custodian. This is so that the system knows from where to pay money over to the Dealers. View details under the owner custodian’s CUSTODIAN card -> Edit – Transacting bank accounts.
7. Setup the withdrawal bank account of the Owner Custodian. This is so the system know from where to pay money over to Investors for withdrawals. View details under the owner custodian’s CUSTODIAN card -> Edit – Withdrawal bank accounts.

Note: if 5, 6 and 7 differ the system will do an Internal Transfer between bank accounts

Last Updated on 3 years ago by Tinus Burger