Difference between revisions of "Investment System Settings"
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! '''Field''' !! '''Description''' | ! '''Field''' !! '''Description''' | ||
|- | |- | ||
| − | | '''Notice Method''' || | + | | '''Notice Method''' || Indicates what rules to follow in determining the maturity notice to send out as an investment approaches maturity. This notice is typically issued 60 days prior to maturity, but the number of days is controlled by how the job to produce notices is set up |
|- | |- | ||
| '''Variable Rate Note Basis''' || Example | | '''Variable Rate Note Basis''' || Example | ||
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| '''Redemption Method''' || Example | | '''Redemption Method''' || Example | ||
|- | |- | ||
| − | | '''Issuance Method''' || | + | | '''Issuance Method''' || Indicates whether or not an actual investment note will be issued to the investor. When an investor wants to receive an investment note, he/she must file it away with important papers somewhere that will be remembered in the future. This is because the investor must return the note at maturity if he/she wants to redeem it or transfer it to a new investment. If the investor chooses to let the note extend, he/she does not need to return it. Click the drop down arrow to select from a list of active [[Investment Issuance Method Codes|issuance methods]] within the system. Your options are: |
| + | * Book entry: Investor receives only a confirmation and does not need to return the note at maturity | ||
| + | * Safekeep: When the note is created, it is printed on pre-printed paper and kept by your organization for safekeeping | ||
| + | * Issue note: The investor receives the investment note and must return it at maturity if investment is to be redeemed or re-invested | ||
|- | |- | ||
| − | | '''Note Amount Format''' || | + | | '''Note Amount Format''' || Format by which the principal balance is printed on the investment note. Particularly used to indicate whether a “$” should be printed or not (if pre-printed) |
|- | |- | ||
| − | | '''Note Rate Format''' || | + | | '''Note Rate Format''' || Indicates the number of digits to display before and after the decimal for rates on investment notes. Use the following format: 99.9999. Enter “z” in place of the 9 wherever you want to ensure that a space is allocated (even if there is no number) |
|- | |- | ||
| '''Approve Notes''' || A check in this box indicates that an authorized user must review and [[Investment Note Approval|approve new investment notes]] before the system will allow a change of business date | | '''Approve Notes''' || A check in this box indicates that an authorized user must review and [[Investment Note Approval|approve new investment notes]] before the system will allow a change of business date | ||
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| '''Print Countersignature''' || Example | | '''Print Countersignature''' || Example | ||
|- | |- | ||
| − | | '''Approve Checks''' || A check in this box indicates that an authorized user must review and approve new checks before the system will allow a change of business date | + | | '''Approve Checks''' || A check in this box indicates that an authorized user must review and [[Investment Redemption Approval|approve new checks]] before the system will allow a change of business date |
|- | |- | ||
| '''Pay in Purchase Month''' || Example | | '''Pay in Purchase Month''' || Example | ||
Revision as of 14:45, 26 March 2012
Overview of IL01IN
The Investment System Settings screen establishes certain default settings that are used throughout the Investment application. There are multiple tabs on this screen.
Base Settings Tab
On the base settings tab, you have the following options:
| Field | Description |
|---|---|
| Notice Method | Indicates what rules to follow in determining the maturity notice to send out as an investment approaches maturity. This notice is typically issued 60 days prior to maturity, but the number of days is controlled by how the job to produce notices is set up |
| Variable Rate Note Basis | Example |
| IRA Fee Method | Indicates whether or not the system should assess a fee for IRA deposits |
| Interest Payment Method | Indicates whether interest should be paid relative to the purchase date of the investment. Click the drop down arrow to select from a list of active interest payment methods in the system Note: The interest-payment period is set up for each individual investment type |
| Redemption Method | Example |
| Issuance Method | Indicates whether or not an actual investment note will be issued to the investor. When an investor wants to receive an investment note, he/she must file it away with important papers somewhere that will be remembered in the future. This is because the investor must return the note at maturity if he/she wants to redeem it or transfer it to a new investment. If the investor chooses to let the note extend, he/she does not need to return it. Click the drop down arrow to select from a list of active issuance methods within the system. Your options are:
|
| Note Amount Format | Format by which the principal balance is printed on the investment note. Particularly used to indicate whether a “$” should be printed or not (if pre-printed) |
| Note Rate Format | Indicates the number of digits to display before and after the decimal for rates on investment notes. Use the following format: 99.9999. Enter “z” in place of the 9 wherever you want to ensure that a space is allocated (even if there is no number) |
| Approve Notes | A check in this box indicates that an authorized user must review and approve new investment notes before the system will allow a change of business date |
| Print Countersignature | Example |
| Approve Checks | A check in this box indicates that an authorized user must review and approve new checks before the system will allow a change of business date |
| Pay in Purchase Month | Example |
| Approve Demand Deposits | A check in this box indicates that an authorized user must review and approve any additions to demand notes before the system will allow a change of business date |
| Allow Weekend Usage | Indicates if the business date can be changed to a weekend date, as well as whether maturity dates can fall on weekends |
| Detailed Investment Status | Selecting this option displays additional detail about the status of an investment. Converts a simple numeric code to additional descriptive information such as how an investment has acquired its present status (transferred, redeemed, re-registered, canceled, etc.) |
| Uses Renewal Logic | Example |
| IRA Details | Indicates whether the system needs to track additional IRS details for reporting purposes. The Internal Revenue Service requires additional information on the nature of a contribution (i.e., regular contribution, Roth IRA contribution, Roth IRA conversion, miscellaneous contribution) or distribution (i.e., early disbursement, disability disbursement, death disbursement, normal disbursement, Roth IRA in first five years). This additional layer of information is only required of IRA accounts |
| Accrue After Maturity | Indicates whether to allow interest to accrue after the investment has reached its current maturity date. Checking this box activates this feature when month-end investment interest accrual runs |
