3.1.1 Payment Details Tab

This topic explains the payment details tab of Income Distribution Setup Detail screen.

1. On Income Distribution Setup Detail screen, click Payment Details tab.
   The Payment Details are displayed.

   Figure 3-2 Income Distribution Setup Detail_Payment Details Tab

   
   

   
   Description of "Figure 3-2 Income Distribution Setup Detail_Payment Details Tab"

   
   
2. On the Payment Details tab, specify the fields.
   For more information on fields, refer to the field description table.

   Table 3-2 Payment Details - Field Description

   Field	Description
   Payment Mode	Optional Select the mode in which the investor prefers to receive the paid portion of the income earned – either in the form of a check or an account transfer from the drop-down list. The list displays the following values: Cheque-Cheque Transfer-Transfer
   Payment Type	Optional Indicate whether the check payment instrument must be addressed to the investor (self) or a third party from the drop-down list. The list displays the following values: Self Third Party Entity You can also indicate that the payment check must be addressed to a broker, by selecting the Entity option. If you choose this option, you must indicate the broker to which the payment must be made. From the list, indicate whether the account transfer payment must be made to one of the investor’s preferred bank accounts (self) or to the bank account of a third party. You can also indicate that the transfer payment must be made to the bank account of a designated broker, by selecting the Entity option in this field. If you select the Self option in this field, all the preferred bank accounts specified for the investor in the unit holder account are listed in the Bank Account field. The default designated account is displayed in the bank account fields, and will be reckoned as the account to which the transfer payment must be made. You can choose any of these preferred bank accounts, as requested by the investor. If you select the Third Party option in this field, then you must specify the bank account details of the third party account to which the transfer must be made, in the bank account fields in this section. If you select the Entity option, specify the broker into whose bank account the transfer payment must be made, in the Broker field.
   A/C Opening Date	Date Format, Mandatory Specify the date on which you are creating the account. The application date is displayed here by default, and will be reckoned as the opening date for the account if you do not specify any other date in this field. You can specify an earlier date, if necessary.
   Third Party Details	Note: The payment of income to a third party (i.e. a bank account that is not the investor account or a check that is not in favor of the investor) can be made only if such an installation level option is available.
   Third Party Reference	Alphanumeric; 255 Characters; Mandatory for ‘Third Party’ payment Specify the name or reference of the third party for which the check instrument must be made out.
   Address	Alphanumeric; 255 Characters; Mandatory for ‘Third Party’ payment Specify the address of the third party for which the check instrument must be made out.
   City	Alphanumeric; 20 Characters; Mandatory for ‘Third Party’ payment Select the city of residence of the third party for which the check instrument must be made out.
   US State/Non-US State	Alphanumeric; 20 Characters; Mandatory for ‘Third Party’ payment Select the state of residence of the third party for which the check instrument must be made out, if the state is a US State.
   Zip Code	Alphanumeric; 20 Characters; Mandatory for ‘Third Party’ payment Specify the zip code of the city of residence of the third party for which the check instrument must be made out.
   Entity Details	The section displays the following fields.
   Entity Type	Optional Select the entity type from the drop-down list. The list displays the following values: Broker
   Entity ID	Alphanumeric; 12 Characters; Optional If you have indicated that the payment (check or transfer) is to be made to a broker, specify the broker in this field. The name of the selected broker is displayed in the entity name field.
   Entity Name	Display The entity name will be displayed for the entity type selected.
   Transfer Details	The section displays the following fields.
   Bank	Alphanumeric; 12 Characters; Mandatory for Self payment type Select the bank account to which the transfer payment of the income must be made. The details of the account you select are displayed in the bank account details fields. You must select a bank account for which the currency is a valid fund bank account currency so that the income payment transfer can be affected. If the payment type is Self, the bank account associated with the investor is defaulted from the unit holder level. If you have chosen Third Party as the payment type, select the name of the bank in which the transfer account is present, from the drop down list.
   Branch	Alphanumeric; 12 Characters; Mandatory for Third Party transfer payment If the payment type is Self, the branch associated with the investor account is defaulted from the unit holder level. If you have chosen Third Party as the payment type, Specify the branch name of the bank in which the transfer account is present.
   A/c Type	Alphanumeric; 1 Character; Mandatory for Third Party transfer payment Select the account type (Fixed, Savings or Current) of the transfer account.
   A/c No	Alphanumeric; 16 Characters; Mandatory for Third Party transfer payment Specify the number of the transfer account.
   A/c Ccy	Alphanumeric; 3 Characters; Mandatory for Third Party transfer payment Specify the currency of the transfer account. The currency specified here must be a valid fund bank account currency.
   A/c Holder Name	Alphanumeric; 100 Characters; Mandatory for Third Party transfer payment Specify the name of the holder of the third party account.
   IBAN	Alphanumeric; 40 Characters; Optional Specify the International Bank Account Number (IBAN) of the account holder.