9.1 Process Annuity Journal Maintenance Detail

This topic provides the steps you need to follow to make a journal entry for a policy.

The following are the steps you need to follow to make a journal entry for a policy. Each of these steps is explained in detail in subsequent sections.
  • Start the Annuity Journal Maintenance Detail screen.
  • Enter information in the Annuity Journal Maintenance Detail screen.
  • Save the information entered.
  1. On Home screen, type LEDPLJNL in the text box, and click Next.
    The Annuity Journal Maintenance Detail screen is displayed.

    Figure 9-1 Policy Journal Maintenance Detail


    Description of Figure 9-1 follows
    Description of "Figure 9-1 Policy Journal Maintenance Detail"

  2. On Annuity Journal Maintenance Detail screen, click New to enter the details.
    For more information on fields, refer to the field description table.

    Table 9-1 Annuity Journal Maintenance Detail - Field Description

    Field Description
    Annuity Journal

    This section displays the following details.
    Journal Txn Number

    Display

    This is a unique identification for the journal entry made for the policy. It is generated by the system when all details that are mandatory for the journal entry have been successfully entered, and the policy journal entry is saved.

    This journal number identifies the first journal entry made into a policy, and all subsequent journal entries into this Policy will have system generated sequential journal transaction numbers.
    Journal Type

    Mandatory

    Select the type of journal entry you wish to make from the drop-down list. The list displays the following values:
    • Annuity Adjustment
    • Not Started Annuity
    Policy Number

    Alphanumeric; 16 Characters; Mandatory

    Select the Policy on which you want maintain a journal. You can use the Find Policy Options screen. You can invoke the same by clicking on the option list.

    The Policy selected must be an authorized, active Policy on which the underlying initial investment and Annuity transaction has already been generated.
    Journal Currency

    Display

    When the Policy Number is selected, the corresponding Plan (or Policy) Base Currency is displayed as the default journal currency, from the Policy details record. This currency cannot be changed.
    Reference Number

    Alphanumeric; 16 Characters; Mandatory

    Specify a unique alphanumeric identifier for the journal entry. You will use this reference number to track this entry subsequently.
    Policy SI Number

    Alphanumeric; 16 Characters; Mandatory

    This number is generated by the system. It represents the number of annuity/ premium payments between the Start Date and End Date specified for the annuity/ premium payment.
    Journal Txn Date

    Date Format; Mandatory

    The Journal Transaction Date signifies the date on which the journal entry is made into the system. You can enter a backdated transaction here, but this must not be earlier than the first Rule Effective Date of the policy.

    By default, the application date is displayed in this field.
    Policy Holder

    Display

    When the Policy Number is selected, the name of the corresponding Policyholder is displayed here.
    Enforce SI Rule

    Optional

    Select enforce SI rule status from the drop-down list. The list displays the following values:
    • Yes
    • No
    No. of pay instances

    Numeric; 22 Characters; Optional

    Specify the number of pay instances.
    Current fiscal year income

    Optional

    Select current fiscal year income status from the drop-down list. The list displays the following values:
    • Yes
    • No
    Sub Type

    Display

    The system displays the sub type.
    Outstanding Payment

    This section displays the following details.
    From Date

    Date Format; Optional

    Specify the date that marks the beginning of the period for which the journal entry is made. This date cannot be a future date.

    Note: This date cannot be lesser than or equal to the date of policy creation.

    To Date

    Date Format; Optional

    Specify the date that marks the end of the period for which the journal entry is made. This date cannot be a future date.
    Net Annuity Amount

    Numeric, 15 Characters; Optional

    Enter the adjusted net annuity amount here. The annuity details will be calculated by the system based on the amount you enter here on the journal transaction date and the tax ledger entries will be made for the new net annuity amount.

    Note: This field is enabled only if you have selected the option Adjustment for Previous Cycle.

    Remarks

    Alphanumeric; 255 Characters; Optional

    You can enter the important information any, in this field.
    Journal Amount

    Numeric, 18 Characters; Optional

    Enter the outstanding amount to be paid to the customer. System will treat the value specified here as the gross annuity amount.

    Note: The field will be disabled if the Adjustment for Previous Cycle option is checked.

    Adjustment for Previous Cycle

    Mandatory

    Select Yes from drop-down list to indicate that the journal entry being posted is an adjustment for the previous cycle.

    Annuity Adjustment for previous cycle can be allowed only if reversed annuity entry exists in that period.
    WHT Amount

    Numeric, 15 Characters; Optional

    Specify the amount of with holding that is applicable on the annuity amount. The withholding tax details will be calculated by the system based on the amount you enter here on the journal transaction date and the tax ledger entries will be made for the new withholding tax amount.

    If a Product is not mapped with Withholding Tax then user can uncheck Adjustment for Previous Cycle otherwise system will not allow the user to save the journal without maintaining WHT Amount. If the user maintains WHT Amount as 0 system will through an error saying WHT Amount should be greater than 0.

    Note: This field is enabled only if you have selected the option Adjustment for Previous Cycle.

    Payment Details

    This section displays the following details.
    Payment Mode

    Mandatory

    Select the mode of payment as Transfer from the drop-down list. The list displays the following values:
    • Transfer
    Bank

    Alphanumeric; 12 Characters; Optional

    Specify the bank code. Alternatively, you can select the bank code from the option list. The list displays all valid bank code maintained in the system.

    Once you select bank code, the system displays the following bank account details displayed:
    • Branch
    • Account Holder Name
    • Account Number
    • Account Type
    • Account Currency
    • IBAN
    Asset allocation

    This section displays the following details.
    Fund ID

    Alphanumeric; 6 Characters; Mandatory

    Specify the fund ID. Alternatively, you can select fund ID from the option list. The list displays all valid fund ID maintained in the system.
    Fund Name

    Display

    The system displays the fund name.
    Units/Ratio

    Numeric; 3 Characters; Mandatory

    Specify the units/ ratio details.
  3. Click Save when you have entered all the mandatory information.
    The system displays the following confirmation message Record Successfully Saved.
  4. Click Ok button from the dialog window.
    This indicates the record has been saved.

Parent topic: Policy Journal Maintenance