Investments, Selling Units, Funds & Contracts

 

An investment policy or contract may have…

  • no funds
  • one or more funds

 

…and in the case of a fund the sale might include…

  • all units (i.e. sell the entire contract)
  • all units of a given fund (i.e. sell a given fund)
  • some of the units of a given fund or funds (i.e. a partial sale)

 

…and finally, the sale might be a…

  • closing sale (i.e. where the proceeds are to be returned to the client)
  • transfer between funds (i.e. within the same contract)
  • transfer between contracts (i.e. sell this contract or fund in order to re-invest in a different contract)

 

If you’re transferring and switching rather than selling you should refer to “Investments, Transfers & Switching”.

 

If you’re just selling part of the contract, skip the following section entitled “Selling Entire Contract”, but read the rest of this topic.

 

If you’re selling the entire contract then continue below…

 

Selling Entire Contract

If an entire investment policy or contract is to be sold you should reset its policy stage to the word “Sold” (see illustration, below), which will allow you to exclude it from reports and valuations.

 

 

If you don’t have a policy stage called “Sold” then you should create one. See the illustration below and also see “Set-up Policy Stages”. Make sure you tick the “Dead policy” box, as this will enable the system to know that the stage is truly a dead one, regardless of what you call it (e.g. “Sold”, “Sale”, “Closed”, etc).

 

 

Partial or Total Sale of a Contract WITHOUT Funds

If there are no individual funds, go to the policy’s second screen for “Transactions” and enter the “Total dividends, income & sales” value, which should include the total amount of money returned to the client from all…

  • sales
  • income taken
  • dividends received

Then click the “Recalculate totals” button to calculate the overall growth figures, as shown below…

 

 

Partial or Total Sale of a Contract WITH Funds

Starting from the display of funds on the “Transactions” screen…

  • Click the “Add” button

 

 

  • Select “Add an event”
  • On the “Edit Event” pop-up…
    • Select the appropriate Event type (see also “Understanding Event Types and Actions”)
      • If the sale is partial then the “Event type” should be “Transaction between acquisition and closure”
      • If the sale is total then the “Event type” should be “Closure of contract or fund”
    • Select the appropriate Action, which could be…
      • “Sale”, or
      • “Sale, partial” or “Income” (n.b. which behaves exactly the same as a “Sale, partial”)
    • Enter the total value of the sale
    • Enter the “Per” as “Single”
    • Enter the sale date in the “From” field
    • Click “Add” to select the first fund

 

 

  • On the “Add Fund to…” pop-up…
    • Enter the sum regarding this sale
    • If possible enter the unit “Price”, though this is not essential
    • Click the “=” button next to the “Units” field and the system will calculate the number for you
  • Once you’ve finished entering all the sales you should click the “OK” button

 

 

  • You’ll then be taken to the “Recalculate Totals” pop-up to confirm the remaining number of units per fund (which will be zero after a full sale, but cannot be zero after a partial one)…