Having issues with your payment batch? Check out some of these common reasons:
Transaction not appearing in your payment batch
Transaction not appearing in your payment batch
If the payment is going to the investor directly, have you set the following:
Investor Address
Payment Method as EFT or Wire
Instruction set to No
Institution Number
Transit Number
Account Number
If the payment is going to a trust/financial institution, have you set the following:
Investor Address
Payment Method as EFT or Wire
Instruction set to Yes
Trust Instructions has all fields completed
If all financial information listed above is properly set:
Was this transaction included in a previous payment batch? Payments with a Pending or Completed status cannot be included in a new batch.
Was the distribution amount reinvested? Any cash reinvested will not be available to be paid out.
Is the transaction currently in a Pending Payment Batch?
Any transaction that is in a pending payment batch will not be displayed in any other pending payment batch. This rule is in place to prevent accidental double payment of the same transaction.
Correcting an existing payment
Correcting an existing payment
If a transaction was included in a payment batch but could not be paid and needs to be included in a new payment batch, follow these steps:
Go to the transaction's details.
In the Payment Information section, click the Payment Batch number.
From within the Payment Batch, update the transaction's payment status to "Cancelled".
Note, if the transaction was part of an Instruction payment, all transactions included in that same Instruction payment will also have their payment status updated to "Cancelled".
This transaction can now be included in a new payment batch.
Paying out withholding tax
Paying out withholding tax
No payment file will be created for the withholding tax associated to any paid transaction. This payment will have to be remitted to CRA through another means outside of the Exempt Edge system. The following steps guide you through determining the total withholding tax amount:
In the Reports/Exports module, select Payment Report
Enter the Payment Batch number or whichever parameters you need to isolate your payments
In the export, filter column T - Payment Completion Status - to include the statuses "Pending" and "Complete".
Next, filter column P - Withholding Tax - to exclude all "0" and "Blank" values
The sum of the withholding tax amounts in column P indicate the amount needing to be remitted to CRA for that particular set of transactions.
How transfers affect the payment of a distribution
How transfers affect the payment of a distribution
The answer to this question depends on one factor: was the distribution transaction transferred to the new account along with the original purchase?
If only the original purchase was transferred, the distribution payment will be directed as per the details of the account in which the distribution was originally created, ie. the original account.
If a transfer was created for the distribution transaction, then its payment will be directed as per the new account details.
What is the EFT File Number
What is the EFT File Number
This number designates an id for the EFT file. Some financial institutions have specific rules about these ids, so please contact your institution to confirm what you must enter in this field. The system is designed to start at 0001 and assign the next number in sequence until it reaches 9999. If you would like to assign a specific number to your EFT file, enter it in this field, and the counter will naturally follow from this starting point.