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Retirement plan payment transactions ( RELNBANK_BCA_US_110_RTPP )
General Data in Customer Master TXBHW - Original Tax Base Amount in Local CurrencyThis documentation is copyright by SAP AG.
Short text
Retirement plan payment transactions
Use
The functionality of payment items and payment orders have been extended to handle special types of payments to BCA accounts which belong to IRA (Individual Retirement Accounts) plan. These special payments go through IRA specific validation in addition to the regular payment validation. IRA payment transaction history and their summary information are stored separately in addition to the regular payment information.
All credit transactions are termed as contributions and debit transactions are distributions in IRA.,,
Payment items:
When a payment item is created for an IRA account through online, the tab 'Trans' meant for transaction details displays retirement plan information in a separate section. This includes the Plan Number, Plan Type and Account holder. In addition the following fields are also shown depending on whether the transaction type belongs to contribution (credit) or distribution (debit).
In case of contribution, following information need to be provided for completing a contribution payment.
,,Tax year- Tax year for which contribution is made
,,Transfer,,- Indicator for transfer contribution
,,Contribution ID- In case of transfer, contribution ID is not needed and this field will be hidden automatically.
In case of distribution, following information need to be provided for completing a distribution payment.
,,Tax year- Tax year for which distribution is made
,,Transfer,,- Indicator for transfer distribution.
,,Primary distribution - Primary distribution code is required
,,Distribution sub-code
,,Fed withhold%,,
,,Federal withholding
,,Total WH amount - Automatically calculated by the system based on this formula.
,, Total WH amount = ( ( Transaction amount * Fed Withhold %) / 100 ) + Additional withholding
In case of transfer, only tax year is needed and the rest of the fields are irrelevant and hence they are hidden automatically.
Other payments functionalities like planned items, back dated payments, post processing, reverse, display and release are all extended to handle retirement plan information except returns. Payment return functionality is not supported for IRA accounts at this moment.
Payment orders:
When an internal payment order is created through online with at least one IRA account, the tabs meant for Ordering party and Recipient party are extended with retirement plan information similar to payment item.
If the ordering party account belongs to IRA plan with credit transaction type (Contribution), contribution information is displayed in ordering party. On the other hand, if the ordering party belongs to IRA plan and the transaction is debit, distribution information is displayed.
Recipient side also works in the similar way.
In case of external payment order, if bank key for recipient party refers to an internal bank area in the system, the retirement plan functionality works similar to internal payment order as explained above. On the other hand if the bank key refers to any external bank, retirement information is not necessary for recipient.
Other payments functionalities like foreign, back dated, return, post processing, reverse, display, release are all extended to handle IRA payments.
Effects on Existing Data
Effects on Data Transfer
The following extrenal interface functions are extended with IRA payment functionality
,,BAPI_PAYM_ITEM_POST_ITEM
,,BAPI_PAYM_ITEM_POST_SENDER
,,BAPI_PAYM_ITEM_POST_RECEIVER
,,BAPI_PAYM_ITEM_POST_CLEARING
,,BKK_RFC_PAYM_ORDER_POST
Effects on System Administration
Effects on Customizing
Further Information
Create BCA Account for a Retirement Plan
Addresses (Business Address Services) Addresses (Business Address Services)
This documentation is copyright by SAP AG.
Length: 4661 Date: 20240425 Time: 125110 sap01-206 ( 77 ms )
