What is the Jiffy.ai Billing Platform?
The Jiffy.ai Billing platform is an all-in-one application that integrates with necessary third-party applications to provide financial institutions the ability to setup & maintain fees to be assessed or remitted to any parties, manage billing and payment invoicing, as well as to reconcile billing payments. The platform also integrates with the VMS Hub’s Revenue functionality and other third-party revenue applications as well by providing financial institutions the ability to direct the fund revenues using various approaches, such as “Fee Levelization”, “Fee Offsets”, and so on.
What are the System Requirements?
Google Chrome - Latest Version
Mozilla Firefox - Latest Version
Microsoft Edge - Latest Version
Microsoft Internet Explorer - Version 11
How do we login to the system with a preset password?
As a first-time user you can access the system using an administrator created password. Before logging into the system, ensure you have selected the appropriate tenant name. Click on the link “Change” shown next to the “Current Tenant” to enter your tenancy name. Enter your tenant name in the “Tenancy Name” field and click on the “Save” button to return to the login page and continue the logging in process.
How do we login Using the Activation Email?
Click on the activation link in the email that takes you to the login page, where you can create a password and log into the system. Before logging in using the username and password, ensure you enter your tenant name. Enter your tenant name in the “Tenancy Name” field and click on the “Save” button to return to the login page and continue the logging in process.
What are the default Roles in the system?
There are four roles in the system and each role has varying permissions providing create / modify or view only access to the various features in the system. The four default roles are;
Super User
Administrator
Supervisor
Associate Accountant
How do you create a Role in the system?
To create a new role, access the “Roles” section under the “Administration” feature and click on the “Create New Role” button. Under the “Role Name” tab on the “Create New Role” pop-up screen, enter the name of the role (Super User / Administrator / Supervisor / Associate Accountant).
If you click the “Default” check box, the role that you added will be assigned to the newly created user by default. The “Default” option can be given to multiple roles, so when a user is created those roles marked as “Default” are assigned to the user along with the permissions given to those roles.
How do you provide permission to a Role?
Click on the “Permissions” tab to access the “Permissions” section and assign permissions to the role you added. Permission to a feature can be given by checking the respective checkbox. Selective permissions like add / modify or delete, can be given to or removed from sections under a feature by checking or unchecking the checkboxes of sections requiring or not requiring access under that feature.
You can also make changes to the permissions assigned to a role by unchecking boxes against the permissions you want to remove. Once all is done, click on the “Save” button, to save the changes you have made. You need to refresh the page (F5 function key on the keyboard) to see the permission changes you have made.
How do you edit a Role?
To edit a role, click on the “Action” button for that role and select the “Edit” option from the drop-down list. On the “Edit Role” pop-up screen, you can make your edits to the “Role Name” or the “Permissions” sections and once completed click on the “Save” button.
How do you delete a Role?
To delete a role, click on the “Action” button for that role and select the “Delete” option from the drop-down list. You will be asked to confirm if you want to go ahead with the deletion. Click the “Yes” button to do so, or to cancel the delete operation click the “Cancel” button.
How do you use filters to list Roles based on the permissions assigned?
The “Filter by Permission” feature shows you all the roles that have access to a feature. To see those “Roles” that have access to a feature, click on the “Filter By Permission” drop-down list on the “Roles” window. Select the feature from the drop-down list and click on the “Refresh” button to get the updated list.
To remove the filter, select the “Filter By Permission” option from the drop-down list and click the “Reset” button.
Who are the System’s Users?
Users are those who have access to the Jiffy.ai Billing Platform. Access and use of the system for these users will differ, based on the “Roles” assigned to them on creation.
How do you create a User?
To create a new user, access the “Users” section under the “Administration” feature and click on the “Create New User” button. On clicking the “Create New User” button you get the “Create New User” pop-up screen that provides you with three sections “User Information”, “Roles” and “Organization Units”. Enter the required information in these sections and create the user.
How do you export Users List to Excel?
Click on “Export to Excel” button. The list of users in the system is generated and output to an excel file that gets saved locally on the system.
How do you use the filters to view Users by Roles or Permissions or both?
To view the list of users based on the “Permissions” or the “Roles” assigned to the user, click on the “Show Filters” options on the “Users” window. This brings up the user filtering feature. There are two options to filter the user listing – “Filter by Permission” or “Filter by Role”. These two filtering options can either be used on their own or in combination. Choose the filtering option and click on the “Refresh” button to get the updated list.
How do you edit a User Profile?
Once a user has been created there are some actions that can be performed to make modifications to the user account or information. To do this click on the “Actions” button against that user. Select from the drop-down list the action you would like to perform - “Login as the User”, “Edit”, “Permissions”, “Unlock” or “Delete”.
What is an Organization Unit?
An “Organization Unit” represents various departments in an organization, like marketing, sales, accounting, IT and so on. The “Organization Units” feature allows you to add any number of “Root Units” (departments) and “Sub Units” (sub departments). Once done, it lets you add employees to these “Root Units” and “Sub Units”.
How do you create a Root Unit?
The “Organization Tree” section lets you add one or more “Root Units” (departments) in an organization. To add a new root unit, click on the “Add Root Unit” button in the “Organization Tree” section. Enter the name of the Root Unit you would like to create in the displayed pop up box and click “Save”.
How do you create a Sub Unit?
To add a “Sub Unit” under a “Root Unit”, click on the down arrow shown against that root unit and select the “Add Sub Unit” option. Enter the name of the sub unit you would like to create in the displayed pop up box and click “Save”. You can see the “Root Unit” and the newly created “Sub Unit” once saved.
Who are the Members in a Root Unit or Sub Unit?
“Members” are employees (users) of a “Root Unit” or a “Sub Unit” in an organization. These members are users who have already been created and added to the system using the “Create New User” button under the “Users” feature.
How do you edit a Root Unit or a Sub Unit?
To edit a “Root Unit” or a “Sub Unit”, click on the down arrow shown against that root or sub unit and select the “Edit” option from the drop-down list. On the “Edit” pop-up box, you can modify the name of the root or sub unit and click the “Save” button to save the changes made.
How do you delete a Root Unit or a Sub Unit?
To delete a “Root Unit” or a “Sub Unit”, click on the down arrow shown against that root or sub unit and select the “Delete” option from the drop-down list. You will be asked to confirm if you want to go ahead with the deletion. Click the “Yes” button to do so.
How do we add Members to a Root or Sub Unit?
To add a new member, first select the “Root Unit” or “Sub Unit” to which you want to add the member. This can be done by clicking on the root or sub unit. Then click on the “Add Member” button. Select the users from the generated “Select Users” list by ticking on the checkboxes shown against those users. Then click on the “Save” button to add this users to that unit’s list. Once saved, the users you added becomes members of that root or sub unit.
How do we delete Members from a Root Unit or Sub Unit?
To delete a member from a root or sub unit, click on the delete icon against that member you want deleted. You will be asked to confirm if you want to delete the member. Click on the “Yes” button if you want to do so.
What is the function of the Audit Log?
This feature documents and retrieves security-relevant records that shows resources accessed and sequence of activities that has affected at any time a specific process, thus letting an administrator figure out what went wrong with the system. If something did go wrong, an alert icon gets shown next to the log and the administrator can look at the error details to figure out what went wrong at that instance. It offers various features like, the option to filter data based on different criteria, the ability to export the data to an excel file and so on.
How many Interested Parties do the system have?
There are five Interested Parties in the system. They are;
multiple plans for its employees.
services for a fee.
Advisor - A person who provides advisory service to the plan sponsor.
aspects of employee benefit plans for an organization (employer). The TPA works with the employer as well as the individual to communicate information between the two.
Other - Any Interested Party other than the above listed.
How do we create a new Interested Party?
To add a new Interested Party, access the “Interested Parties” section under the “Billing” functionality and click on the “Add New” button. This brings up the “Add Interested Parties” page, where you can enter the required information to create a new Interested Party.
What are the two Interested Party Accounts?
The Interested Party accounts are the - “Billing Account” from which an Interested Party is invoiced, and the “Payment Account” from which a payment statement is sent.
How do you deactivate an Interested Party?
An Interested Party account can be deactivated by clicking on the “X” (deactivate) action button. When you click the “X” (deactivate) action button, you will get a “Confirm Deactivation” popup box in which you can enter the reason for deactivating the account and click on the “Deactivate” button. Once the Interested Party has been deactivated, the “Status” changes to “inactive”.
How do you edit an Interested Party Profile?
Select that Interested Party and on the “Interested Party Profile Summary” page you can make the necessary updates. Once all details are entered click on the “Update” button to save the details. Confirm if you want to save the updated information and click on the “Update” button to save the changes.
What do you use the “Notes” section on the Interested Party Profile Summary Page for?
This option lets you add any additional notes or information you want to maintain relating to an Interested Party.
How do we update the invoicing frequency and delivery method of an invoice?
From the Interested Party account, click on the billing account number, which brings up the “Billing Account” page that includes information about the invoicing frequency, banking instructions and so on. Click on the “Edit Invoice Method” link and update the invoice frequency and delivery method in the “Invoice Method” popup window.
How do we update the payment frequency and delivery method of a payment statement?
From the Interested Party account, click on the payment account number, which brings up the “Payment Account” page that includes information about the payment frequency, banking instructions and so on. Click on the “Edit Statement Method” link and update the statement frequency and delivery method in the “Statement Method” popup window.
How do we create an Ad Hoc Invoice?
To create an ad hoc invoice, on the “Billing Account” page of the Interested Party, click on the “Create Ad Hoc Invoice” tab. This brings up the “Ad Hoc Invoice” page that lists all the un-invoiced transactions. To choose those transactions that needs to be invoiced, check the check box against those transactions and click on the “Create Ad Hoc Invoice” button. An ad hoc invoice gets created and is listed on the “Billing Account” page.
How do we create an Ad Hoc Payment Statement?
To create an ad hoc payment statement, on the “Payment Account” page of the Interested Party, click on the “Create Ad Hoc Payment Statement” tab. This brings up the “Ad Hoc Payment Statement” page that lists all the un-statemented transactions. To choose those transactions that needs to be sent as a payment statement to the Interested Party, check the check box against those transactions and click on the “Create Ad Hoc Payment Statement” button. An ad hoc payment statement gets created and is listed on the “Payment Account” page.
How do we cancel an Invoice?
Only those invoices whose status is “Unpaid” can be cancelled. To cancel an Invoice, on the “Billing Account” page, click on the invoice number (Invoice #) of the Invoice that needs to be cancelled. This brings up the invoice, listing all the transactions under it. Click on the “Cancel Invoice” button, which brings up a “Confirm Cancellation” pop-up box, where you can enter the reason for cancellation and then click on the “Confirm” button to cancel the invoice. When you go back to the “Billing Account” page, the cancelled invoice will have a status “Yes” under the “Cancelled” section.
How do we cancel a Payment Statement?
Only those payment statements whose status is “Not Withdrawn” can be cancelled. To cancel a Payment Statement, on the “Payment Account” page, click on the payment statement number (Payment Statement #) of the payment statement that needs to be cancelled. This brings up the “Statement” page that list the payment statement and its transactions. Click on the “Cancel Statement” button, which brings up a “Confirm Cancellation” pop-up box, where you can enter the reason for cancellation and then click on the “Confirm” button to cancel the payment statement. When you go back to the “Payment Account” page, the cancelled payment statement will have a status “Yes” under the “Cancelled” section.
What is the “Collect Payments” feature?
This feature lets you allocate to the Interested Party’s account payments received for invoices that are partially paid or unpaid.
How do we allocate payments received on Invoices?
To allocate the payment received to the Interested Party, check the box against the invoice to which the payment needs to be allocated and click on the “+ Make Payment” button. (The payment received can be allocated to multiple invoices of the same Interested Party). You get the “Enter Payment Info” popup window that lets you allocate the payment. Once done click on the “Submit” button.
What do we do if there is an overpayment?
If there is an over payment after the payment has been allocated to the invoice/invoices, you can choose to either credit the balance payment to the Interested Party’s account for future use or refund the payment through a check, to the Interested Party.
How do you credit overpayment to the Interested Party Account?
To credit the overpayment to the Interested Party’s account for future use, click the “Submit” button after the payment is allocated to the invoice/invoices. Choose the “Credit” option and again click the “Submit” button. The amount is credited to the Interested Party’s account so that it can be used for future payments on invoices.
How do you refund overpayment back to the Interested Party?
To refund the overpayment to the Interested Party, click the “Submit” button after the payment is allocated to the invoice/invoices. Choose the “Refund” option and again click the “Submit” button. A refund process when initiated generates an external task to refund the overpayment as a check to the Interested Party.
How many types of Plans are there in the system?
There basically are two types of plans in the system, Master Plan and Plan.
What is a Master Plan?
A master plan is a group of plans created by the recordkeeper that shares the same Fee configuration. A master plan cannot be created as a stand-alone plan but represents one or more plans grouped under it. Multiple master plans can share the same plan and a master plan can be identified by a unique Trust Account Number.
What is a Plan?
A plan can remain by itself or belong to a master plan. A single plan can be shared by multiple master plans. Like master plans, a plan can be identified by a unique Trust Account Number.
How do we create a Plan or a Master Plan?
To create a plan or a master plan, access the “Plan List” section under the “Billing” functionality and click on the “Add New” button. You get the “Create Plan” modal window, where you can enter the required information to create a new Plan. In the “Plan Type” field you can choose if the plan you are creating needs to be “Master Plan” or “Plan”. Once all required details are entered, click on the “Save” button to create the plan.
How do we link a Plan to a Master Plan and vice versa?
Go to the “Plan Summary Page” and click on the “Add” button listed under the “Plans” section. This brings up the “Add Plan” popup window, where you can add one or more plans to the Master Plan. To add a Plan to a Master Plan or vice versa, select the plan to be added (type in the first letter of the plan to list the plans in the drop-down list shown under Plan) and click on the “Save” button. To add more than one plan, click on the “+” button.
How do we unlink a Plan from a Master Plan and vice versa?
To unlink a Plan from a Master Plan, on the Plan Summary Page, under the Plans section, click on the “X” icon against the Plan you want to unlink.
How do we edit a Plan or Master Plan?
Go to the “Plan Summary” page and click on the “Edit” button. This will bring up the “Change Plan” popup window where you can make the necessary updates. Once all details are entered click on the “Update” button and in the “Enter Notes” popup window detail the changes and indicate the date you want the changes to take effect. Once done, click on the “Continue” button.
If there were no previously created transactions, you get a popup window with the message “No impacted transactions found”. You can click on the “Save and Continue” button.
Alternatively, if there were previously created transactions, you get a popup window with the message “The following transactions will be cancelled”. The popup window will list all the transactions that will be affected with this Fee re-run. To accept and continue check the “I understand” check box and click on the “Re-run the Above Transactions” button.
What are the thee Plan Accounts?
There are three types of Plan Accounts - Revenue, Forfeiture and Plan Debit Accounts. A Revenue Account pays all or a portion of the plan administrative fees through payments received from the plan’s investment options. A Forfeiture Account is part of an employee’s account balance (employer contributions) that is not paid out to the employee as the employee left the job before the vesting period. A Plan Debit Account, debits the Plan.
What is a Plan Security Asset?
A Plan’s “Security Assets” are the security assets in the form of contributions to a Plan. Each security asset in a Plan will have a unique CUSIP number and can be identified by this. CUSIP stands for “Committee on Uniform Securities Identification Procedures”. The CUSIP number is nine characters long with a combination of alphabets and numerals.
What are the types of Security Assets available for a Plan?
There are two types of Security Assets in the plan – “Core Assets” and “IPM Assets” (Investment Portfolio Management).
How do we update a Plan’s security information?
A Plan’s Security information is obtained from an external source. To update these details, you can fetch the data from an external feed. To do this, click on the “Fetch Data from Feed” button seen in the “Security List” section on the “Plan Summary” page.
How do we exclude a Security from a Plan?
By default, a Plan’s Security is included in the Plan and its Fee calculations. However, if you need to exclude a Security from the Plan, check the “Excluded” option seen in the “Security List” section on the “Plan Summary” page. This excludes the Security at the Fee level too.
What does the “Count Types” feature under the Configuration functionality do?
This page displays the various Count Types in the system, periodic data about the number of active users, inactive users, and so on that are shared to the billing system from an external source. It also lets you define a new count type.
What does the “Forfeiture Types” feature under the Configuration functionality do?
The system has the provision to define multiple forfeiture account types and include these in the billing system for offsetting the Plan Fees. This page displays the various Forfeiture Types in the system and lets you create a new forfeiture type.
What does the “Invoice” Messages Section in the “Tenant Settings” do?
This section lets you set standard messages on the invoices. Any additional information that needs to be given in an Invoice can be defined using this feature. The standard messages set here is set for the invoices of all the Billing Accounts of that Tenant
The messages set at the Tenant level is used only when there are no standard messages defined at the Billing Account level. If there are standard messages defined at the Billing Account level, these will override the Tenant level standard messages.
What is a “Fee Offset Hierarchy” at the Tenant Level?
An Offset Hierarchy lets you define a hierarchy by which a Plan’s asset can be used to cover any expenses. This section lets you re-define the Plan Revenue and Forfeiture Offset Hierarchy at the Tenant level. The Fee Offset Hierarchy can be defined and prioritized at four levels. The options in Level 1 can be prioritized and the same can be done with the options in Level 2, 3 and 4. Prioritization can be done by moving the options at each level up or down. Moving an option up gives it a higher priority to the one below.
What are the Four Levels of the Offsetting Hierarchy?
Level 1 - At this level you can prioritize the Offset Hierarchy at the Plan assets level. These assets are;
The various Revenue Account types,
The various Forfeiture Account types
The Pera Account
The Petty Cash Account
Level 2 - Here you prioritize the Offset Hierarchy for the three options under each of the Plan assets defined in level 1. These three options are;
Interested Party
Billing Method
Fee Type
Level 3 - These are options defined under the level 2 options than can again have the Offset Hierarchy prioritized at this level. The options here are;
Under the Interested Parties - Plan Sponsor, Service Provider, Advisor, Third Party Admin, or Other.
Under the Billing Method - Invoiced or Plan Debit options.
Under the Fee type - Define the Fee types applicable, from the list of all Fee Types defined in the system.
Level 4 - This level lets you define the Fee Types applicable for the level 3 options under the Interested Parties and the Billing methods.
Note: If Level 4 is not updated for any one of the Level 1 options, the Fee Offset Hierarchy for that group will remain inactive. (For example, if under, Fund Forfeiture, the Interested Party Type - Advisor has no Fee Types chosen though it’s been activated, the offset hierarchy will remain inactive for this group.)
What is a Fee Type and how many does the system have?
A fee is the administrative expenses paid by and paid out to the Interested Parties of a plan. There are ‘n’ number of Fee Types that can be configured letting you create Fees in a Plan based on any one of the Fee Type.
How many Fee Calculation Methods are there for a Fee?
All Fee Types have four Calculation Methods from which one can be chosen. They are;
External Market Value Calculation (On Plan Market Values)
Calculated Market Value Calculation (On Security Market Values)
Transaction Count Calculation
Flat Fee Calculation
How many Fee Calculation Bases do we have?
Based on the Fee Calculation Method chosen from among the four, there are different Calculation Bases for the Fee. These are;
“Calculated Market Values” that can have the below basis and n number of basis added.
Average Daily Balance
End of Period Balance
Beginning of Period Balance
“External Market Values” that can have the below values and n number of values added.
Market Value 1
Market Value 2
Market Value N
“Count Types” that can have the below types and n types added.
Count 1 (Active Participant Count)
Count 2 (Terminated Participant Count)
Count N
Flat Fee
What is a Fee Amount Type?
Based on the Fee Calculation Method and the Fee Calculation Basis chosen, there are different Fee Amount Types you get to choose from. These are shown below;
The “Fee Amount Types” are;
Basis Points - Tiered
Basis Points - Flat
Dollars - Tiered
Dollars - Flat
Dollar Per Count - Tiered
Dollar Per Count - Flat
What are Scheduled and Ad Hoc Fees?
There are two ways a Fee can be processed and invoiced; as a Scheduled or Ad Hoc Fee.
Fee is already configured and preset to be sent out on a monthly, quarterly, semi-annual or annual basis.
triggered. This can be for any adjustments that needs to be billed to or paid to an Interested Party.
How do we create a new Fee Type?
To create a new Fee Type, access the “Fee Types” section under the “Billing” functionality and click on the “Add New” button. You get the “Fee Type” popup window, where you can enter the required information to create a new “Fee Type”.
How do we edit a Fee Type?
To edit a Fee Type, click on the edit icon shown against the Fee Type you would like to edit. You get the “Fee Type” popup window, where you can modify the details. Once done click on the “Save” button.
How do we delete a Fee Type?
To delete a Fee Type, click on the delete icon shown against the Fee Type you would like to delete. Note that an existing Fee Type that has already been used in a Plan cannot be deleted. To confirm the deletion, click “Yes”.
How do we add a Scheduled Fee to a Plan or Master Plan?
Once a Plan has been created, you can add a Fee to a Plan/Master Plan by clicking the “Add Fee” button on the “Plan Summary” page that brings up the “Add Fee” modal window that lets you add a Fee through a series of steps. The “Fee Scheduling” feature lets you decide on the Fee calculation attributes required to set up the Fees for a Plan.
How do we add an Ad Hoc Fee to a Plan or Master Plan?
On the “Plan Summary” page, click on the “+Add Ad Hoc Fee” button that brings up the “Add Ad Hoc Fee” modal window that lets you add an Ad Hoc Fee through a series of steps. This feature lets you generate ad hoc billing and payment transactions for one or more Interested Parties.
How do we configure the Fee Minimum and Maximum Limits?
To configure the Minimum and Maximum Fee Rule, from the “Plan Summary” of the Plan, select the Fee that needs to be configured (check the box next to the Fee) and click on the “+ Configure Min/Max” button. Enter the required information and click on the “Save” button. Multiple Fees can be configured with the same Minimum and Maximum Rule, provided the “Billing Frequency” and the “Invoice Method” are the same.
What do I need to know before editing a Plan, a Scheduled Fee or a Fee Min/Max rule?
When modifying a Plan or a Scheduled Fee or a Fee Min/Max Rule, it modifies the Fee configuration of the existing Fee. This will affect all the existing transactions created under the Fee.
The impactful changes these modifications make are;
It affects the existing billing cycle.
On the Scheduled Fees that have been run it affects the following;
ones with the adjustments made to the payments.
invoiced transaction amount and the transaction is recreated to reflect any additional payments. Say an invoice (INV00001) has a transaction (BLTRN00001) for $(+)50.00. After the Fee is modified the new transaction amount is $52.00, which needs to be corrected on the invoice. The existing invoice stays untouched while a new transaction for $(-)50.00 (to nullify the above) is created. Both $(-)50.00 and $(+)52.00 are included in the next invoice so that in effect the Interested Party pays $50.00 from the old invoice and $2.00 from the new invoice
How do we edit a Fee?
To edit a Fee, on the “Plan Summary” page, click on the edit action button shown next to the Fee that needs to be edited. This brings up the “Add Fee” modal window that lets you edit the Fee through a series of steps. You can edit the Fee and at the last step, click on the “Finish” button that brings up an “Edit History” popup window where you mention the edits you have made to the Fee. Once done, click on the “Update” button and in the “Enter Notes” popup window detail the changes and indicate the date you want the changes to take effect. Once done, click on the “Continue” button.
If there were no previously created transactions, you get a popup window with the message “No impacted transactions found”. To continue, click on the “Save and Continue” button.
Alternatively, if there were previously created transactions, you get a popup window with the message “The following transactions will be cancelled”. The popup window will list all the transactions that will be affected with this fee re-run. To accept and continue check the “I understand” check box and click on the “Re-run the Above Transactions” button
How do we terminate or delete a Fee?
To delete a Fee, on the “Plan Summary” page, click on the delete action button shown next to the Fee that needs to be deleted. This brings up a “Terminate Fee” popup window, where you need to enter the Fee Termination Date. Once done, click on the “Save” button.