Nedbank Capital South Africa Audit Confirmation InstructionsPublished: 09/11/2015
The below guide highlights Nedbank Capital South Africa's specific instructions on accepted form types and how to setup the different form types for relevant bank accounts.
Nedbank South Africa Additional Client Authorisation Letter
In addition to Confirmation.com's client authorisation process Nedbank South Africa requires the client to sign a once off Nedbank approved letter. All Nedbank clients will receive this letter from their Nedbank client relationship manager and will need to have this letter returned to Nedbank as signed before any confirmation can be processed on Confirmation.com.
Auditors should consult with their clients before initiating confirmations on Confirmation.com as to whether this letter has been signed and if not should request the client to contact Nedbank for this letter.
Nedbank Capital South Africa Clients
Nedbank Capital South Africa clients have turnover of over R700 million.
Nedbank South Africa Departments Not Available on Confirmation.com
Nedbank Corporate and Nedbank Capital confirmations can be facilitated through Confirmation.com. There are however a few departments that are in the process of being on boarded and have thus not launched on Confirmation.com as of yet. Should an auditor want a confirmation from any of these departments, they would need to contact the department directly. Confirmation.com is constantly adding bank departments onto the system and will notify auditors once these additional departments have launched. Please refer below to a list of email addresses that can be used to send a manual paper request to the bank.
Note: Nedbank Business and Commercial clients are not available on Confirmation.com and a manual confirmation request will need to be sent directly to a Nedbank Business/Commercial Client Relationship Manager for completion. Nedbank Business and Commercial clients are clients with turnover below R700 million.
|Department Name ||Accounts||Email Address|
|Nedbank Retail||For clients with turnover under R700m||Send to client Nedbank RM|
|Nedbank Commercial ||For clients with turnover under R700m||Send to client Nedbank RM|
|Nedbank Business||For clients with turnover under R700m||Send to client Nedbank RM|
|Nedbank Property Finance||3XXXXXXX (Starts with 3. 8 digits)||email@example.com|
|Nedbank Corporate Saver||90XXXXXXXX (Starts with 90. 10 digits)||firstname.lastname@example.org|
|Nedbank Script Accounts||8XXXXXXXXX (Starts with 8. 10 digits)||email@example.com|
|Nedbank Unit Trust||(Starts with 4/5/8. 5-8 digits)||firstname.lastname@example.org|
|Nedbank Credit Card||(Starts with 3/4/5. 16 digits)||email@example.com|
Nedbank South Africa Accounts
|Account Name||Account Digits||Account Structure|
|Current||Consist of 10 digits||1XXXXXXXXX (Starts with a 1)|
|Call||Consist of 12 digits + 6 Investor numbers||037881XXXXXX - YYYYYY (Starts with 037881)|
|Savings ||Consist of 10 digits ||2XXXXXXXXX (Starts with a 2) (Nedbank Retail only) |
|Term Loan||Consist of 12 digits + 6 Investor numbers||057831XXXXXX - YYYYYY (Starts with 057831)|
|CFC||Consist of 10 digits||7XXXXXXXXX (Starts with a 7)|
Nedbank Corporate South Africa Form Setup Instructions
Depending on how information can be extracted from the bank systems, a form can be set up in 2 ways:
- Individual account basis
The bank can only extract form details on an individual account basis. Auditors will therefore need to set up each account number as a separate form of the form type.
- Entity wide basis
The bank can extract form details on an entity wide basis. Auditors can therefore send a single form of the form type using a main account number. As information is supplied on an entity wide basis all other account numbers do NOT need to be supplied.
|Provides information on balances, Interest, collateral/security/facilities. |
Note: The bank will provide overdraft information on the ZA - Asset form.
An asset account is typically a current; cheque; deposit; saving; or investment etc.
|Individual account basis |
A separate ZA-Asset form needs to be set up per account number.
| ||Click here for a detailed explanation of the ZA - Asset Form |
|Provides information on balances, Interest, borrowing agreements, covenant details, collateral/security/facilities.|
Note: The bank will provide overdraft information on the ZA - Asset form. Only send a ZA - Asset form and not a ZA - Liability form for an account number that has an overdraft attached.
A liability account is typically loans; advances etc.
|Individual account basis|
A separate ZA-Liability form needs to be set up per account number.
| ||Click here for a detailed explanation of the ZA - Liability Form |
|Provides information on foreign exchange contracts and other derivative positions etc.|
Note: The ZA-Derivatives form needs to be sent per product type for Nedbank Capital. Each form sent for a specific product type must include each trade, forex or reference number seperately.
|Individual account basis|
A separate ZA-Derivatives form needs to be set up as follows:
Auditors need to specify the type of product being FEC in the account name field and a current account number in the account number field.
- Other Derivative Products
Auditors need to specify the type of product, i.e. Interest Rate Swap, Step Rates Deposit, Cross Currency swap etc., in the account name field. Auditors will also need to supply either the trade reference number or forex number in the account number field.
- Trade / Reference Number
- Forex Number
| ||Click here for a detailed explanation of the ZA - Derivatives Form|
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