Nedbank Business Banking - Loans and Other Liabilities Audit Confirmation Instructions

Published: 22/12/2023

Nedbank Business Banking - Loans and Other Liabilities 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.

Form Type	Form Description	Setup Instructions	Accepted Accounts
ZA - Liability	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.	Term Loans Credit Card
	Click here for a detailed explanation of the ZA - Liability Form

Note: Authorisation is required from only one client signer

Instructions:

The below guide highlights Nedbank Business Banking's specific instructions on accepted form types and how to setup the different form types for relevant bank accounts.

Nedbank Business Banking Clients

Nedbank Business Banking clients have turnovers between R10 million and R700 million.

Nedbank South Africa Departments Not Available on Confirmation.com

Nedbank Business Banking, Nedbank Corporate and Nedbank Capital's 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.

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 Property Finance	3XXXXXXX (Starts with 3. 8 digits)	pfcorporate@nedbank.co.za
Nedbank Corporate Saver	90XXXXXXXX (Starts with 90. 10 digits)	cssupportdeskjohannesburg@nedbank.co.za
Nedbank Script Accounts	8XXXXXXXXX (Starts with 8. 10 digits)	nisclientservices1@nedbank.co.za
Nedbank Unit Trust	(Starts with 4/5/8. 5-8 digits)	clientservices@nedgroupinvestments.co.za
Nedbank Credit Card	(Starts with 3/4/5. 16 digits)	corporatecarddirect@nedbank.co.za

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)
Term Loan	Consist of 12 digits + 6 Investor numbers	057831XXXXXX - YYYYYY (Starts with 057831)
CFC	Consist of 10 digits	7XXXXXXXXX (Starts with a 7)
Asset Based Finance	Consists of 11 Digits
Nedfleet Card Account	Consists of 10 digits

Note:

Derivatives can be confirmed by sending the ZA-Derivative form to Nedbank Capital. These forms will need to be set up on a individual account basis. This means that a separate ZA-Derivative form needs to be set up per account number.
Authorisation is required from only one client signer.
Nedbank has taken a decision not to provide auditors with the password. You will need to contact the client and ask for the password that they use to open all bank statements from Nedbank. Should the client not recall the password, they will need to provide you with a letter that you can share with Nedbank for them to divulge the password.

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