To set up a companies Share Capital go to Edit | Share Register. Ensure the Share Types screen is selected, if any share capital has already been set up then it will appear here. Click New and the Share Type for Client screen will display, ready to enter the relevant details.
Class of Capital for example, Ordinary, Preference, when tabbing down to the next field the Short Name should be filled in automatically, but this can be changed if needed. The Short Name is generally what is used on the Companies House Forms.
Authorised Number of Shares - the amount of authorised share capital for this share type should be entered here.
Nominal value - should be the nominal value per share e.g. £1, when filling in this field do not include the currency sign, that is, enter 1 not £1.
Number of shares issued - will be greyed out, this is because the share capital cannot be issued until the share capital has been fully setup, click here for help in issuing the share capital.
Shown on Document as field - is how the nominal value will be shown on the Share Certificates and the Called Up Share Capital notes of the Financial Statements. This field will be filled in automatically with the nominal value and the currency sign for example, £1. This can be overwritten if required.
Share Type Number - (for this Client) should be filled out with the number of the share type
Accounts Production can only identify three different types of share capital and the associated number should only be used once, for example, 1, 2, and 3. If more types of share capital are required for Company Secretarial purposes then they can be entered without giving a Share Type Number but it will be ignored by Accounts Production reports.
Non-Equity shares - when this option is selected the box labelled Participating Dividend will become selectable. If the share capital has participating dividends then select this box to allow dividends to be setup for this share type.
Has voting rights? - this option should be selected if the shares have voting rights. It is selected by default.
The Fully Paid field - is greyed out, as IRIS will fill this field in automatically based on transactions linked to this share type.
Discontinued - should be selected if the share capital has become discontinued. If this is selected the option By Event becomes selectable, this permits an event to be linked that relates to why the share capital has become discontinued. Click Choose Event, the Share Events for Business screen will display, this will list any events associated with this client for example, share issues etc. If the event that is connected with the discontinuation of the share capital is entered then highlight it and click Select. Otherwise click New to create the necessary event.
Finally the Created and Updated fields will give details of the user that created or made changes to this share type.
Once the Share Type for Client screen is completed click Insert or to cancel and loose this unsaved information click Cancel.
The Change of Authorised Share Capital screen displays, complete this screen to activate a completed Form 123. For this form the necessary details are the date that the change occurred and the date that the resolution was passed, click the magnifying glass on either field and a calendar appears for use. There is also a freeform section for the conditions of issue of the new share capital. Once complete, click Log to activate a completed Form 123 or select Don’ t Log to stop the program from generating a Form 123 but still saving the new share capital.