thewealthworks Customer Support Portal

New Features in WealthWorks+ 4.3.0

1. Company Secretarial share capital maintenance records for company share classes, share issues and call schedules.
2. Members ledger display with summary of shares for each member.
3. Posting and deletion options for allotments, redemptions, forfeitures and transfers; fully paid, part paid and nil paid shares.
4. Allotments register and details of allotment share capital values.
5. Redemptions register and details of share capital values.
6. Forfeitures register and details of share capital values.
7. Share Transfers register and details of transferee and transferor.
8. Bulk appointment and cessation of Register of Professional Officers records.
9. Bulk appointment and cessation of Register of Trustee records.
10. Bulk reassign addresses across entities (including by types such as registered office addresses).
11. Additional fields on Meeting registers to record minute production.
12. Improvements to the Register of Partners to include capital and loan commitment totals.
13. Addition of a second tax jurisdiction field grouping for an entity.
14. Addition of Regulation and Exchange listing fields for an entity.

Company Secretarial - Maintaining share registers in WealthWorks+

The ability to maintain share registers for companies is now available in WealthWorks+ and offers the same transaction entry options as are available in Troika release 2.09.008 onwards in an easy-to-use display.  The following processes can be now be completed from the Shares tab on the Entity Details for a company record.

Adding and Editing Share Capital

To add new Share Capital (a share class) to a company, select the entity and when the entity details are displayed, select the Shares tab.  From the Share Capital tab, click the add button and enter the details for the new shares.  Existing share capital can be edited (restricted edit if shares have been issued) or deleted if not used, by selecting the row Actions button and then Edit option.  It's not possible to delete the share capital unless all the transactions related to the share class have been deleted.

Creating New Share Issues

To be able to allot shares to a member, a Share Issue and Call Schedule needs to be created.  The Share Issue records the cash paid per share, and paid in kind per share, and also the share calls.  The Call Date and Call Amount is also required and is maintained with the share issue record. For Fully Paid share allotment, record the call amount as the total paid per share and this will be apportioned by the ratio of cash to kind payments entered into the share issue.  

NB You cannot record any share transactions until at least one share issue has been created.  If the amounts paid per share vary for each allotment, they will require additional share issues with different amounts paid per issue.

Managing Share Issues

Select 'Manage Share Issues' for the share capital record, and then select Edit Share Issue for the record you want to edit. The calls in the call schedule can also be edited and new calls created by using the Add button on the call schedule that is displayed beneath the share issue record.

Viewing a Members Ledger

To access a members share ledger, select the Members Ledger tab, and highlight a share class attached to a member from the Member Selection pane.  You can expand or collapse the three types of member: -

• Members/Shareholders
• Joint Members/Shareholders
• Nominee Shareholders

You can also type into the search box the name of the member or share class to filter the the list. The ledger will only display on the right once the share class is selected.  A member ledger can also be accessed via the Register of Members by selecting 'View Ledger' from the member row Actions button.

A new member can also be created from the member selection pane by clicking on the plus button.  See the tutorial of how to create members and the nominee shareholders. 

Alloting Shares to a Member

Select a members ledger, and select the plus button from the row of buttons at the top of the table.  There are 4 steps to posting an allotment; step 1 (selecting a member), step 2 (selecting a share class) will be automatically selected.  Step 3; Select a share issue row to then progress to step 4 to complete the allotment details.  The issue will display the call status/how paid as 'Nil Paid' (no calls), 'Part Paid' (calls exist but less than the nominal value as of today's date), and Fully Paid.  

Enter the allotment dates and shares to allot.  The share capital values will be calculated from the share issue selected.  Click Save Allotment to complete the posting.

Posting a Share Redemption

To post a share redemption, select the members ledger and identify the share certificate that you want to redeem.  From the row actions, select Add Redemption.  You can only redeem current certificates and not those certificates that have been previously cancelled.  Cancelled certificates are displayed in grey.  Enter the redemption date and amount. If you are only partially redeeming the certificate, a balancing certificate will be posted.

Posting a Share Forfeiture

To post a share forfeiture, select the members ledger and identify the share certificate that you want to forfeit.  From the row actions, select Add Forfeiture.  You can only forfeit current certificates and not those certificates that have been previously cancelled.  Cancelled certificates are displayed in grey.  Enter the redemption date, redemption amount and proceeds. If you are only partially forfeiting the certificate, a balancing certificate will be posted.

Posting a Share Transfer

To post a share transfer, make sure the transferee (member receiving the shares) already exists with the a ledger for the share class.  If it doesn't, create the member ledger before starting to transfer the shares.

Select the members ledger and identify the share certificate that you want to transfer.  From the row actions, select Add Transfer.  Select the member to transfer to from the list or search for the member ledger.  You can only transfer current certificates and not those certificates that have been previously cancelled.  Cancelled certificates are displayed in grey.  Enter the transfer date, and amount to transfer.  If you are only partially transferring the certificate, a balancing certificate will be posted to the transferors member ledger.

Share Summary Permissions

Access to the above share register maintenance is controlled by the following permissions for built-in roles provided by WealthWorks+.  If you have created your own roles for users, you will need to grant permissions to the share summary to give access to the above functions.

Bulk Appointment and Cessation of Registers - Trustees and Professional Advisors & Officers

You can now appoint and cease Register of Professional Advisors Officers (accountants, lawyers, land agents etc) and Trustees entries in bulk.  Access the menu option Bulk Assign and Bulk Cease from the menu category Registers. Select either Professional Officers or Trustees from the register types.  Directors and Secretaries options are already available in the list to select.

If you are using the WealthWorks+ built-in roles and permissions, users assigned these roles will automatically be granted access to this new feature as outlined below.  If you have created your own roles within the System Administration area of WealthWorks+, then please edit the permissions to give relevant users access this new feature.

Entity Details > Registers > Professional Officers

Entity Details > Registers > Trustees

Bulk Reassign addresses across entities  

You can reassign addresses in bulk from the menu option, Entity List > Reassign Address.  The feature allows you to select an address type and then further filter entities that have the selected address type.  You can sort and select the addresses you want to expire and assign to a new address.  This feature allows you to implement a change of registered office addresses for many entities, in a single process.  The existing address is expired on the date of the change and the reassigned address is made effective on the same date.

If you are using the WealthWorks+ built-in roles and permissions, users assigned these roles will automatically be granted access to this new feature as outlined below.  If you have created your own roles within the System Administration area of WealthWorks+, then please edit the permissions to give relevant users access this new feature.

Entity Details > Registers > 

Additional fields on Meeting Registers

Additional fields have been added to the meeting registers across all entity types to record who minutes have been prepared by, the date to which the minutes have been prepared and who signed the minutes.  The additional columns are optional and can be displayed by selecting them from the columns button. 

Improvements to the Register of Partners

An additional feature have been added to the Register of Partners to allow a single figure to be maintained for the partners capital commitment and loan commitment.  A total commitment and total percentage commitment is then calculated and displayed as additional columns.  The additional columns are optional and can be displayed by selecting them from the columns button.  The Total Commitment is entered in the Partnership Administration portlet located in the Administration tab.  This value is not calculated from the partners capital or loan commitments and used to calculate the total percentage commitment. 

Addition of a second Tax Jurisdiction for Entities

An additional field grouping has been added to maintain details of a second tax jurisdiction for an entity including the Secondary Tax Jurisdiction, Tax Office, Tax Reference, Last Tax Paid and Next Tax Paid.

Additional 'Is Regulated' and 'Is Listed/Exchange' fields for a company.

New fields have been added to the entity details for a company to indicate if the entity is regulated and by whom, and also if it is listed, and which exchange(s).