ASIC requires that receipts for different types of asset should be reported into specific receipt categories on the Form 5602. The ASIC reporting categories are set out in this article.
To comply with this ASIC reporting requirement the insol asset register has been preconfigured to report the realisations in the relevant asset receipt category.
To ensure that you report the asset realisations correctly on the 5602, you simply need to enter the asset into the correct asset category and then realise it. An example of is provided below.
In this example an asset has been entered into Potential Legal Recoveries.
Right mouse click the asset and select Realise this Asset, and then enter the realisation as normal, the below is an example of Cash Realisation.
When you prepare the Form 5602 this asset type is reporting with the correct ASIC category 'Legal Recoveries'.
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