How to enter Joint Shareholding and pay dividend to each shareholder separately

When paying dividends to shareholders, Insol6 has the following restrictions:

1. Calculates dividends on whole shares. You cannot enter half/split shares.
2. A shareholder can only have one address and one bank account.

General overview of the process for setting up a Counterparty with joint shareholders

When entering a joint shareholding, the steps are as follow:

1. The Counterparty needs to be set to a non-individual.
2. Use either one of the joint shareholders addresses or use the Company address.
3. Leave the banking details out.
4. Pay the distribution to the joint shareholder using the Grouped Deposits and Payments account.
5. Distribute to each shareholder via the Cash at Bank account against the Grouped Deposits and Payments account.

Entering a joint shareholder

To enter a joint shareholder, from the Shareholding screen:

1. Click new the "Add Shareholder" button.
   
   The Add new Joint Shareholder screen appears.
   
   
2. Enter the shareholder as Joint shareholders and do not tick Is Individual
   
   
   Do not enter the individuals with the total number of shares.
   
   
3. Click the Shareholding tab then "Add" shareholding.
   
   The "Shareholding" popup screen appears.
   
   
   
   
4. Enter the Shareholding details
   
   Select the Class of Shares, No. of shares held, Total Nominal value.
5. Click OK
   
   The shareholding is now saved.

Create a Distribution

Propose a distribution to the joint shareholders using the Bank account Grouped Deposits and payment. Follow these steps:

1. Distribute the total shares to the joint shareholder.
   1. Enter the Cash Component being the total amount for the joint shareholding.
   2. Click Pay Dividend.
      3. Change the Bank account to Grouped Deposits and Payments account. Authorise and post.
       

Pay distribution from Cash to Bank to Individual Shareholders

1. 1. Prepare a new Batch for the payment of the split distribution from the Cash at Bank account. I renamed the batch to Shareholders distribution of ORD A class shares. You can call it whatever you want though.
      
2. Prepare the payments to the shareholders. You can either set the shareholders up as counterparties or just type their information in the payment form. The payment should be drawn against the Grouped Deposits and Payments account.
   

How your distribution will report

1. Payment Batch - Your payment batch should look like this. 
2. Your Cash At Bank account like this
   
3. Your Grouped Deposits and Payments account will look like this
   
4. Your F5602 will look like this.