How to resolve discrepancies on the Discrepancy Report

This article will provide guidance on how to resolve discrepancies from the discrepancies report, which is generated post historical data transfer.

 

The report displays the following information:


"BO is not set for", or "RA72 BO..."

This issue means the shares are Not Beneficially held, and the name of the Beneficial Owner has not been provided.

Example:

mceclip0.png

Resolution:

Open the Company profile and look at the Shareholder’s information. If the Beneficial Status is blank, it means that the shares are Non-Beneficially held and the name of the Beneficial Owner (eg name of Trust or Superfund) is missing. Click on the edit pencil within this field add the Beneficial Owner’s name:

2021-01-04_10_21_24-How_to_resolve_discrepancies_on_the_Discrepancy_Report.png

Example:
2021-01-04_10_21_32-How_to_resolve_discrepancies_on_the_Discrepancy_Report.png

 

 

Share allotment discrepancies

When the share number/total paid/total unpaid recorded in NowInfinity is not equivalent to ASIC’s records. 

Example:

mceclip2.png

 

Share allotment discrepancies can have multiple explanations. See below the different types of discrepancies and resolutions:

Discrepancy 1 - Spelling mistake for the name of the shareholder or due to change of name via (Form 484)
mceclip5.png
Click here for solution.

Discrepancy 2 - Shareholder/s are repeated with one mentioning B/O and the other mentioning Not B/O and the word LOST is displayed:
mceclip6.png
Click here for solution.

Discrepancy 3 - If you lodged a Form 492 and now the numbers are not matching, for example two numbers are displayed in a format like 10/30:
mceclip7.png
Click here for solution.

Discrepancy 4 - Total number of shares issued do not match the total number of shares owned by the shareholders:
mceclip8.png
mceclip9.png
Click here for solution.

 

Discrepancy 5 - The word Lost is displayed, the line the shares are on is pink and two numbers are displayed.

Sample scenario: A Form 2205 (convert shares to a larger or smaller number) or Form 211 (convert shares to a different class) was lodged:
mceclip10.png
Click here for solution.

Discrepancy 6 - All lines are red. Click here for solution.

Discrepancy 7 - None of the above. Click here for solution.

 

Solutions

Discrepancy 1 Solution:

  1. Next to the LOST allotment, click the plus (+) icon:
    mceclip11.png

  2. On the right-hand side click the 3 dots:
    mceclip12.png
  3. Choose "Fix: Transfer":
    mceclip13.png
  4. A pop-up menu will appear that will allow you to choose the correct name of the Shareholder.
  5. Click Save Changes

Possible reasons:

  1. A spelling mistake has been made
  2. A name has been changed or
  3. The Beneficial Owner status has changed


Discrepancy 2 Solution:

  1. Next to the LOST allotment, click the plus (+) icon:
    mceclip14.png

  2. Click on the 3 dots to the right of the allotment:
    mceclip15.png

  3. Choose "Fix: Transfer"
    mceclip16.png

  4. Choose the same Shareholder with the new share type:
    mceclip17.png

  5. Click on the Save changes button:
    mceclip18.png

 

Discrepancy 3 Solution:

Perform a Manual Allotments correction.

  1. Click the plus icon from the right of the allotment:
    mceclip0.png

  2. Edit the number in red to the correct number of shares using the edit pencil:
    mceclip1.png

  3. Click "Save Changes":
    mceclip13.png

Reason: A recent change, such as a Form 492

 

Discrepancy 4 Solution:

Solution:

  1. Find the form where the mistake happened and get the following details:
    ASIC Document Number
    Date of Lodgement
    Form Code
    Name of the Form

  2. Once you have all the information, prepare and lodge a Form 492 (Mistake Correction).

Reason: A concurrent lodgement. This can occur when 2 lodgements are performed simultaneously. For example:

Person A has 10 shares Person B has 10 shares Person C has 0 shares
This is a total of 20 shares
Person A transfers 5 shares to Person C
At the same time Person B transfers 5 shares to Person C
This can result in all Persons (A, B & C) having 5 shares each for a total of 15 shares

 

Discrepancy 5 Solution:

  1. Click the plus icon to the left of the allotment:
    mceclip3.png

  2. Edit the number in red to the correct number of shares using the edit pencil:
    mceclip4.png

  3. Click "Save Changes":
    mceclip5.png

Reason: When either a Form 2205 or 211 was lodged with ASIC.



Discrepancy 6 Solution:

Solution:

  1. Click on the plus icon to the left of the allotment:
    mceclip11.png

  2. Enter the number of units owned by the shareholder and the total amount paid using the edit pencils:
    mceclip12.png

  3. Click the plus (+) icon for the shares marked as LOST:
    mceclip8.png

  4. Click on the 3 dots to the right of the allotment:
    mceclip9.png

  5. Choose Delete and then Save changes:
    mceclip10.png

Reason: An external change has occurred

 

Discrepancy 7 Solution:

Reason: This is unknown until investigated

Solution: Contact NowInfinity Support

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request