What is the Discrepancy Notification Feature?
When will the visual indicator become visible?
What is the Discrepancy Notification Features?
Each company’s Share Summary is validated against ASIC’s records and the Member Holding Balances table hosts a discrepancy notification feature.
This feature will compare the share details stored in NowInfinity against the latest ASIC information after an RA71 company refresh for that Company. The system will also compare and identify any discrepancies, and return a notification within the Member Holding Balances table that the share details do not match with ASIC.
Member Holding Balances (Collapsed)
The red dots and exclamation symbols indicate that the share balance is not matching with ASIC. This can be checked by comparing the Numbers in ASIC column with the Numbers in NI column. These columns reflect the total amount of shares held by the shareholders in ASIC and NowInfinity.
Member Holding Balances (Expanded)
The red dot indicates the share balance is not matching with ASIC. The transactions for that shareholder can be corrected within the Share Transactions page to reconcile the NowInfinity balance with ASIC.
When will the visual indicator become visible?
- Firstly, the company’s Share Summary will be validated with ASIC’s records within the Numbers in ASIC column
- When the profile is refreshed (RA71) the system will then compare the Share Summary stored in NowInfinity with ASIC’s received after the company refresh (RA72)
- The visual indicators will appear in the event the RA72 highlights a discrepancy between the information held by ASIC compared to that in Nowinfinity.
Example share discrepancy scenarios:
- An ASIC form is lodged within NowInfinity to request changes to the share detail, and ASIC has not yet approved the changes
- Transaction records are manually added i.e. no ASIC form is lodged, that updates the share balances
- Changes to the share details are made externally
How to reconcile balances?
Depending on the source of the discrepancy, you can:
- Lodge an ASIC form to update the share details
- Use the Add New Transaction or edit functionality under the Share Transactions page to reconcile a share balance:
- Add New Transaction adds a share transaction record to cover any missing share allocations or to reflect any progression in shares held, such as a share consolidation and share sub-divisions
- Using the edit functionality under the Share Transactions page to correct/edit a share transaction record to modify any share details that may be incorrect
Note: The above options under item 2 will not update ASIC.
- Add New Transaction adds a share transaction record to cover any missing share allocations or to reflect any progression in shares held, such as a share consolidation and share sub-divisions