The first Screen you must update when recording a Business Entity’s Capital Ownership is the Security Screen.
We will use the following scenario to demonstrate this task: Ironwood Equity Solutions is a United States-based company that has issued shares of common stock since February 28th , 2023. The stocks have a par value of 0.01 and a denominational currency of United States dollars. We must now create a record of this common stock on Ironwood Equity Solution’s Security Screen.
Navigate to the Snapshot of the relevant Business Entity and click VIEW MORE DETAILS. In this scenario, we’ll navigate to the Snapshot for Ironwood Equity Solutions.
Locate and select the Security Screen.
Leave Equity selected in the drop-down menu, then click New Business Entity Security.
The Security pane will open. Enter a name for the Security in the Long Security Description field. In this scenario, we will enter Common Shares.
GEMS will automatically copy the Long Security Description into the Short Security Description field. If you wish to provide an abbreviated name for the Security, enter it in the Short Security Description field. In this scenario, we will keep the name as is.
Select the denominational currency of the Security from the dropdown menu in the Currency field. In this scenario, we will select (United States) Dollar.
If the Has Par Value? box is checked, enter the par value in the Par Value field. In this scenario, we’ll enter 0.01.
In the Security Type field, select the category that best describes this security from the drop-down menu. In this scenario, we’ll select Common since we’re creating a common stock record.
Check the Unlimited box if local regulations allow the Business Entity to issue unlimited shares of the Security. (This is more common for companies within England). In this scenario, US companies like Ironwood Equity Solutions must specify an authorized share amount, so we’ll leave this box unchecked.
Leave the Confirmed box checked so GEMS reads this record as valid.
Keep the Active box checked if the company currently issues the Security or if shares of this Security held by other entities are currently valid. In this scenario, Ironwood Equity Solutions currently issues shares of this security, so we’ll leave this box ticked.
Enter the date in which this Security became active. In this scenario, we’ll enter Feb 28, 2023, which is when Ironwood Equity Solutions’ common stock became available.
Complete the additional optional fields on the page as needed, then click SAVE.
