Not sure if this is a question or a request…
One of my businesses in Manager (a registered limited Company) presently has 6 shareholders (which in the near future will be increased to 12 individual shareholders)
I have set up Capital Accounts for each member/shareholder and presently have the following subaccounts:
“Shareholders’ Loan”, “Shareholders’ Drawings”, “Shareholders’ Retained fees” (=for example consultancy work invoiced to the company but not paid) and “Dividend”. This means that the net Capital Account total for each shareholder will be the current debt to/from this member (with a very easy way to drill down and review what this balance consists off)
I have also set up a separate Equity Account for “Share Capital”.
So far so good and all the above seems to work well… And I assume this is the default way to use these accounts (when business is a “company”)?
Initially I was exploring a way for Manager to also keep track of each individual shareholders shares and share capital contributed so that I do not need to maintain a separate “share register” outside of Manager.
I was first considering adding “Share Capital” as a new Capital subaccount, but I cannot find a way to get this subaccount to be listed as a separate line item in the Balance Sheet (which obviously is a regulatory requirement for Share Capital).
Next I tried to see if I could find a way of adding “subaccounts” to my new “Share Capital” account. In theory I can do this by changing my present “Share Capital” account to a “Total” (placed under Equity) and then add a subaccount thereunder for each shareholder. The problem with this method is that I then get a very messy Balance Sheet as all these subaccounts will be printed (of course I only want the “Total” on my Balance Sheet report).
I realize that what I try to achieve may go a fair bit beyond what is presently supported in Manager (or indeed in most accounting software), but I want to check if anyone has any thoughts on this and possibly a solution…
If not, would such a “share register” account be something that can be added to the future Manager “Road Map”…? (Though it is not traditionally anything included in accounting software I believe this would be a nice “add on”…)
For this to be really useful, I guess the best would be a new structure similar to the existing “Capital Account” function. What we really like to keep track of is the “number of shares” for each member while “share capital” primarily is a “Total”. Each Share issuance round typically has its unique “price/share” so “share capital” per member would give the wrong information. Total Share capital and number/percentage of share per member is what’s interesting as a new “Report” (with “drill down” ability to see when a member acquired his shares and for how much).