Cancel Shares

This transaction is used to cancel (not transfer) shares of company members.

The value of the cancellation is the number of shares cancelled multiplied by the nominal value of the class of share being cancelled.

A journal posts the value to reduce the Called up Share Capital (Debit). The other entry is a credit to Called up Share Capital Not Paid. The user will need to arrange the repayment of the funds through an additional transaction when convenient.

Share Type

The share type list contains all share types associated with the company.

Issued To

The company member (shareholder) owning the shares to be cancelled.

Transaction Date

The date of the transaction. Dates can either be entered manually or selected from the pop-up calendar by clicking on the icon. Dates must be entered in the format DD/MM/YYYY, for example, 01/01/2000.

When entering dates manually, a date guessing routine speeds up the input by taking the user input and assuming the missing month and or year based on the current date as the user leaves the field i.e.

the date today is 30th October 2009.

User enters 15 or 15/ and tabs - field displays 15/10/2009
User enters 15/9 or 15/9/ and tabs - field displays 15/9/2009

Quantity to Cancel

The number of shares to be cancelled from the company member.

The quantity to be cancelled must not exceed the quantity in issue to the shareholder. A warning is displayed with this is attempted.

Memo