The Statement of Affairs Wizard

Last modified 07:53, 24 Apr 2017

Overview

This section explains how to produce a Statement of Affairs.

The Statement of Affairs Wizard

Although it is the directors’ responsibility to prepare the Statement of Affairs (“SoA”) for CVL’s and most other relevant job types, it is usually prepared on their behalf by the IP.  The SoA Wizard permits capture of the relevant assets and liabilities (including security) and entry also (automatically) populates the appropriate account in the chart of accounts obviating the necessity to enter the details again to ensure the chart of accounts is correct.  Assets and liability details can also be entered from within the Financials > Assets and Financials > Creditors tabs in which case the SoA Wizard picks up the entered amounts and automatically populates the SOA wizard, again obviating the need to enter the details again.

The wizard can be quit at any time retaining entered figures and revisited.

Finalising the SoA will lock the SoA values of Assets and Creditors.  Should any further Assets or Creditors be added, the SoA values of these entries will automatically default to zero (and do not populate the SoA wizard).

You will see that by using the SoA Wizard, you can review the assets and the creditors of the job upon appointment, which can be a useful tool to ensure all SoA items, are entered into the application.

Using the SoA Wizard

1.    To run the SoA Wizard, from the toolbar click Reports and Forms > Statutory Forms and Lodgements > Directors Notices > Form 4.18/4.19 – Statement of Affairs (for MVL/CVL job types).

The SoA Wizard will appear showing any assets already entered in the manner referred to in overview.

SoA1.png

2.    To add assets not already entered click Add Asset button as follows:

SoA2.png

3.    Choose the appropriate asset category from the drop-down list and the following window appears:

SoA3.png

The assets type chosen (stock in the example) will appear in the Asset Class field.  The Holding Account field defaults to the appropriate type.

Note

The Holding Account can be amended by clicking on the drop-down box arrow to show the Add New Account window from which alternative account details can be selected.

4.    Enter an acquisition date, description, SOA Book Value £15,000 and SOA ERV £5,000, ERV high £7,000 and ERV low £5000.

Note

The asset description must be added.

5.    Click Save and Exit.  You will be returned to the asset summary of the SOA Wizard which will now show.

SoA4.png

6.    At this point you can review and edit any assets that have been entered into the application by drilling down to each Asset Category to update or enter additional Assets.  In this example, we will assume that Stock should have been entered as ‘£15,500’ and not ‘£15,000’.  Double-click Stock.  The Asset Register window will appear.

SoA5.png

7.    Double-click Stock and adjust the asset’s values as shown.

SoA6.png

8.    Click Save and Exit and you will be returned to the Assets Register.  Click Exit to return to the SOA Wizard which will show the amended stock value.

SoA7.png

9.    Click [Next] to move to the next screen of the wizard.

10.    At this point you can review and edit the creditors that have been entered into the application so far. The following window should be open:

SoA8.png

Note

The Wages, Holiday Pay and Other Claims fields shown with blue zeroes are bulk entry fields to cater for employee claim estimates which, due to lack of available information at an early stage, are generally not known in detail but are rather subject to estimation on a ‘bulk’ basis for SoA purposes.

Once entered the B list automatically reconciles.

When the information is available this is dealt with post SoA as set out later on in this module.

To review the creditor claims drill down to each Creditor Category to update or enter additional claims. In this example, we will not make any changes to the creditors.

11.    Click [Next]. The following window appears.

SoA9.png

Note

The Share Capital Amounts have been filled automatically. The SOA Wizard has recognised that the Share Capital amounts have previously been entered into the Corporate Information.

If they had not yet been entered into Corporate Information, you can update the amounts here by clicking on the Add button.

12.    The application automatically creates the necessary documents that are needed to lodge a SOA.  Open the appropriate SOA document (depending on the job type) by double clicking on the word icon and review.

Click [Next] and the following window appears:

SoA10.png

13.    To finalise the SoA tick the Finalise SoA now tick-box, enter the date of the SoA and then click [Next].

Note

Finalising the SOA is user role specific and only managerial or other assigned roles have the appropriate permission.

14.    Click [Finish] 

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