Setting up Company Defaults

Company Defaults can be set up. Defaults save time when inputting new Companies onto your database, as some basic information, such as Company type and status, will have been pre-entered.

Defaults can be created for different types of Companies, for example, you may set up a default for Companies Limited by Shares, Limited Liability Partnerships Companies, or you may want to set up defaults in a different manner, such as by jurisdiction.

These defaults can be created by entering information for various fields or by cloning a Company, in which case the system will take the information that is entered for the Company that is being cloned.

To set up Company Defaults, select this option from the List Manager and select New:

Item Details:

• Enter a Quick Reference and a Description.
• Select whether you want to set defaults from field selections or by cloning a Company.

• Select which fields you want to set defaults for and select Next.
• If you selected to set defaults from field selections, you will see the following screens:

Statutory:

• Select the country in which the Company was incorporated, the type and status of the Company.

• Enter the standard industrial classification codes, if relevant and known:

• Select Next.

Addresses:

• Use the Wand icon next to each address to select default addresses, but note that the address must already exist on your database in the Address Search. It is not possible to enter a new address in this section.

• Select Next.

Validations:

Validations are a set of rules that each Company follows. They dictate what a Company should or should not show, for example, Share Classes. They also state what a Company should or should not allow, for example, unlimited or zero authorised shares and what information must be entered for directors and officers of Companies, for example, a Director must have his/her nationality entered. When validating events, Diligent Entities will give error messages if the required information is missing from the event or if something is contrary to the validations.

Diligent Entities automatically assigns these validations to Companies according to the type, status and jurisdiction of the Company. However, the validations can be configured and so you can assign a different validation set to Companies. This will be discussed in more depth further on.

• Leave selected Set Validations Automatically if you want Diligent Entities to automatically assign a validation set to Companies that will follow this default, or deselect it and select the relevant validation set from the dropdown menu if assigning a different one.
• Select Next.

Management:

Management details are not statutory pieces of information but are ways to group common Companies together. They can be used when filtering, which will then allow you to perform specific events or report on certain groups of Companies.

User Groups, Divisions/Partners and Sets will have to be configured in the List Manager before you can select them as defaults. The Managed by field, however, is a list of Users of your system. This field is useful if you want to see/record who is responsible for updating and entering information on your database.

• Select any management details, if applicable, and select Next.

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Security:

The use of Security Groups allows the Administrator to limit User access to certain entities. The system has 4 standard Security Groups, which are shown in the screenshot:

By default, every entity (Company, Individual and Other Entity) will automatically go into 2 of the 4 system groups. If the entity is saved as pending, the entity will go into All Records Pending (Read Only) and All Records Pending (Standard). If the entity is updated immediately, it will go into the not pending groups.

The idea behind these groups is so that Read Only Users can access entities on a 'view only' basis (i.e. they will not be able to edit anything) and the Standard Users can view the entities as well as edit and change the information.

• If the Administrator has set up his/her own Security Groups, these will also be shown and you can then select which group applies, otherwise, leave the defaults and select Finish.

If you selected to Set defaults from cloning a Company, you will see the following screens:

Clone From:

• Use the Search button to search for the Company you want to clone:

• Select Next.

Clone Options:

• Select which sections you want to clone for your defaults:

• Select Finish.

Company Defaults:

If Company Defaults have been set up, the first page you will see when inputting a new Company onto the system will be the Company Defaults page, which will allow you to select which default you want to use for the Company you are inputting:

If using a default, then all of the information you entered when setting up the default will have already been input. However, the information can be overridden, if necessary.