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Mill7 is also suitable for trust companies in Common Law jurisdictions.

Are you operating in a Common Law jurisdiction please contact the Millogic Helpdesk.

 

Several settings can be set for these Jurisdictions via menu Maintenance> Settings> Trust> Common Law.

Three different kind of groups can be set here:

- Incorporation invoice

- Registry

- Penalties

 

Incorporation invoice

As determining the Common Law fees is complicated, they can be determined with wizards. The calculation in the wizard uses date of foundation, standard fees and discounts (per kind of company), capital, etc.

This information can be entered via the Relation Management module.

 

The fees are calculated for several years.

Settings to create fees with the help of wizards can be set in Incorporation invoice container.

 

It is usual that Fixed Fess will be calculated for a whole year from the date of foundation. If this date of foundation is 1-10-2003 then it is usual that the fee for the period of 1-10-2003 until 30-09-2004 will be invoice 1-10-2003. The next period will be from 1-10-2004 until 31-12-2004 and the next period will be a whole year: 1-1-2005 until 31-12-2005.

 

At the fields 'First month next-year-government-fee' and 'Last month' a period (in months) can be entered. The first period of calculation of the fee will be determined here. To determine that, Mill7 uses the entered date of foundation. If this date of foundation is higher or equal to the first month or is smaller or equal to the last month the date of foundation is set as first month to be invoiced.

 

The fields 'First month renewal-fee' and 'Last month' indicate when the fee will be invoiced the next time. If at 'Last month' a month is set, in the Relation management file 'Services and fees' the field 'Next inv. month' will have the value of this period + 1.

If the month of foundation is smaller than the value entered at field 'First month renewal-fee' the value of 'last month' will be raised with one (1). This value appears in field 'Next inv. month' in the file 'Services and fees' after executing the wizard.

 

Below a few examples will follow:

 

Example 1

First month next-year-government-fee: 10 Last month: 12

First month renewal: 3 Last month: 9

Date of foundation: 01-11 -2003

 

After executing the wizard, the following values will be set in file Services and fees.

 

 

Example 2

First month next-year-government-fee: 10  Last month: 12

First month renewal: 3  Last month: 9

Date of foundation: 01-01 -2003

 

After executing the wizard, the following values will be set in file Services and fees.

 

 

Example 3

First month next-year-government-fee: 5  Last month: 9

First month renewal: 5  Last month: 11

Date of foundation: 01-06 -2003

 

After executing the wizard, the following values will be set in file Services and fees.

 

 

Registry

With the function Forward Payment the government fee can be forwarded to the Registrar. If the payment to the Registrar took place a file is made which can be sent to the Registrar. The name of the file is AGTF.DTA and is set in the root-directory of Mill7. In this file the 'agent code' will be displayed which can be set in the Registry container. Every created file gets a batch number. The last batch number used is displayed in the field 'Last batch no'.

 

Penalties

Penalties are only calculated for outstanding invoices that contain amounts for Forwarding Payments.

 

The Registrar penalties can be entered in the Penalties container. In the field 'Months overdue' the number of months is set with the concerning penalty (in percentages).

Penalties can be set for three different periods. These periods will be used in combination with the clients date of foundation and 'Gov.due month 1 and 2'.

 

1. When the incorporation month is less or equal to the 'Gov.due month 1' entered (month +1) then the months overdue of the penalty is calculated by the month of the reminder minus the month entered at 'Gov.due month 1'.

 

2. When the incorporation month is higher then the month entered at 'Gov.due month 1' (month +1) the months overdue of the penalty is calculated by the month of the reminder minus the month entered at 'Gov.due month 2' . If the term is less then 1 a period of 12 will be added.

 

The penalties for the registrar will be displayed on the reminders. The amount of the outstanding invoice however will not be changed.

When the invoice is paid the penalty has to be manually booked.

 

Strike off

The option Strike off in menu Bookkeeping> Financial> Common law is used to remove clients when the government fee is not paid.

Selections are made on the incorporation date, client code and status of the client.

When outstanding invoices with amounts to forward still exist they will be shown in the list.

By this procedure the status of these clients can be adjusted.