---
title: "Create New Venture"
canonical: "https://bizcore.refined.site/space/BCKB/1790083080/Create%20New%20Venture"
format: markdown
---
> Macro (toc)

# **Overview**

Once users have created at least one venture product they can use the inbuilt wizard to create ventures based off the framework provided in the product. Once a venture has been established the fee structure cannot be altered, so ensure the venture product settings are correct before build any new ventures.

---

# **Create New Venture**

To create a new venture, use the sidebar to navigate to **Workspaces → Ventures**:

![image](media://4b756570-6134-4359-8bbc-027432aa32b0)

From here, hover over the **Actions ≡ **icon on the bottom right and select **Create New Venture **to launch the creation wizard:

![image](media://e836baba-8a2c-4f5d-a2ad-e2b8c0cc2cfe)

Within the creation wizard users can follow each step to build a new venture.

## **Step 1 - Venture**

Below is an explanation of each field, fill them out to complete the first step of the creation process:

- **Venture Name:** Enter a name for the venture, this is for internal reference, and is essentially a point of reference for users as to what the venture is for.
- **Venture Product: **Select a [Venture Product that has been configured](https://bizcore.refined.site/space/BCKB/1790214145) previously from the dropdown list.
- **Interest Record Frequency: **Select a frequency to record the venture’s interest from the dropdown list, this will determine how the interest will be displayed in the [Accumulated Interest widget](https://bizcore.refined.site/space/BCKB/1819639815#Accumulated-Interest) on the venture record. For example, if users choose the monthly option the venture record will display interest in monthly increments.
- **Anchor Start Date:** This chosen date serves as the reference point for upcoming periods of accrued interest. For instance, if users opt for the 1st day of the month and set the Interest Record Frequency to be Monthly, the accumulated interest periods will encompass the entire duration from the 1st to the last day of each subsequent month (e.g., 01/01/2022 - 31/01/2022).
  Likewise, if users designate the Interest Record Frequency as Weekly and they pick a Monday as their starting point, the accumulated interest period will span from one Monday to the next in each consecutive week.
  It's important to note that this selection of date doesn't trigger the interest calculation from that particular date; rather, it establishes a fixed reference for the subsequent interest periods.
- **Venture Fees: **After selecting a Venture Product, the Venture Fees section will appear, allowing the user to input the amount or percentage of each fee that has been added to that specific Venture Product. The fees must fall within the minimum and maximum values configured on the Product for each fee type.

Once the fields are completed click **NEXT** to move to the next step.

## **Step 2 - Investee**

Use the radio buttons to select between adding new investee or searching for a customer record that already exists within Biz Core:

![image](media://6d515b3d-d6dc-48b4-be22-10afade95e77)

### **Adding a New Investee**

To add investees that do not already have a customer record in Biz Core:

- **Customer Type: **Select from the dropdown menu if they are an Individual or a Business:

![image](media://65d127ed-fc5d-4e6b-8aa3-35d1066eef95)

Based on the user's selection, relevant widgets will become visible. Click on each of them to expand and enter the investee's details:

![image](media://5c835738-1b58-4586-80fd-681b90ee0f85)

- **Investee Details: **Click to expand the widget and input the investee details. Mandatory fields are marked with an asterisk, and are different depending on whether the investee is a business or individual.
  - Phone number formats can be changed between Mobile, Residential or Business depending on requirements by clicking on the **Phone **📱 icon:

![image](media://54aab09a-1208-4059-836a-b139f8abed1f)

- **Bank Account Details:** Expand the widget by clicking on it, then enter the bank account details for the investee, these fields are optional.
- **Address: **Click to expand the widget and enter the address of the individual or business. Users can search for an Australian postal address by typing in the **Address** field, then clicking the desired address from the search results:

![image](media://71e7098e-3bdb-406c-b44f-f8c0a3b27434)

Once the investee details have been provided, click the **NEXT** button to proceed. Clicking the **BACK **button from the next page will allow users to return and edit the investee details by then clicking the **Pencil **✏️ icon or delete them by clicking the **Bin **:cross_mark:.

### **Adding an Existing Investee**

To add an investee that already has a customer record in Biz Core, start typing an individual’s first-name, last-name, customer reference or phone number, alternatively for a business begin entering their company name, trading name or customer reference. The system will begin searching as users enter these details and provide a list of results in a dropdown menu, choose the correct result by clicking on it:

![image](media://ee3958ae-e776-4946-a090-e7d57cca8a35)

Once the investee has been found and added, click the **NEXT **button to proceed. Clicking the **BACK **button from the next page will allow users to return and edit the investee details by then clicking the **Pencil **✏️ icon or delete them by clicking the **Bin **:cross_mark:.

## **Step 3 - Investors**

Use the radio buttons to select between adding new investor or searching for a customer record that already exists within Biz Core:

![image](media://30d59277-ac43-466e-a6d2-0dd3f3cd43d8)

### **Adding a New Investor**

To add an investor that does not already have a customer record in Biz Core:

- **Customer Type: **Select from the dropdown menu if they are an Individual or a Business:

![image](media://81328cf7-84b0-47f8-9925-aff44ab13276)

Based on the user's selection, relevant widgets will become visible. Click on each of them to expand and enter the investor’s details:

![image](media://604bf9f1-8f73-4f6c-a999-157a697a6012)

- **Investor Details: **Click to expand the widget and input the investee details. Mandatory fields are marked with an asterisk, and are different depending on whether the investor is a business or individual.
  - Phone number formats can be changed between Mobile, Residential or Business depending on requirements by clicking on the **Phone **📱 icon:

![image](media://54aab09a-1208-4059-836a-b139f8abed1f)

- **Investor Starting Balances: **Use the fields to enter any balances already attributed to the investor for the venture. These amounts will immediately be added and associated with this investor when the venture is created:
  - **Invested Amount as of Today: **This is the total dollar amount the investor has contributed to the venture as of the date of creation.
  - **Interest Free Amount: **If any of the total amount invested as of today has been earmarked as interest free, add the value here.
  - **Fees Accrued as of Today: **This section will contain fields for each of the fees applicable to the venture product. Add the dollar amounts of any fees that have already been accrued by the investor as of the current date.
  - **Paid by Investee to Investor Amount as of Today: **Use this section to add the dollar amounts of any of the principal, dividends or fees paid back by the investee to the investor as of the current date.
- **Bank Account Details:** Expand the widget by clicking on it, then enter the bank account details for the investor, these fields are optional.
- **Address: **Click to expand the widget and enter the address of the individual or business. Users can search for an Australian postal address by typing in the **Address** field, then clicking the desired address from the search results:

![image](media://71e7098e-3bdb-406c-b44f-f8c0a3b27434)

After entering the investor details, click on the **ADD** button to include them in the venture. A card will display under the **Investors **header with their details:

![image](media://eed77b07-7406-4052-9235-e28c5f0d8d3d)

Click the **Pencil **✏️ icon to edit the investor details or the **Bin **:cross_mark: icon to delete them from the venture

Follow the same workflow to add more new investors as required, and click **NEXT **when finished to move to the next section.

### **Adding an Existing Investee**

To add an investor that already has a customer record in Biz Core, start typing an individual’s first-name, last-name, customer reference or phone number, alternatively for a business begin entering their company name, trading name or customer reference. The system will begin searching as users enter these details and provide a list of results in a dropdown menu, choose the correct result by clicking on it:

![image](media://5eee34ff-5f88-4f2d-bd73-a158cc37f64a)

After locating and clicking on the existing customer record the **Investor Starting Balances **widget will open, users can enter any balances already attributed to the investor for the venture. These amounts will be added and associated with this investor when the venture is created:

- **Invested Amount as of Today: **This is the total dollar amount the investor has contributed to the venture as of the date of creation.
- **Interest Free Amount: **If any of the total amount invested as of today has been earmarked as interest free, add the value here.
- **Fees Accrued as of Today: **This section will contain fields for each of the fees applicable to the venture product. Add the dollar amounts of any fees that have already been accrued by the investor as of the current date.
- **Paid by Investee to Investor Amount as of Today: **Use this section to add the dollar amounts of any of the principal, dividends or fees paid back by the investee to the investor as of the current date.

Next, click on the **ADD** button to include them in the venture. A card will display under the **Investors **header with their details:

![image](media://eed77b07-7406-4052-9235-e28c5f0d8d3d)

Click the **Pencil **✏️ icon to edit the investor details or the **Bin **:cross_mark: icon to delete them from the venture

Follow the same workflow to add more new investors as required, and click **NEXT **when finished to move to the next section.

## **Step 4 - Summary**

The wizard will provide a summary of the new venture, including the details, balance summary, the investee and investor(s). Use the **BACK** button to return to any of the previous steps and make changes or click **FINISH **to create and launch the record for the new venture.