> Nominal_and_departments / Nominal - New Nominal

New Nominal

If you are new to Sage and need help creating a new nominal record, the New Nominal option opens a wizard that helps you create nominal codes and assign opening balances to them.

The wizard captures key details for the nominal account which are used to create a unique record. After completing the wizard, take a look at the record which includes other settings you may find useful.

Note: You should not use this wizard to create a new bank account.


Enter Details

Name

The name of the nominal account, up to 60 characters.

Tip: This appears on all financial reports.

Type

The area you want to assign the nominal account to.

A nominal account is assigned to a specific area in the Profit and Loss or the Balance Sheet.

By default, these areas cover:

  • Profit and Loss: Sales, Purchases, Direct Expenses, Overheads and Taxation.
  • Balance Sheet: Fixed Assets, Current Assets, Current Liabilities, Long Term Liabilities and Capital & Reserves.

Category

The account category for your new nominal account.

Each area (Type) in the Profit and Loss or Balance Sheet is divided into category accounts, which appear as headings on all financial reports.

N/C

A unique reference code used to identify the nominal account, which can't be changed once you save the record.

The code must be numbers only and have at least four digits and no more than eight (between 0001 and 99999999).

We recommend:

  • The number of digits in a code are consistent. For example, you cannot have some with four numbers and others with six.

  • You allocate a code so that the nominal account groups with associated accounts. For example, group all your sales nominal accounts within a range. This ensures the nominal account is included and used in the correct financial report.


Opening Balance

Note: Entering opening balances covers a number of activities that are done in a set order. Unless you are familiar with opening balances and the process involved, we recommend you don't enter an opening balance at this point. Read more


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