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Nominal record - Details

Nominal records are essential for recording all the financial aspects of your business so you know where your money is, where it comes from and where it's going. This means each financial area of your business you want to monitor should have a separate nominal account.

Each nominal record needs a unique reference code. These codes need careful planning as they can’t be changed once any activity has been applied.

This topic gives an overview of the information held in the details tab of the nominal record.

Find out more about how to enter information in the other nominal record tabs:

Graphs Activity Memo

The Details tab

N/C

The nominal code for the nominal record.

Name

The name of the nominal code.

SOFA Category

Charities only.

The SOFA Category associated with the nominal code. For more information about SOFA categories, please refer to Charities - Setup

Balance

The current balance on the account. This updates every time a transaction is recorded.

Account Type

The type of nominal record you are working with:

  • Nominal Account - A standard nominal account used to record financial activity.
  • Control Account - Part of the core set of accounts needed for accountancy purposes. Read more
  • Bank Account - This record is both a bank account and nominal account.
Month

Date ranges, broken down into:

  • B/F - The balance on the account brought forward from the previous year.
  • The 12 months of the current financial year.
  • Future - The value of transactions relating to your next financial year.
  • Total - The overall total of the table column.
Actuals

The total of all the transactions posted to the nominal account during each period.
Budgets

Only appears when your software is set to use Standard budgeting.

The budget for the nominal account. Find out about nominal budgets.
Prior Year

Only appears when your software is set to use Standard budgeting.

The balances for the nominal account from the previous year.

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