When you run your balance sheet and profit and loss reports it's important that they show the correct information in each category. The category structure on these reports is determined by the Chart of Accounts you choose when you run the reports. You can customise your reports by amending or creating new Charts of Accounts.
These are the default category types used for the balance sheet and profit and loss reports.
| Report |
Category type |
Nominal code range from |
Nominal code range to |
|---|---|---|---|
|
Profit and Loss |
Sales |
4000 |
4999 |
|
Purchase |
5000 |
5299 |
|
|
Direct Expenses |
6000 |
6999 |
|
|
Overheads
|
7000 |
8299 |
|
|
9998 |
9999 |
||
|
Taxation Tip: This category is relevant to businesses who are liable for corporation tax. |
9001 | 9001 | |
|
Balance sheet |
Fixed Assets |
0001 |
0059 |
|
Current Assets |
1000 |
1250 |
|
|
Current Liabilities |
2000 |
2299 |
|
|
Note: Nominal codes which can be an asset or a liability, for example, a bank account, appear in a separate floating category section under both Current Assets and Current Liabilities. A floating category appears on the balance sheet report as either an asset or a liability depending on the balance. |
|||
|
Long Term Liabilities |
2300 |
2399 |
|
|
Capital & Reserves |
3000 |
3299 |
|
When you create a new nominal account, to include it in the correct financial report, you must ensure that the code falls within the correct category range.
If you decide to use your own Chart of Accounts, you need to set the nominal code ranges for each category type. Take care to ensure the nominal accounts needed for each financial report fall within the correct category ranges.
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