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Create a set of nominal accounts

To create a set of nominal accounts

Open: Nominal Ledger >Nominal Accounts > Generate New Accounts.

1. Specify the nominal account number (A/C ref.).
2. Enter the Default name.
3. Enter the default Account options.
4. Enter the Account Type details:

   • Default Report category.

     Select the Report categoryFor final accounts production, this is used in conjunction with the category. A single character code determines whether the account is a Profit and Loss item (P) or a Balance Sheet item (B). from the drop-down list, if the account is a posting or memorandum type.

     Note: Ensure you assign the correct report category code to the account as this is used to determine whether the account values are used in your Profit and Loss or Balance Sheet financial statements. Profit and loss values for each nominal account are set to zero during the Year End routine, making the correct selection imperative.

   • Allow manual journal entries.

     Select this to allow manual journals to be posted to the account. The account must be a memorandum or posting account.

     This allows you to enter journals in the Nominal Ledger to this account. When you enter a journal onto the ledger the transaction must follow the double-entry bookkeeping principle to ensure the debit and credit amounts balance before it is posted.

   • Use batch postings.

     Select this if you want journal transactions to be posted as one value to the account. The account must be a memorandum or posting account.

   About batch postings

   If you select Use batch postings, the total value for all entries transferred to the nominal account is shown as one transaction on the account (with a batch total reference) once you have selected to Update Waiting Postings.

   The account does not store a full history of individual transactions. To identify which transactions make up the batch totals, you must keep the report produced when the transactions are updated to the account.

   If you do not select Use batch postings, then individual transaction values are posted to the nominal account.

   Do not select Use batch postings if:

   • You have selected Update the Nominal Ledger immediately journal entries are posted in the Nominal Ledger settings.
   • Future transactions are posted which result in deferred postings.

   • Display A/C balance in nominal selection box.

     Select this to display a nominal account balance in all nominal account lists.

   • Keep transactions for.

     Enter the number of months (up to 36) you want to store transactions on the nominal account. After this time the transactions are archived or deleted.

     The default for this is set in the Nominal Ledger settings.

     This account must be a memorandum or posting account.

5. If you are using consolidation, select the default consolidation account.
6. Click Next. The cost centres to use with the account are displayed.
7. Select the cost centres to use with the account.
8. Click Next. The departments to use with the account are displayed.
9. Select the departments to use with the account.
10. Click Next. A summary list of the accounts to be generated is displayed.
11. Select the accounts to be generated. Check that their details are correct and make any amendments as required.
12. When you are ready to generate the accounts, click Finish.

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