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Record Nominal Payments or Receipts

Note: You can enter payments or receipts in the Cash Book as well as the Nominal Ledger. If you are using the Cash Book to control cash transactions, you can enter foreign currency transactions using this routine.

To enter a transaction

Open: Nominal Ledger > Enter Transactions or

Open: Cash Book > Payments and Receipts > Nominal >
- Nominal Taxable Receipt.
- Nominal Taxable Payment.
- Nominal Non-Taxable Receipt.
- Nominal Non-Taxable Payment.

1. Select the Bank account or Nominal account to be used. This depends on which module you are using to control your cash transactions.
   • If you are using the Cash Book, select the Bank account from the drop-down list. The account details displayed, are for that selected account. These cannot be changed.
   Note:

   If you are using a foreign currency bank account, you can change the Exchange rate to base once you enter a Cheque value for the transaction.

   • If you are using the Nominal Ledger, select the Nominal account code for the bank account that you want to receive the payment or receipt.

   Note: The Nominal Ledger is only available for use, if you have no bank accounts set up in the Cash Book. In this case, you cannot enter foreign currency transactions.

2. Press the Tab key to enter the transaction details: Cheque number, Transaction date, Narrative and second reference (2nd ref) if appropriate.
   • Cheque number: This is the default reference that will applied to all of the postings, unless overridden for individual postings. It does not have to be a cheque number, unless you are going to print a cheque straightaway for a payment.

   Note: You cannot print a cheque for a foreign currency transaction.

3. If you are entering a foreign currency transaction, enter the transaction values by:
1. Entering the Cheque value.

Note: Once you enter the cheque value, you can amend the Exchange rate to base, if required. Click the icon () to the left of the box to open the window; then amend the rate.

2. Accepting or amending the Cheque currency for the entry.

If the cheque is in a different currency from the bank account currency, you can change the Exchange rate for the bank account to the cheque currency.

3. Accepting or amending the Exchange rate value, by clicking on the icon () to the left of the box. This opens the Amend Exchange Rate window.

If you do not amend the exchange rate, the displayed exchange rate is used for the transaction.

4. If you are entering a foreign currency transaction, enter the Bank charges details. This includes other applicable charges. Bank charges are in the same currency as the bank account.
5. If you are entering a foreign currency transaction, enter the loss or gain on exchange, if applicable.

Note: If a loss has been made, then enter the amount as a positive value, e.g. 125.00. If a gain has been made, then enter the amount as a negative value e.g. -125.00.

6. Select the Project Analysis tab to enter any project related values. You can analyse the full amount to a project or part of the amount. Use the Nominal Tax & Analysis tab to analyse the remainder.

   1. Select As Cost or As Revenue to post the value of the transaction to the project.

      Note: The Project Item must be set up to contain the cost or revenue option you have chosen.

   2. Select the project.
   3. Select the project item.
   4. The nominal account code, cost centre and department that are associated with the project item will be displayed. You can amend these, if required.
   5. Amend the narrative description, if required.
   6. Select the transaction analysis code, if required.
   7. The goods value and tax code for the project item are displayed. You can amend these, if required.
7. Select the Nominal transactions tab to enter the details. Click on the entry to enter the nominal transactions details.
   1. Enter the nominal account (A/C No.) to be used for each item, including the cost centre (CC) and department (Dept).
   2. Enter a Reference. This will automatically display the cheque number for the entry.
   3. Enter a Narrative. This will automatically display the reference entered for the whole entry. You can amend the details on the actual posting.
   4. Enter the Transaction Analysis code, if applicable.
   5. Enter the Transaction date for each item. This will default to the entry date, but you can enter your own date. This is the transaction date that will be added on the transaction details when it is posted to the Nominal Ledger.
   6. Enter the Goods value for each item. This is the gross value, and must be a positive figure. The sign of the transaction is determined by its type (payment or receipt). In case of taxable transactions, this may be calculated by the system from the Goods value and Tax value.
   7. Enter the Tax code and Tax rate, if dealing with a taxable entry.
   8. The routine calculates the Goods value and Tax value for you. These values can be amended. To do this, double-click the boxes and re-enter the values.
8. Refine the entries, if required, by adding or deleting items from the list.
9. To enter the payment or receipt, click Save.
10. Click Yes if you want to print a cheque.

    1. Enter the Payee's name.
    2. If required, change the cheque date.

    3. Click Print to print the cheque.

    You cannot print a foreign currency cheque. Once you have printed a cheque, you cannot re-print it.

    Note: This message will only be displayed if you have selected Display cheque printing message when entering nominal payments from the Nominal Ledger Settings > Options tab.

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