Step 4. Configure the nominal ledger
This may sound a little like being thrown in at
the deep end, but the Nominal Codes that you set up here are needed
for the later steps.
You may, for instance, simply wish to personalise the nominal
ledger by changing account descriptions, e.g. Bank Account 1 to
Barclays Current Account or the Sales 1 - 5 descriptions (e.g.
codes 0010 to 0050). If you do not set these up now, you may need
to refer back to this step.
Notes and
Tips
- Try reading the General nominal
ledger information (within the help in IRIS
Bookkeeping) for an overview of the nominal ledger.
- Refer to the Enter Opening
Balances topic (within the help in IRIS
Bookkeeping) if you intend to build up your outstanding
balances.
- You should be aware that changing the default account
types and sub-types will amend the structure of nominal codes and
may well have an adverse affect upon your subsequent reports. Such
changes should be made after careful consideration. IRIS Software
Ltd cannot be held liable for the consequences of such
changes.
You may find it helpful to print the nominal codes list before
you start; studying this printout will allow you to plan your
changes.
Print the nominal code list as follows:
- Click on the Reporting menu and select the
Nominal - Nominal Code List option.
1. Modify Existing Account Descriptions
You can modify the description and VAT code of any existing
Nominal Accounts to better represent your type of business. For
example, you may wish to give the account 'Sales1' a more
meaningful name like 'Cash Sales'.
Make sure that you keep the account types in the appropriate
section of the nominal ledger.
- Open the nominal record that you wish to modify. You can do
this by clicking on the one of the nominal accounts listed in the
Explorer Bar or
double-clicking on an account in the
Nominal Ledger
List.
- Over-type the existing name in the Description field with your
preferred name/description. You also have the option to select a
different VAT Code for
the nominal account.
- Click on the Save
button on the main toolbar to save any changes that you have
made.
