Step 4. Configure the nominal ledger [continued]
2. Create any new Nominal Accounts that you require
You can create any new nominal accounts that you require, just
take care to add the account to the relevant section of the nominal
ledger.
TipIf you are unsure which type is appropriate to the code you
are intending to add, you may wish to refer to a printout of your
existing Nominal Code listing to see if this helps, perhaps by
locating a similar code.
- Click on the Nominal menu and select the
Create New Nominal
Account option (OR click on the Nominal button on the Explorer Bar and then click on the
New button on the main
toolbar).
- Use the drop-down menu to select the Account Type for this new nominal
account.
- Use the drop-down menu to select the Account Sub-type for this new
nominal account. If the appropriate sub-type does not appear on the
list, you may possibly have selected the wrong Account Type - refer
to a printout of your Nominal Code listing for further help.
- Select a VAT Code
for the new account.
- Enter a unique Code
for the new nominal account you code you are trying to add. This
code can be 0-9 digits and also have the option to use a forward
slash as part of the code (e.g. 01/1000). Once again you may find
it useful to refer to a printout of your nominal code listing when
deciding which code to use.
- Enter the Description that you would like to
use for this code. You should ensure this description is unique and
clear.
- Once you have entered all the relevant details, click on the
Save button on the
toolbar.
Notes and
Tips
- Once you save the new account, you cannot
modify the Code.
- What can you do if you entered an
incorrect code? You can modify the nominal account's Description
but the Code will be fixed and cannot be modified. If you enter an
incorrect code by mistake (and no posting have been made to the
account), you can delete the account before it is used and create a
new account using the correct code.
3. Set up partnership details (if appropriate). You can do this
via the Company Partners window.
Use this window to specify or modify the percentage share for
a partnership. You can also use this window to add or delete a
partner. Partnership details are used for general reporting (e.g.
breakdown of drawings and capital for each partner) and year end
profit calculations.
- Click on the New
button on the main toolbar.
- This will display a list of default standard nominal codes for
the Partner.
4. Set up any fixed assets. You can do this via the New
Fixed Asset window.
- Click on the Nominal
menu and select Fixed
Assets - New Fixed
Assets option.
- This will display a list of default nominal codes for the new
fixed asset.
5. You may find it helpful to re-print
the nominal codes list again so that you have a printed record of
your own Nominal Codes to refer to later.
