How do I create a nominal code?

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Summary

The following article explains how to create a new Nominal Ledger Centre.

More Information

Go into " Nominal Ledger Maintenance Options Centre Maintenance Add or Edit Nominal Centres".

You may wish to view a list of your current Nominal Centres to decide what your new code should be and where it should sit within your current Nominal Ledger Structure. You should be aware of the structure used to create your nominal codes - for example if you have a multi-site operation, a certain part of the nominal code will be used to indicate the site automatically.
  • Click [List] to view all centres. As you move down the list you will see the "Type" of centre is shown on the far right of the screen.
  • In the "Filter on" field, type part of the name of your new Centre to check that it does not already exist. Click [Search].

When you are ready to add your new Centre:

  • Click [Add].
  • Enter your new "Code", (max 6 characters), and press <Enter>. Please be aware of the structure required.
Codes from Z950 upwards are reserved for the system and cannot be used when creating a new code.
  • Type in a suitable "Name". This will be printed on your management reports.
  • Choose the Balance Sheet or Profit & Loss category relevant to this centre - see below for descriptions of these categories .
  • If this centre is to be "Reconciled", e.g. it's a bank account or any other centre that needs to be reconciled through either the Bank Reconciliation or Nominal Reconciliation options, then select the appropriate option from the drop down menu.
  • Whilst the nominal ledger runs in base currency only it is possible to store a local "Currency" indicator against a Nominal code. You may then view, maintain and adjust transactions in that local currency - see How do I Reconcile Foreign Currency Accounts?.
  • In the "Grouping" section you may specify a Group and/or Division Code. Use the drop down menu to select a group or division code.
  • Click [Done] and [Accept].

Categories

Profit and Loss Categories

'A' - Sales/Cost of Sales
Depending on whether the centre has a credit (-) or debit (+) balance, the code will appear in the Sales or Cost Of Sales area.
'B' - Overhead
This will be shown in the Overhead area irrespective of the value.
'C' - Sales
This will be shown in the Sales area irrespective of the value.
'D' - Cost of Sales
This will be shown in the Cost Of Sales area irrespective of the value.

Balance Sheet Categories

'A' - Fixed Asset
This will be shown in the Fixed Asset area irrespective of the value.
'B' - Asset/Liability
Depending on whether the centre has a debit (+) or credit (-) balance, the code will appear in the Current Assets or Liability area.
'C' - Financed By
This will be shown in the Financed By area irrespective of the value.
'D' - Current Asset
This will be shown in the Current Asset area irrespective of the value.
'E' - Current Liability
This will be shown in the Liability area irrespective of the value.

See also


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Keywords AND Misspellings
reconcile, nominal, centre, create nominal, asses, liability, overhead, sales, cost of sales, balance sheet, profit & loss, profit and loss, p&l, tb, chart of accounts
Tags

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