No Nominal Journals聽should be entered, particularly Opening Balances, until this initial setup procedure of the Nominal Ledger is complete in the accounting software.
A number of steps are required to properly setup the Nominal Ledger:
- Review the default Chart of Accounts, change as required.
- Review the default聽Control Accounts, change as required.
- Assign a聽Nominal Account聽to each Analysis Category.
- Assign a Nominal Account to each bank account.
When the Nominal Ledger聽is enabled, it posts all the transactions to the the correct Nominal Accounts provided all Analysis Categories have been correctly assigned existing Nominal Account Codes.
A standard set up Nominal Accounts are provided in 三亿体育. 聽These can be added to or deleted to suit your company. 聽Your accountant will be able to advise you on setting up the Chart of Nominal Accounts for your company.
Once the Nominal codes have been setup, the Nominal option can be switched off again and the Nominal will be properly updated in the background.
Default Chart Nominal Accounts.
To print the Chart of Accounts to screen click on the top menu select聽Reports / Nominal Ledger / Chart of Accounts in the accounting software.
