Nominal Accounts

Created by Melvin Xuereb, Modified on Mon, 04 Dec 2023 at 09:55 AM by Melvin Xuereb

TABLE OF CONTENTS

Introduction
Creating or Updating Nominal Accounts
Dimensions
Budgets
Importing Nominal Accounts
Importing Budgets and Forecasts

Introduction

Nominal ledger accounts, often referred to simply as "ledger accounts," are a fundamental component of a company's accounting system.

They are used to record and organize financial transactions according to specific categories, making it easier to track and analyse the financial activities of a business. These ledger accounts are part of the general ledger, which is a comprehensive record of all financial transactions.

Each nominal ledger account represents a particular category of financial activity, such as income, expenses, gains, losses, and other financial elements.

Creating or Updating Nominal Accounts

Menu Path: Nominal → Setup→ Nominal Accounts

A Nominal Account requires the following information:

Item	Description
Number	This is the unique Account Number
Description	Nominal Ledger Account Description
Account Type	Types: Income, Expenses, Assets, Liabilities or Owners Equity
Is Control	Defines if the Nominal Account is a Control Account or not. Note: Debtors, Creditors, Stock, Commissions Control Accounts should be flagged as YES. This will ensure that users do not post any journals or single transactions directly into this Nominal Account.
Section	Defines if the account is a Profit and Loss (PL) account or Balance Sheet (BS) account
Status	Active (A) or Inactive (I)
Elements 01 - 06	Define the Profit and Loss Reporting Groups. Refer to the document Reporting Elements for more information.
Elements 07 - 12	Define the Balance Sheet Reporting Groups Refer to the document Reporting Elements for more information.

Dimensions

Dimensions often refer to specific attributes or categorizations used to classify and analyse financial data. These dimensions provide a way to segment and understand various aspects of a company's financial information.

They are especially useful for reporting, analysis, and decision-making.

Here are some common accounting dimensions: Profit Centre, Cost Centre, Location, Product or Service Line, Customer Segment, Project or Campaign, Employee or Department etc ...

Budgets

Any existing Budgets are shown in this section.

Click on the Update Budgets and FCast button to create zero value budgets.

Importing Nominal Accounts

Nominal Accounts can be imported directly from an excel file.

Prepare an excel file with the values to import. Ensure the sequence of fields/data in excel matches that in Experience.
Copy from excel and paste the data into Experience. Note: ensure you highlight the whole line before you paste.
Check for Paste Errors, and then click on Import.

Importing Budgets and Forecasts

Budget figures and Forecast figures can be imported into Experience directly from an excel file.

Prepare an excel file with the values to import. Ensure the sequence of fields/data in excel matches that in Experience.
Copy from excel and paste the data into Experience. Note: ensure you highlight the whole line before you paste.
Check for Paste Error, and then click on import.