NAMES – New/Amend Account Names - Nominal

This is a fast way to enter account codes. Other than the account code and name the only parameter, on a non-currency system, you can change is the P/B indicator. However, most other parameters are exceptions anyway, so you can use the next option above to change those afterwards.

You need to enter an account code, the account name, and whether it is a profit and loss account (P) or balance sheet account (B) in the final column. If the account exists already, then the account name is displayed for you to alter. If the account is new, then you must enter an account name.

Cost Centre Structure– If using a cost centre structure then you must create the header accounts first, i.e. if you wish to create an account 001-01 where 001 is the nominal code and 01 is the cost centre then the ‘header’ account 001 must be created first.

Currency Code – The essence of the nominal ledger is that all transactions are converted to base currency values, but details are also held in the foreign currency for foreign currency nominal accounts. Each account on the nominal ledger should have a currency allocated to it. In the absence of a currency code then the base currency is assumed.

Notes