Maintain Accounts - Nominal

Datafile Software

Maintain Accounts - Nominal

You use this part of the program to add, amend, view and delete nominal ledger accounts. You also use it to enter the values for budget and comparative items for periods and year, if these options are configured for this company’s nominal ledger.

A chart of accounts is simply a list of the nominal ledger accounts, with a carefully-designed structure so that the various types of account fall into specified ranges. For example, it is helpful to define codes so that consecutive series of nominal accounts define a range of income accounts, a range of expense accounts, a range of current asset accounts, and a range of current liability accounts and so on. See the discussion about code structures in the Introduction chapter above.

You are recommended to review your chart of accounts and its structure with your accountant before you start to add any accounts. This will ensure that management reports provide the information required for audit purposes.

Notes