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
The first and second options of this menu have similar purposes — to add or amend accounts. When you first set up the ledger, you may find the first option NAMES much quicker for getting all the account names into the system. You can then use the second option on those accounts which need to have more information, such as those which are cash (bank) accounts or ones where you wish to apply factored budgets.
Article ID: 992
Created On: Wed, Jun 27, 2012 at 11:37 AM
Last Updated On: Mon, Jun 19, 2023 at 7:14 PM
Online URL: https://kb.datafile.co.uk/article/maintain-accounts-nominal-992.html