Nominal Ledger

Modified on Mon, 10 Feb at 9:51 AM

Nominals

The nominal ledger (chart of accounts) is a list of all accounts, grouped into nominal groups (categories), such sales, purchases etc, which are used on financial transactions posted on the system.

A set of standard farming nominal codes are applied when your company is first created. You can edit the existing codes and add new ones to suite your specific business needs.

All nominal accounts are set a nominal group which is used to define where your nominals appear in reports.

Use Nominal Groups to categorise your nominals in your reports for more meaningful information.

There are standard Fixed Groups, e.g. Sales, Purchases, Overheads etc. which are directly associated to its relevant Nominal Group Type and cannot be changed because they define how the codes appear in a set of accounts and in management reports.

Non-fixed nominal groups are referred to as sub-groups.

Adding a nominal sub-group

From the main menu, go to Ledgers > Nominal
Click Groups to open the Nominal Groups screen

Click Add

Name: Enter the name as you want it to appear in your reports.
Nominal Group Type: Select the appropriate group type for your group.
VAT Code: Enter the default VAT code. This will be used as a default for new nominals using this group but can be changed.

In the above example, once the sub-group for Livestock Income has been set up, nominal codes for Lamb sales, Beef sales etc. can be created which are linked to the sub-group. These will appear in the Sales section of the reports but under the sub-heading of Livestock Income.

Adding a new Nominal

From the main menu, go to Ledgers > Nominal
Click Add

Code: A unique 5 digit alphanumeric code.
Name: A unique short description up to 50 characters long.
Description: Up to 100 characters. This description is used as a default description on your transactions unless you have used an Item code.
Nominal Group: Select one of the pre-defined fixed groups or a user defined sub-group.
Default VAT: This is the VAT code normally associated with the nominal. It will act as a default but can be changed.
Default VAT Input/Output: This will default to what is usually associated with the group but may be changed.
Active: If a nominal is not Active you will not be able to use it.

Note: Fields with a * are required to be filled in before you can save.

Once saved, the nominal will appear in the listing screen.

Removing Nominals

Nominals can only be removed if they have not been used on any records. To remove a nominal:

From the main menu, go to Ledgers > Nominal
Select a single or multiple nominals from the listing screen
Click the Morebutton
Click Remove

Hide a Nominal

If a nominal is no longer required and cannot be removed because it has been used, you can archive it by making it inactive.

From the main menu, go to Ledgers > Nominal
Click on the blue Name field or double click on the grid row
Click on the Active toggle to switch it off
Click Save

Filters

A nominal which has been made inactive can be viewed on the listing screen. To view inactive nominals:

Select the dropdown arrow on Status at the top of the screen
Tick Inactive to show Inactive nominals as well as Active.

Note: Any inactive nominals will have a red dot next to them rather than green for the active ones.

There are further options to filter on the details of the nominals e.g. Name, Default VAT, Nominal Group etc. See the Filters section for more details.