New Accounts to create
Related topics: CoA Intro, Coa Build, Build, Detail
The Advanced Nominal Ledger system enables you to create your own chart of accounts using segmented or cost centre coding.
The chart of accounts builder is opened by selecting Chart of Accounts. When you have created your chart of accounts structure, pressing the Build ribbon button will open a window where you will select the accounts that are to be created. On this window you will identify the default Nominal and Stock accounts for your system, and de-select any accounts that are not required so that they are not created. You can close the window and return to return to the chart builder window to adjust the structure as necessary.
You should review the records to be created and select the system default accounts as required.
A list of all nominal records to be created is displayed. The following information is shown for each account. Also see Setup:
Create - Uncheck if not required. If off, this account will not be created.
Default - Click the link to set the system default nominal account, i.e. Sales, Purchase, Bank, VAT, Suspense, etc.
Code - Read-only. Uses the Code field from Categories, and the Concatenation Method selected in Nominal Ledger Options.
Name - Read only. Uses the Short Name field from Categories, and the Concatenation Method selected in Nominal Ledger Options.
Analysis types - Tick the appropriate analysis type, i.e. Sales, Purchase, Bank, etc. Some will be pre-selected based on the system default nominal account and/or Major Heading. Others may have no default analysis preset, but you can choose an analysis type to report under if desired.
Toolbar
Find - You can select the toolbar Find button to open a dialog where you can specify a specific or range of codes.
Step-by-step
Select to create Nominal Accounts and Analysis Records.
The system creates the Nominal Accounts, and sets new Nominal Accounts as defaults on the relevant currency records (for the records you have specified as defaults).
You are then prompted to review the analysis codes that are to be created. You should then review the Analysis Codes and make and required changes.
The system then creates the Analysis records, and sets Analysis record defaults on the relevant currency records.
Sales Control Account - Enter or lookup from the Nominal Account List. This displays the Nominal Account Code and defaults to the Sales Control Account from the relevant currency record but can be changed. This is a compulsory field when the Type is Sales, Sales Discount, or Bank; otherwise the field is blank and disabled.
Purchase Control Account - Enter or lookup from the Nominal Account List. This displays the Nominal Account Code and defaults to the Purchase Control Account from the relevant currency record but can be changed. This is a compulsory field where Type is Purchase, Purchase Discount, or Bank; otherwise the field is blank and disabled.
VAT Control Account - Enter or lookup from the Nominal Account List. This displays the Nominal Account Code and defaults to the VAT Control Account from the relevant currency record but can be changed. This is a compulsory field where Type is Sales or Purchase; otherwise the field is blank and disabled.
Stock Control Account - Enter or lookup from the Nominal Account List. This displays the Nominal Account Code and defaults to the Stock Control Account from the relevant currency record but can be changed. This is compulsory where Type is Sales Stock or Purchase Stock; otherwise the field is blank and disabled.