The Nominal record

Solution Properties

Solution ID:

201110071726133

Last Modified Date:

Fri Nov 05 20:22:23 UTC 2021

Taxonomy Path:

Case category//How do I...//setting up

Author:

[email protected]

The Nominal record

Description

Nominal records are essential for recording all of the financial aspects of your business so you know where your money is, where it comes from and where it's going. This means each financial area of your business you want to monitor should have a separate nominal account.

Each nominal record needs a unique reference code. These codes need careful planning as they can't be changed once you post transactions to them.

TIP: Get help creating a nominal code.

Each nominal record holds the following information:

Details tab	Shows nominal record details such as nominal code, name and balance, plus monthly values.
Memo tab	Here you can enter miscellaneous information and attach documents and references to the record.
Activity tab	Quickly view the transactions associated with the nominal record and a summary of details for each transaction.
Graph tab	Provides a graphical representation of the Actuals, Budgets and Prior Year figures.

[BCB:120:Limitless - 50 Accounts - Nominal / Chart of Accounts:ECB]