The different fields of the Details tab of a Nominal record and the information they contain.
Cause
Resolution
Access a nominal record
On the navigation bar, go to Nominal codes, then select New or double-click the required nominal record.
TIP:
To create a new nominal code based on an existing one, from the list view select the nominal code, then click Duplicate.
Nominal record Details tab
N/C*
The nominal code for the nominal record.
Inactive
To prevent any further activity on the account, and if required, exclude this customer from the Nominal codes window and selection lists, select this checkbox. This flags the record as inactive.
Name
The name of the nominal record.
Income Tax Category
The Income Tax Category used for Making Tax Digital for Income Tax is shown here.
SOFA Category
Charities only - The SOFA category associated with the nominal code.
NOTE:
This feature isn't available in Sage 50 Accounts Essentials. If you'd like to upgrade, leave your details and we'll be in touch.
Balance
The current balance on the account. This updates every time you enter a transaction for the nominal code.
Account Type
The type of nominal record you’re working with:
Nominal Account - A standard nominal account used to record financial activity
Control Account - Part of the core set of accounts needed for accountancy purposes
Bank Account - This record is both a bank account and a nominal account
Month
Accounting periods, broken down into:
B/F - The balance on the account brought forward from the previous year
The 12 months of the current financial year
Future - The value of transactions relating to your next financial year
Total - The total of all accounting periods
Actuals
The total of all the transactions posted to the nominal account during each period.
Budgets
The budget for the nominal account. This only appears when you set your software to use Standard budgeting.
Prior Year
The balances for the nominal account from the previous year. This only appears when you set your software to use Standard budgeting.
[BCB:120:Limitless - 50 Accounts - Nominal / Chart of Accounts:ECB]