The Nominal record Details tab
Description

Let's take a look at the different fields of the Details tab and the information they contain.

Cause
Resolution

Access a nominal record

  • On the navigation bar click Nominal codes, then click 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.

InactiveTo prevent any further activity on the account, and if required, exclude this customer from the Nominal codes window and selection lists, select this check box. Read more >

Name

The name of the nominal record.

SOFA Category

Charities only - The SOFA category associated with the nominal code. Read more >

TIP: This feature is not 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 are 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. Read more >
  • Bank Account - This record is both a bank account and 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 your software is set to use Standard budgeting. Read more >

Prior Year

The balances for the nominal account from the previous year. This only appears when your software is set to use Standard budgeting.

Find out more about the nominal record >


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








Steps to duplicate
Related Solutions