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Accounts, Standard Sets of Nominal and Control Accounts

When you set-up a set of accounts (see “Accounts, Set-up Account Sets”) you can choose to have the following essential, standard, life and general accounts created automatically…

1. ESSENTIAL NOMINALS & CONTROLS

Below are listed the “Essential” nominal and control accounts, without which the system cannot function. You should rename your “BNK1” account and add others for each of your real life banks (see “Accounts, Set-up Bank Accounts”)…

Controls

CRED

Creditors control

DEBT

Debtors control

PLBF

Profit & Loss (brought forward)

PMTA

Payments in advance

PMTN

Payments not banked

RCTA

Receipts in advance

RCTN

Receipts not banked

VAT

VAT Control

Banks

BNK1

Bank account

Sales

Purchases

CADV

Pay-away, Advisers

CINT

Pay-away, Introducers

2. STANDARD NOMINALS & CONTROLS

If when creating a new set of accounts you select the “Standard” nominal and control account set, then you will get the “Essential” set plus the purchase nominal accounts displayed below…

Purchases

OADV

Overhead, Advertising

OBNK

Overhead, Bank charges

OCEX

Overhead, Computers

OCHA

Overhead, Charity donations

OELE

Overhead, Electricity

OENT

Overhead, Entertaining

OFEE

Overhead, Professional fees

OFUR

Overhead, Furniture etc

OGAS

Overhead, Gas

OINS

Overhead, Insurance

OLEG

Overhead, Legal fees

OMOT

Overhead, Motor new purchase

OMRP

Overhead, Motor repair / service

OPET

Overhead, Motor petrol

OPHO

Overhead, Phones

ORAT

Overhead, Rates

OREP

Overhead, Repairs

ORNT

Overhead, Rent

OSTA

Overhead, Stationery etc

OSWS

Overhead, Software support

OTRA

Overhead, Travel excluding car

OTRN

Overhead, Training

OWAG

Overhead, Wages

3. GENERAL INSURANCE NOMINALS & CONTROLS

If you choose to add the “General Insurance” nominal and control accounts then in addition to the “Standard” or “Essential” set you will get the following…

Controls

CADS

Adviser, Comm (pay-away in suspense)

CADT

Adviser, Comm (pay-away transferable)

CICT

Introducer, Comm (pay-away transferable)

CINS

Introducer, Comm (pay-away in suspense)

G*CS

General, Comm (in suspense)

G*CT

General, Comm (transferable)

GXI*

General, Charges (in suspense)

GXIA

General, Charges (transferable)

Banks

Sales

GCEA

General, Comm (received)

GPRM

General, Premiums (received)

GXIE

General, Charges (received)

Purchases

GPRM

General, Premiums (bought)

4. LIFE, INVESTMENT & MORTGAGE NOMINALS & CONTROLS

If you choose to add the “Life” nominal and control accounts then in addition to the “Standard” or “Essential” set you will get the following…

Controls

Banks

Sales

CFEE

Consultancy, Fees

ICEA

Investment, Comm (indemnity)

ICEN

Investment, Comm (non-indemnity)

ICXR

Investment, Comm (renewal)

LCEA

Life, Comm (indemnity)

LCEN

Life, Comm (non-indemnity)

LCXR

Life, Comm (renewal)

MFEE

Mortgage, Fees

PCEA

Pensions, Comm (indemnity)

PCEN

Pensions, Comm (non-indemnity)

PCXR

Pensions, Comm (renewal)

Purchases

5. SUGGESTED ADDITIONAL CONTROLS (MANUAL ENTRY REQUIRED)

You will also need a control account for each type of asset that depreciates at a different rate (e.g. computers and cars – see “Accounts, Set-up Control Accounts”). Companies will need a control account for share capital while sole traders will not. There is no one “correct” set of control accounts. You are recommended to refer to your last set of audited accounts, and talk to your accountant. You might also like to consider using some of the following…

Controls

SHAR

Share Capital

DIRE

Directors Loans

PREP

Prepayments

ACCR

Accruals

DEFE

Deferred Revenue Expenditure

TAXS

ACT and/or other taxes

AINT

Assets, Intangible

AIND

Assets, Intangible, Depreciation

ATAC

Assets, Tangible, Computers

ATAE

Assets, Tangible, Office Equipment & Fittings

ATAV

Assets, Tangible, Vehicles

ATLC

Assets, Tangible, Leased Computers

ATLE

Assets, Tangible, Leased Equipment & Fittings

ATLV

Assets, Tangible, Leased Vehicles

ATDC

Assets, Tangible, Depreciation of Computers

ATDE

Assets, Tangible, Depreciation of Equipment & Fittings

ATDV

Assets, Tangible, Depreciation of Vehicles