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Accounts, Set-up Nominal Accounts & Budgets

Before proceeding you may like to refer to the sections…

Accounts, Set-up Account Sets

Accounts, Standard Sets of Nominal & Control Accounts

Accounts, Nominal & Control Accounts Explained

Then starting from the “Accounts Menu”…

  • Click the “Set-up” button
  • If it’s not already in front of the others, click the “Nominal accounts” tab
  • Use the “Show accounts for” dropdown at the top right to select either Sales or Purchase nominal accounts
  • Click the “Find First” button on the toolbar (i.e. two to the left of the “Binoculars” button)
  • To check existing nominal accounts simply click the “Find Next” button (i.e. right of the “Binoculars” button)
  • Edit any details, as required, accepting the prompt to save changes as you move to the next account

    Add A New Nominal Account

    1. Use the drop-down entitled “Show accounts for” and select the appropriate set (e.g. “Purchase”)

    2. Click the “Starburst” button on the toolbar to create a new record

    3. Enter the “Account short name” (e.g. “RENT”, “COMP” or “0034”, etc)

    4. Enter the “Account long name” (e.g. “Rent”, “Computer equipment”, Stationery”, etc)

    5. Set “Include in spreadsheet” to “Yes” if nominal is for “Sales” or “Purchases”, else set to “No”

    6. Set “Include in VAT return” to “Yes” unless account is to do with salaries (irrelevant if your business is not VAT registered)

    7. Set “Default VAT code” to appropriate VAT rate (irrelevant if your business is not VAT registered)

    8. Tick the remaining boxes as applicable (see “Commission Nominals” below)

    9. Click the “Save” button on the toolbar, then optionally…

  • Click the “Bulk setup account budget” button, bottom right of screen
  • Enter the expected monthly value of this account (e.g. 100.00 per month for “Bank charges”)
  • Click the “OK” button to allocate this budget amount to each month
  • Commission Nominals

    Although you’ll probably use the pre-defined nominal accounts (see “Accounts, Set-up Account Sets”), which the system is aware of, you can also set-up nominal accounts of your own, which could relate to commission or fees. The system cannot guess what names you may choose to give these, but needs to be able to include them in commission and fee related reports: hence the need for these tick-boxes. Areas of the system that refer to these ticks in order to distinguish between commission, fees or net premium include…

  • The Cashbook reconciliation process
  • The “Percentage of Business” report
  • The General Insurance “Control” report
  • The “KPI” report
  • The “Mail Shot Analysis” report
  • Budget

    You may click the “Budget and actual monthly totals” button, bottom right of screen, to review both the budget and the actual figures for the currently selected nominal account on a monthly basis, as shown below

    Delete Existing Nominal Account

    To delete an existing nominal account simply click the “Bin” button when the account is displayed on screen. You will be unable to delete active nominal accounts, and also certain nominal accounts that are required by the system, such as for “Debtors Control”. However you can change their long names, so for example, although you cannot delete the control “DEBT”, you can change its long name from “Debtors Control” to “What I’m Owed”.