How to Create a New Nominal Code

Modified on Thu, 2 Jan at 11:32 AM

This guide explains how to create a new nominal code, using the example of setting up a savings account within the nominal ledger to allocate a set amount for each car sale.


Steps to Create a New Nominal Code

  1. Access the Nominal Ledger:
    • Navigate to Accounts > Nominal Ledger > Utilities > Nominal Code.

  1. Locate an Unused Nominal Code:

    • Search for a nominal code marked as NOT USED (e.g., Code 179 in this example).
    • Double-click the line to open its configuration.

  1. Update the Nominal Code Details:
    • Description: Replace "NOT USED" with a meaningful name, such as "Savings Account."
    • Nominal Type: Tick the type(s) of transactions that will be posted to this nominal code.
      • In this example, tick 60 (Asset/Balance Sheet) to reflect its use as a savings account.

  1. Save the Changes:
    • Click Update to save the new nominal code.

Outcome

The nominal code is now active and ready for use in your transactions. For example, you can journal a set amount to this code for each car sale.


Key Notes

  • Ensure the Nominal Type accurately reflects the intended use of the nominal code (e.g., Asset, Liability, or P&L).
  • Avoid altering codes with existing transactions unless you are certain of their impact.
  • If unsure, consult your finance or accounting team to confirm the configuration.


Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select at least one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article