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The default nominal codes screen is used to set the standard nominal codes when making various postings within the Fees Ledger.
To view or change these settings:
Log into the Fees Ledger as MASTER.
From the menu select Options.
Click Fees Ledger.
Click the Nominal codes tab.
Nominal Codes are against all Fees Ledger postings. The default codes for each posting are defined on this screen:
Debtors control - type in the nominal code to be used by default as the debtors control account. For example, select the nominal code 610 for debtors control.
Bank - type in the nominal code to be used as default for Cash received by the practice. For example, select the nominal code 646 for bank account.
Bad debts - type in the nominal code to be used to record bad debts. For example, enter the nominal code 250 for bad debts.
VAT output - type in the nominal code to be used to record VAT output for the practice. For example, type 1 for VAT on outputs.
Sales (usual) - type in the nominal code to be used to record the sales figures for the practice. For example, type 3 for Professional Fees.
Discounts given - type in the nominal code to be used for recording the discount figures for the practice. For example, type 21 for discounts given.
Debtors reserve - type in the nominal code to be used for recording the debtors reserve figures for the practice. For example, enter 619 for debtors reserve.
VAT reserve - type in the nominal code to be used for recording postings into the VAT reserve for the practice. For example, enter 620 for the VAT reserve.
VAT not yet invoiced - type in the nominal code to be used for recording postings into the VAT not yet invoiced nominal account. For example, enter 45 for VAT not yet invoiced.
If you select a new code, postings made to the original code will not be transferred to the new code. If you only want to change the number of the existing code postings will then remain but be displayed under the amended code.
If you make changes on this screen, click OK to save and close the screen. Cancel will close the screen, abandoning any changes you may have made.
Click here for the topic on setting up the Standard Terms for Fees Ledger postings.
Introduction to the nominal ledger
Create a new nominal code
Edit / change a nominal code
Nominal Postings report
Export nominal postings
How nominal postings work for a low turnover business
How nominal postings work with proforma invoices
How nominal postings work for a firm that declares VAT on invoices
Practice Types