Nominal codes

A chart of accounts A report of a company's financial performance over the previous year is full list of all the financial codes (or nominal codes Nominal codes are the codes that are used in the chart of accounts to record income and expenditure.) used in your business. Each transaction recorded is posted to a nominal code. This allows you to break down the transactions made during a specific period, into various categories and sub categories.

We provide a default set of nominal codes for you to use, but you can add more sales or purchase codes.

Add nominal codes

1. Go to Settings. (If you've switched to the new design, select your initials, then Account Settings.)

2. From Lists, select Sales Codes or Purchase Codes.

   

3. Enter the code and code name, then select Add New Sales Code (or Add New Purchase Code).

Nominal codes list

The following list includes some suggested nominal codes that you can use in your business:

Code	Description
4009	Discounts
4200	Sale of Assets Economic resources owned or controlled by an individual or business, which are expected bring future benefits.
4902	Commissions Received
4905	Distribution and Carriage

Codes in the Purchase area would generally include:

Code	Description
5100	Carriage
5101	Import Duty
4902	Commission Received
6002	Sub contractors
6002	Sub contractors
6100	Sales Commissions
6201	Advertising
7100	Rent
7102	Water Rates
7103	General Rates
7104	Premises Insurance
7200	Electricity
7201	Gas
7303	Vehicle Insurance
7304	Miscellaneous Motor Expenses Costs incurred in the-to-day running of a business, such as rent, utilities, and salaries.
7400	Travel
7401	Car Hire
7402	Hotels
7403	Entertainment
7500	Printing
7501	Postage
7502	Telephone
7504	Office Stationery
7505	Books
7600	Legal Fees
7601	Accounting Fees
7603	Professional Fees
7801	Cleaning
7803	Premises Expenses
8201	Subscriptions
8202	Clothing
8203	Training
8204	Insurance
8205	Refreshments