This article helps you to customise the Chart of Accounts or the Nominals to suit your own business.
Watch this video for a detailed lesson of the purpose of nominal accounts and how to set them up.
Watch this video if you are already familiar with the concept of nominal codes and just want to know how to set them up.
You can customize the Chart of Accounts or the Nominals to suit your own business. Click on Tools and Nominals:
Income, Cost of Sales and Expenses sections all display on your Profit and Loss report. You can set up sub-categories of each of these Nominals to allow you to get more analysis of your business. To create sub-categories click on the Nominal eg. Sales and when the window appears on the right hand side of your screen click on New and type in the sub-category then click on Save.
You can do this for each Nominal as needed in the Sales, Cost of Sales and Expenses section.
You can also do some customization of your Balance Sheet Nominals where you need it. But there are 2 cases where Balance Sheet Nominals do not get set up on this Nominal Tree. Those are:
Fixed Assets – we have a specific Fixed Asset section where you can add Fixed Assets and Depreciation. Click on Accounts and Fixed Assets. See full details here.
Bank Accounts - Follow this link for information on how to set up Bank Accounts, Credit Card Accounts, Loans, Drawings etc.
Balance Sheet Nominals
For all other kinds of Balance Sheet Nominals we’ve set up standard ones but to add some more that are specific to your business we have added some blanks that can be renamed.
In Current Assets you can click on any of the Control Asset 1, 2 etc. and type in a New Name and click on Save. This Balance Sheet item will then be available to you in the Journals section.
There are similar ones in the Current Liability section and in the Capital Section.
You can download this article in PDF form by clicking on the link below.