Each template has a default nominal code structure. For many templates the nominal structure is split in two, a list of default nominal codes and a list of master codes. Default nominal codes are visible from the Trial balance and Chart of Accounts and can be posted to immediately. Master list nominal codes are additional system defined nominal codes which have been determined to not be required in the majority of datasets. If you do need to use one the master lists nominal codes the can be easily added to the chart of accounts. To add a master nominal code, complete the following steps.
- On the Chart of Accounts page, click New > Master Nominal Code.
- The New Account window appears. Enter the details for the nominal code.
- To save the new nominal code, click Save.
Nominal Code Details
| FIELD | STEP |
|---|---|
| ACCOUNT CODE* | Enter the nominal code you want to set up. If the code already exists, Bright AP gives a warning and you need to amend the code. |
| COPY FROM CODE | One or more nominal codes are already set up and you want the new nominal code to copy the nominal reporting groups of an existing nominal code. Select the nominal code you want to set up. |
| DESCRIPTION* | Enter a description that gives the purpose of the nominal code. |
| Is this a Bank Account | If you are setting up a bank account, tick this. Note that you can use nominal codes 771, 771.01, 771.02, 771.03, 777, 777.01, 777.03 and 780, 781 782. If you enter an existing code, you will be asked to amend it. |
| BANK FEED TYPE | You can set up from which bank you will be importing feeds or statements to BrightAccountsProduction. All imported files come as CSV. |
| CURRENCY | Select the currency in which the corresponding transactions will be recorded. |
| BIC | BIC |
| IBAN | IBAN |
| BANK REFERENCE | Bank Reference |
| YEAR END CODE | The year end code is used when certain balances move to the new financial year. |
| REPORTING CODE | The reporting code is used for fixed assets. |
| Goods/Services for Resale | Tick, if applicable. |
* indicates mandatory inputs.