Nominal Ledger Help
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Use Set Options form to specify options and controls that affect the operation of the Nominal module's processes and functions. Your setup strategy will determine the order in which you complete the option settings. You do not need to complete options for all modules before you begin. For some option settings, records must first be created in other parts of the system. For example, some options identify default nominal accounts, such as the debtors and creditors control accounts. Before you can identify these accounts on the Nominal Ledger - Set Options form, you must create the account records concerned using the Accounts command on the Maintenance submenu in the Nominal module.
Box |
Description |
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Number of Periods |
The number of periods in your accounting year. You can enter a number from 1 to 24. The accounting year for the Nominal Ledger can be divided into a number of accounting periods. The most common being: 1 for whole year, 2 for half year, 4 for quarterly, 12 for calendar monthly, 13 for four-weekly periods or up to 24 periods if you want to change your year end period. You can specify the start dates for the periods and the year end date for the current financial year using the boxes on the Calendar tab. See also information under the heading Changing the Financial Year End Date. Note: If you extend the number of periods, you should use the Rebuild Periods command to reflect the change in the data files for existing transactions. |
The current period number from 1 to 24. This corresponds to the date set with the number of periods and represents the period in which all work in the Nominal Ledger is carried out until you use the Period End command. When the period end procedures are completed, this number is incremented automatically. |
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The current financial year. |
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The number of years you want to retain nominal transactions. Transactions will be retained for the number of years specified here after which they will be removed by using the Year End command. |
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The number of years you want to retain images of nominal journal records. The journal analysis details will be retained for the number of years specified here after which they will be removed by using the Year End command. |
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A letter from A to Z or a number from 0 to 9 that identifies the company that you want to this company to consolidate to. The current company's data is consolidated into the company you identify here when you use the Nominal - Utilities - Consolidation command. Important: Leave this box blank if you are setting options for the 'parent' company. |
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| Next Journal No. | The number of the next journal to be processed. This number is allocated to the next journal posting and then incremented with each successive posting. If the same journal is posted more than once, each posting generates a new number. You can reset this number at any time. |
| Next Journal Ref | The reference of the next journal. This number identifies journals on reports and enquiries. It is associated with the journal and remains unchanged regardless of how many times the journal is posted. If the last three characters of this reference are numeric, the application will increment it automatically each time a new journal record is created. You can reset this reference at any time. |
Which Budgets? |
An option that determines whether budgets used in the Nominal Ledger are original (current) or revised budgets. You can select from a list. If you select Revised, you can specify revised budgets but you will be unable to amend the original budget figures. Budgets are maintained using the Budget command on the Action menu associated with the Nominal Accounts form. |
Allow Summary Cost Centre Budgets |
An option that determines whether you can enter summary budgets for cost centres; that is, you do not have to specify budgets at nominal account level. If the option is selected, you can assign a budget on a cost centre basis only. Cost centre budgets are maintained using the Budget command on the Action menu associated with the Cost Centre form in the Nominal module. The option is only available if you have selected the Cost Centres in Nominal option on the Options tab of the Company Profiles form in the System module. |
Allow Summary Project Budgets |
An option that determines whether you can enter summary budgets for 'projects'; that is, you do not have to specify budgets at nominal account level. If the option is selected, you can assign a budget on a 'project' basis only. Note that the term 'Project' is a default description for 'Dimension 1' - one of two additional analysis dimensions available if you have the Advanced Nominal Ledger. The description for this additional dimension is controlled by a system preference setting. 'Project' budgets are maintained using the Budget command on the Action menu associated with the Project form in the Nominal module. The option is only available if you have the Advanced Nominal Ledger activation and have also selected the Project option on the Options tab of the Company Profiles form in the System module. |
Allow Summary Department Budgets |
An option that determines whether you can enter summary budgets for 'departments'; that is, you do not have to specify budgets at nominal account level. If the option is selected, you can assign a budget on a 'department' basis only. Note that the term 'Department' is a default description for 'Dimension 2' - one of two additional analysis dimensions available if you have the Advanced Nominal Ledger. The description for this additional dimension is controlled by a system preference setting. 'Department' budgets are maintained using the Budget command on the Action menu associated with the Department form in the Nominal module. The option is only available if you have the Advanced Nominal Ledger activation and have also selected the Department option on the Options tab of the Company Profiles form in the System module. |
Warn if Posting Non-Current |
An option that determines whether a warning is displayed when a transaction is posted outside of the current period in the Nominal Ledger. This applies if the Open Period Accounting feature is used. Tick the option if you want your operatives to be warned when they post a transaction to a period other than the current period. Open Period Accounting is an optional feature that allows you to control whether your Nominal Ledger accounting periods are open or closed for new postings. Accounting periods can be kept open as long as necessary but are normally closed once management accounts have been presented for the financial year. If Open Period Accounting is used, each transaction that is posted in the application has a Nominal Ledger transaction date, which determines the accounting period that is posted to and the period name that is displayed at the time of posting. The period that is posted to can be the current Nominal Ledger period, a previous Nominal Ledger period, or a future Nominal Ledger period as long as the period is open. You also do not need to change the application's system date because the Nominal Ledger transaction date determines which period is updated. Open Period Accounting works with both the Real Time Update method and the batch transfer method of updating the Nominal Ledger. An option on the Company Profiles form controls whether Open Period Accounting is used. |
Nominal accounts are defined in the Nominal - Maintenance - Accounts command. You can select nominal accounts from a list in each of the following fields. Each field should be updated with either Profit and Loss or Balance Sheet accounts. The help for each field explains which type you must use.
Some fields are only relevant if you use the Sales Ledger, Purchase Ledger, or Stock modules.
Box |
Description |
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This only applies if the Sales Ledger is used in Opera. A code that identifies the Nominal Ledger debtors control account. If the Sales Ledger to Nominal option is selected on the Options tab of the Company Profiles form, the balancing figure of all transactions from the linked Sales module is posted to the debtors control account nominated here when the Nominal Ledger is updated. Important: This reference should be defined as a Balance Sheet type (asset) account. |
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This only applies if the Purchase Ledger is used in Opera. A code that identifies the Nominal Ledger creditors control account. If the Purchase Ledger to Nominal option is selected on the Options tab of the Company Profiles form, the balancing figure of all transactions from the linked Purchase Ledger is posted to the creditors control account nominated here when the Nominal Ledger is updated. Important: This reference should be defined as a Balance Sheet type (liability) account. |
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This only applies if the Sales Ledger is used in Opera. A code that identifies the Nominal Ledger debtors suspense account. If the Sales Ledger to Nominal option is selected on the Options tab of the Company Profiles form, the value of any transactions from the linked Sales Ledger for which a corresponding nominal account cannot be found is posted to the suspense account nominated here when the Nominal Ledger is updated. Important: This reference should be defined as a Profit and Loss type (Income) account. |
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This only applies if the Purchase Ledger is used in Opera. A code that identifies the Nominal Ledger creditors suspense account. If the Purchase Ledger to Nominal option is selected on the Options tab of the Company Profiles form, the value of any transactions from the linked Purchase Ledger for which a corresponding nominal account cannot be found is posted to the suspense account nominated here when the Nominal Ledger is updated. Important: This reference should be defined as a Profit and Loss type (Expense) account. |
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A code that identifies the Nominal Ledger profit and loss account. This account is updated with the difference between all income and expenditure accounts when you use the Year End command. Important: This reference should be defined as a Balance Sheet type (Capital and Reserves) account. |
A code that identifies the Nominal Ledger consolidation suspense account. The value of any transactions from a subsidiary Nominal Ledger for which a corresponding nominal account cannot be found in the target Nominal Ledger is posted to the suspense account nominated here when you use the Consolidation command. Important: This reference should be defined as a Profit and Loss type (Expense) account. |
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These accounts are relevant if the Stock Control application is in use in Opera and the Stock Control to Nominal option is selected on the System - Maintenance - Company Profiles form. |
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A code that identifies the Nominal Ledger transfers inwards control account. If the Stock Control to Nominal option is selected on the Options tab in the System - Maintenance - Company Profiles command, the value of all stock transfer transactions from the linked Stock Control is posted to the account nominated here when the Nominal Ledger is updated. Important: This reference should be defined as a Profit and Loss type account. |
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A code that identifies the Nominal Ledger transfers outwards control account. If the Stock Control to Nominal option is selected on the Options tab in the System - Maintenance - Company Profiles command, the value of all stock transfer transactions from the linked Stock Control is posted to the account nominated here when the Nominal Ledger is updated. The Transfers In and Transfers Out accounts are updated when stock is moved from one warehouse to another. Important: This reference should be defined as a Profit and Loss type account. |
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A code that identifies the Nominal Ledger goods inwards control account. You can select from a list. Nominal accounts are defined in the Nominal - Maintenance - Accounts command. If the Stock Control to Nominal option is selected on the Options tab in the System - Maintenance - Company Profilescommand, the value of all stock receipt transactions from the linked Stock Control is posted to the account nominated here. Important: This reference should be defined as a Profit and Loss type account. |
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A code that identifies the Nominal Ledger goods outwards control account. If the Stock Control to Nominal option is selected on the Options tab in the System - Maintenance - Company Profiles command, the value of all stock issue transactions from the linked Stock Control is posted to the account nominated here. The Goods In and Goods Out accounts are updated when stock is received from suppliers and issued to customers. Important: This reference should be defined as a Profit and Loss type account. |
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A code that identifies the Nominal Ledger stock account. If the Stock Control to Nominal option is selected on the Options tab in the System - Maintenance - Company Profiles command, the balancing figure of all stock transactions from the linked Stock Control is posted to the account nominated here when the Nominal Ledger is updated. Important: This reference should be defined as a Balance Sheet type account. |
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A code that identifies the Nominal Ledger stock suspense account. If the Stock Control to Nominal option is selected on the Options tab in the System - Maintenance - Company Profiles command, the value of profit and loss transactions from the linked Stock Control for which a corresponding nominal account cannot be found is posted to the suspense account nominated here when the Nominal Ledger is updated. Important: This reference should be defined as a Profit and Loss type account. |
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A code that identifies the Nominal Ledger stock suspense account. If the Stock Control to Nominal option is selected on the Options tab in the System - Maintenance - Company Profiles command, the value of stock asset transactions from the linked Stock Control for which a corresponding nominal account cannot be found is posted to the suspense account nominated here when the Nominal Ledger is updated.<</p> Important: This reference should be defined as a Balance Sheet type account. |
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Landed Costs Control Accounts These accounts are relevant if the Landed Costs option and the Stock Control to Nominal option on the System - Maintenance - Company Profiles form are selected. When the Landed Costs box on the Company Profiles form is first selected the Landed Cost Control Accounts are automatically aligned with these equivalent accounts for Stock Control:
You should review these accounts and assign different accounts if required. |
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Landed Costs In |
A code that identifies the Nominal Ledger landed costs account for received stock items. This is the hierarchy that is used for the Landed Costs In account before it is used to update the Nominal Ledger:
Important: his reference should be defined as a Profit and Loss type account. |
Landed Costs Out |
A code that identifies the Nominal Ledger landed costs account for issued stock items. Important: This reference should be defined as a Profit and Loss type account. |
Stock Landed Costs |
A code that identifies the Nominal Ledger landed costs account for stock transactions that include landed costs. Important: This reference should be defined as a Balance Sheet type account. |
Landed Costs Move Suspense |
A code that identifies the Nominal Ledger landed costs suspense account for stock transactions that include landed costs. This account is used only if either the Landed Costs In or the Landed Costs Out Profit and Loss Report accounts cannot be found when the Nominal Ledger is updated. Important: This reference should be defined as a Profit and Loss type account. |
Landed Costs Suspense |
A code that identifies the Nominal Ledger landed costs suspense account for stock transactions that include landed costs. This account is used only if the Stock Landed Costs Balance Sheet account cannot be found when the Nominal Ledger is updated. Important: This reference should be defined as a Balance Sheet type account. |
The Calendar tab is used to define your financial calendar for the current year if you do not use the Open Period Accounting feature. You can define up to 24 periods and your year-end date.
If you use the Open Period Accounting feature this tab is disabled. In this case, you must use the Nominal Ledger - Utilities - Financial Calendar form to define your financial years. You can define a financial calendar for the current year, a previous year, and up to three future years.