For most companies the Nominal Ledger drives the management accounting and strategic outlook. The relational structure of our software's Nominal Ledger allows user to drill-down to data derived from every business process within the system. Our software's user-definable Nominal Accounts chart and Analysis Levels enable greater control of management information.
Our software's standard system allows you to maintain a single chart of accounts; however, it is possible to run multiple financial systems (utilising multiple charts of accounts) within our system if your business requires this level of segregation.
Nominal accounts are used to categorise your nominal information into useable, meaningful ‘chunks’.These 'chunks'can be further broken down into Analysis levels in order to further categorise the information. For example, Nominal Account 50000 Sales;could exist with Analysis Level Type 1 as "Region" with further Analysis levels of "North West" and "South East" etc. Thus enabling reporting at a more detailed level.At a transactional level, the nominal accounts can be used to clearly associate different parts of a transaction with different nominal accounts. For example, it is possible to assign different nominal accounts to the dispatch charge than to the main body of the transaction. This gives greater visibility when viewing the financial information associated with a transaction.
Creating Nominal Accounts is simple in our system- just enter a code, description, the nominal group, and the default transaction type of nominal.
Analysis levels are simple to create and attach to Nominal Accounts.The standard systems allows for two Analysis levels to be used per Nominal Account. A Change Request can be raised if more than two Analysis levels are required. Our software's nominal reporting can use up to 5 analysis levels.In the example below we have two Analysis levels; Region and Rep. Within those levels are the analysis codes relating to those levels such as NW - North West, CE - Central and KC, LG for the Rep codes.
As a transaction is processed the Analysis levels are picked up and are attached to the Nominal Code as per the example below.
The Analysis levels are then used to breakdown entries for a specific Nominal Account to allow for easy management reporting. In the example Trial Balance report below, the Sales Nominal is broken down by Region and then by Rep.