The Nominal Ledger captures, analyses and reports all financial transactions providing accurate up to the minute reporting on Trial Balance, Departmental Profit, Branch Profit, Profit and Loss and Balance Sheet with full foreign currency support. All transactions posted to the Sales and Purchase Ledgers also post, at the same time, to the nominal ledger. Accruals generated from advice notes, for parts and machinery, also post to the nominal ledger. Stock adjustments and stock transfers post to the nominal ledger as do parts and machinery write-downs. In short, anything that affects the assets/liabilities or trading accounts of the company is automatically posted to the nominal ledger. All postings are under user control, either directly by specifying a nominal account when posting an invoice or journal, or by allocating account numbers in the invoice mapping or Company Control Files.
Nominal accounts can be used to provide a detailed analysis of all aspects of the business. The level at which there is split of sales activity in the Nominal Ledger is entirely flexible. This is controlled by invoice mapping set up in the back office. Once the mapping is complete the transactions post to the desired nominal accounts with no operator intervention required. Budgets can be held against individual nominal accounts and key reports compare performance to budget and the previous year.
A comprehensive range of reports are available including a nominal report generator, this gives each company the ability to generate their own bespoke nominal reports and level of analysis. All the nominal reports are integrated with Excel. Using this feature, many customers use Excel as a final presentation tool for monthly management accounts.
The accounting system is driven by a combination of date and accounting period, handles late transactions from a closed prior accounting period affecting the management figures that have been produced. This principle gives a true cut-off at month end.
Key features are: