Sage Business Cloud Help

Accounting

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To create a new nominal ledger account

  • 1. Go to Settings, then click Chart of Accounts.
  • 2. Click New Ledger Account, then complete the following information:
Included in Chart Leave this check box selected to include the account in your Chart of Accounts.
Ledger Name * Enter the name for this account as you want it to appear on the ledger.
Display Name * If you want a different name to the ledger name to appear when posting transactions and on your reports, enter it here.
Nominal Code * Enter the nominal code you want to use for the new account.

If you want to keep similar nominal codes together, the default nominal code ranges for each category are as follows:

Assets = 0001 – 1999
Liabilities = 2000 – 2999
Capital = 3000 – 3999
Income = 4000 – 4999
Expenditure – Direct expenses = 5000 – 5999
Expenditure – Overheads = 6000 – 9999
Category * Choose the category for the nominal ledger account.

The category determines where the account appears on your management reports. If you’re not sure which category to choose, you should check with your accountant.
Category Group The category group is determined by the category you choose. You can’t change it.
VAT Rate Choose a default VAT rate. If required, you can also change the VAT rate when entering transactions.
Visibility The areas of Sage Business Cloud Accountingin which the nominal ledger account is available for use are automatically selected based on the category you chose. If necessary, you can change these by clearing or selecting the relevant check boxes.

Note: All nominal ledger accounts must be available in journals and reports.
  • These details are compulsory.
  • 3. Click Save.

“Sorry about this – It looks like we’re experiencing a technical problem”
If you receive this error message, you need to check two things. First check to make sure you are not trying to use a nominal code that already exist. Secondly make sure that “Bank” is not selected under visibility if the ledger/nominal account category is other than “Bank”. The “Bank” option under visibility is reserved for the “Bank” category only.


Please note, If you are trying to set a Current Asset with a code greater then 1300, it may give you a technical error, if this occurs, choose a different category (we recommend Bank) and Save, then go back in and edit the ledger to change the category back to Current Asset and Save again.

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