Introduction to the Nominal Ledger and Associa - Flipbook - Page 26
STEP 10
Bank account – Ticked if the account is a bank or cash control account.
Currency code – This will default to UKL. If multi currency is in use – it would be
possible to amend this setting.
Revalue flag – Only relevant if operating multi currency.
Open item – The open item code is very important for control at daybook stage and at
period end consolidation. The following codes are valid:
N – No. – All postings will be consolidated at daybook stage. At period end, all
postings will be further consolidated to a carried forward balance.
M – Monthly. – Postings are not consolidated at the daybook stage but at period end
one carried forward balance is generated.
Y – Yearly. – Ensures that all postings are kept as open item for the financial year. At
year end P&L accounts are cleared to the Revenue Reserve Account but Balance
Sheet accounts will require a year end consolidation flag to be set. See below for
details. Yearly is available across suffix validation.
R – Rolling open item. – The postings are kept as open item for the number of
periods specified in the NL System Parameter after which they are consolidated to one
carried forward balance.
S – Suffix. – Postings are open item and are controlled by the suffix entered on each
transaction. For P&L accounts at period end, a carried forward figure is generated for
each suffix.
For Balance Sheet accounts, all transactions are maintained as open item unless the
balance for a particular suffix comes to zero. In which case all transactions, for that
suffix only, will be removed from the file.
B – Suffix Balance. – P&L accounts are controlled the same as type 8S9 for Suffix, as
above. Balance Sheet accounts are consolidated in the same way as the P&L
accounts, that is, at period end, a carried forward figure is generated for each suffix.
C – Reconciled. – Postings are carried open item and controlled by the Reconciled
flag on each transaction. At period end, all Reconciled entries are consolidated into a
brought forward balance. Used for bank accounts and any other accounts where a
manual reconciliation is required.
c – Contra reconciliation. – Similar concept to 8C9 for reconciled, used to contra
transactions to a zero balance. Useful for cash suspense accounts, reconciled on a
daily basis.
Add/Modify Expense Codes
01.03.005.01 – pwise – 01/06/06
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