Nominal Ledger

The Nominal Ledger is the heart of the Rimsco Integrated Accounting System (Rimaccs).

Based on a transaction family concept, where each family of transactions has a zero sum, each transaction is identified by accounting date and time, its creation date and creators name, and a variable number of fields taken from the Chart of Accounts. Each transaction can also carry information such as a cheque number and flags indicating its origin (e.g. Sales Ledger, Purchase Ledger, Nominal Ledger), source (CashBook, Journal, etc.) and type.

Families of transactions are entered into the database via a posting mechanism which usually provides some of the transactions automatically, for example in posting an invoice to the Purchase Ledger the transactions dealing with the Trade Creditor account and VAT account are generated by the system. In the Nominal Ledger, most transactions are individually created by the user.

The Nominal Ledger provides for postings of Cashbook, Pettycash and Journals to the ledger, plus the ability to enquire and report on transactions in a variety of ways.

The actual procedure for posting requires the selection of the appropriate accounting date for the transaction family, followed by selection of fields from the Chart of Accounts to be associated with an amount to be posted.

The system always selects the first field to identify the company in which the user is operating. Certain other fields are almost always common to every transaction in the family, such as "UK/EEC/Other Foreign" which identifies the transaction family as being relevant to the company host country, elsewhere in the EEC, or neither. Fields indicating "Income/Expenditure" and "Inter Group/Associated Company/Third Party" are similar. These fields are viewed as being "primary" fields.

The main Account Number itself then identifies the Chart of Account selection to which the financial transaction amount is to be assigned. Subsequent fields, or "secondary fields", are mostly concerned with analysis, although in some cases they can be interpreted as part of the Account Number itself.

When the user is required to select a field from the Chart of Accounts, the user can enter the chart number (a numerical identifier for the field) or select an entry from a list presented by the system (for fields with few entries, all possible entries are presented as a list), or the user can alphamatch the required field by entering the start characters of any word occurring in the required entry, whereupon the system will present a list of relevant choices when the user requests an update of the screen. There may be several such lists presented in one update request.

Cashbook posting in addition requires the identification of a particular Bank Account for the transactions, whilst Pettycash always assumes the "Pettycash Account" (usually the first account in the Bank Accounts range). Selection of a currency bank account requires that the transaction be in that currency and that a translation rate be available to the base currency for that accounting date.

When the net result of posting several transactions is zero, the user is given the option of actually posting them to the ledger as a transaction family.

Budget and Forecast postings are carried out in exactly the same way as Journal postings.

 

Higher-level password users are offered further facilities such as the ability to maintain the Chart of Accounts (add, amend, delete entries), generate Brought Forward Balances prior to closing a financial year and producing Transaction Reports on designated accounts at closure. Also, maintenance of Currency Rates and VAT Rates is a function of high-level passwords.

Nominal Ledger Reports

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