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Adding or editing a nominal code

The chart of accounts is a specific list of the accounts used by your business to define each class of item for which money is received or spent.  It is used to organise the finances of your business and segregate income and expenditure in order to provide you with a better understanding of the financial status of your business.

Clever Accounts provides you with a default structure and set of accounts in order to provide you with a starting point that you can use straight away or customise.  In many cases, this default structure may be all that is needed to operate and analyse your business.

Opt to customise your accounts

If you do wish to customise your accounts you will need to opt out of the default set. 

Opting out, means you will become responsible for ensuring the accounts are added or set up correctly within Clever Accounts rather than relying on us to do it.

You opt out by pressing on the Customise Chart of Accounts button.  This will then provide you with complete control over the accounts.

Add new code

To add a new account, click on new nominal code

When adding a new account code you should try and give it a name to generally describe the group of transactions that it will show the figures for.  It is not usually good practice to add in new codes for specific customers, accounts or transactions as this could lead to a long list of account codes to sort through.

You will need to give the new code a unique number - try and use a number sequence that resembles those numbers around it.  For example, code 2000 is currently used for sales so it would not be advisable to put travel into 2000.

You can also add in sub codes to help split out codes even more.  For example, if you have expenditure that relates to different locations you may want to add in different codes.

The following two fields are important.

newcodetype.png

Under Type choose whether the code is income, expenditure, asset or anything else.  The three main codes you would need to choose is Sales, Cost of Sales, Expenditure.  By allocating it a type you are allocating the code to where it will sit on the financial reports.

The final grouping drop down determines which profit and loss or balance sheet code the new code is allocated to.  For example, the new income code could be allocated to the group named Sales - Total Sales.  Correctly allocating the code to a relevant group will ensure that you can make sense of the reports you will see.

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