Select nominal accounts for postings

You can post transactions in your project that are not connected to a supplier or customer. These are recorded in the Nominal Ledger.

You can choose whether these are posted as costs or revenues.

Select the As Cost or As Revenue options for Taxable Payments and Taxable Receipts to set the default for these transactions.

See an example

• A monthly nominal payment is for electricity costs. You allocate some of the amount to each project worked on during that month. In this case you would want cost transactions posted to the projects.
• A nominal receipt is to pay for tickets to an event you are holding. The event is set up as a project so that you can monitor its profitability. The receipt should therefore be posted as revenue.
• A nominal receipt is for credit you have received for faulty goods, purchased for a project, which had to be returned. This should be posted as a negative cost to offset the costs already posted to the project.
• Some revenue already received for a project has to be refunded. You use a nominal payment to refund this money. This should not appear as a cost on the project but as negative revenue.

You can choose where the nominal accounts originate when entering project analysis on standard items which belong to a product group with Product type of Stock,on sales order lines and returns.

You can choose different origins for costs and revenues:

• Select Project item to use the nominal account on the project item, selected for costs or revenues on the order line.
• Select SOP Settings to use the Revenue nominal account for revenues and the Issues and stock nominal accounts for costs, as selected on the Default Accounts tab of SOP Settings.