System Nominal Accounts
System Nominal Accounts
The following nominal accounts are required by Khaos Control. Customers can change the specific account code allocated to each of these accounts (e.g. "VATUK" instead of "0107"), or their short descriptions (e.g. "Purchase Ledger Control Account" instead of "Creditors"), providing each nominal code account line retains its original meaning.
Because the meaning associated with each of these nominal account code lines is fixed, few of them are linked to a System Type or Account Type.
| Account Code | Used On | Description | ID |
|---|---|---|---|
| 0101 | BS | Debtors also known as Sales Ledger Control, the Debtors nominal account will be posted into by the system when an invoice, credit note or payment is issued against a customer. | 1 |
| 0102 | BS | Creditors: also known as Purchase Ledger Control, the Creditors nominal account will be posted into by the system when an invoice, credit note or payment is issued against a supplier. | 2 |
| 0103 | BS | Retained Earnings: also known as Profit & Loss Brought Forward. When a CloseDown routine is performed the system will close P&L nominal accounts and post their combined balance to this account. | 3 |
| 0105 | n/a | Not Used: Was Cost of Sales; no longer used. Deprecated. | 5 |
| 0107 | BS | Tax on Sales: posted to by the system whenever there is an invoice or credit note issued against a UK customer that has VAT rated stock items on it. | 7 |
| 0107A | BS | Tax on EC Sales: posted to by the system whenever there is an invoice or credit note issued against an EC customer that has VAT rated stock items on it. | 28 |
| 0108 | BS | Tax on Purchases: posted to by the system whenever there is an invoice or credit note issued against a UK supplier that has VAT rated stock items on it. | 8 |
| 0108A | BS | Tax on EC Purchase: posted to by the system whenever there is an invoice or credit note issued against an EC supplier that has VAT rated stock items on it. | 27 |
| 0109 | BS | Tax Paid (VAT Control): posted to by the system when the VAT register is closed down. It will post between the Tax on Sales / Purchases and this account, it will then post against this account and your main Bank Account. | 9 |
| 0110 | P&L | Purchase Delivery: Posted to by the system when a delivery amount is entered onto a purchase order in the Delivery field. Khaos Control treats delivery charges on purchase invoices as a general overhead: it does not attempt to apportion these charges against the individual items included in that invoice. | 10 |
| 0111 | P&L | Over/Under Payments: used in conjunction with the "Create Allocation Transaction" on the customer/supplier statement screen to post a small value transaction that will allocate off an invoice that is over or under paid. | 11 |
| 0112 | P&L | Currency Loss/Gain: Foreign currency differences arising due to exchange rate fluctuations in between posting invoices and payments are accrued in this account. | 34 |
| 0113 | P&L | Discounts Given: This account is deprecated and is no longer used by KhaosControl. If this facility is required a new nominal account would need to be created for this purpose. | 13 |
| 0113A | P&L | Settlement Discount Given: This account is deprecated and is no longer used by KhaosControl. If this facility is required a new nominal account would need to be created for this purpose. | 30 |
| 0114A | P&L | Settlement Discount Received: settlement discounts taken from suppliers for paying on time are posted here. | 31 |
| 0115 | P&L | Sales Delivery: the amount entered into or calculated as the sales order's delivery header value is posted here. | 31 |
| 0120 | BS | Stock: current stock holding value. Posted into when stock is purchase invoiced and when stock is sold or adjusted. | 17 |
| 0121 | BS | Stock - Received not Invoiced: This nominal account is provided for businesses using the accruals method of accounting and is active only when the 'stock received not invoiced' checkbox in [ System Values | Options | Accounts ] is ticked. When ticked, the value of stock received on a Delivery Note is posted to this account. Subsequently, when the Purchase Invoice is posted, the system will first reverse this posting and then post the Purchase Invoice to the Stock account. The value shown in this nominal account is the accrued cost of stock purchases. It should therefore be added to expenses in the Profit and Loss account and treated as a Creditor in the Balance Sheet. When this option is not being used the value of stock received on a Delivery Note will then be posted directly to the Stock Account (i.e. to nominal account 0120 " Stock). | 18 |
| 0122 | P&L | Stock COS: when stock is sold a posting between Stock and this account is done to show the Cost of Selling the stock (the amount the stock was purchased for). A System Values setting enable/disables deferred Cost of Sales option, which allows the "Stock - COS" operation to be deferred until a time of your choosing. | 19 |
| 0123 | P&L | Stock Adjusted: when stock is adjusted via [ Stock | Adjustments | Adjustments ] tab, this account and Stock will be posted to. | 20 |
| 0124 | P&L | Stock Written Off: when stock is written off via [ Stock | Other Actions ] menu, this account and Stock will be posted to. | 21 |
| 0126 | n/a | Purchases Paid not Received: not used. Deprecated. | 32 |
| 0135 | BS | Bad Debts - Bounced Cheques: not used. Deprecated. | 29 |
| 0136 | n/a | Miscellaneous Purchases: postings associated with the SYS_MISC and SYS_MISCP stock items. This system nominal is linked to the 'Purchases' system type and 'Stock Item' account type. | 36 |