The Nominal (or General ledger) keeps the running totals for the Purchase and Sales ledgers and keeps the Opening Balance and Movements for each of the Balance Accounts to verify and balance your accounts.
The Nominal is normally updated automatically as you enter transaction and payments, however sometimes it can be put out, see Rebuild Nominal below.
Opening Balances
Balance Nominal Accounts normally need an Opening balance to be manually entered for each year.
There is a Year End proceedure in Accounts / Maintenance which will take the Closing balances for the previous year and set as the Opening balance for the next year. However, as there are often adjustments to be made in the previous year you may need to re-adjust some of the Opening balances. The advantage of this system is that the New year can be set up correctly without having to worry about changes to the previous year(s).
Opening and closing balances for Debtors, Creditors and Unit Stock values are automatically calculated from the main data.
Rebuild Nominal
The Nominal is normally updated automatically as you enter transaction and payments, however sometimes it can be put out, for example if we change the financial year dates or make manual changes to the data. When this happens we can re-build the nominal from the Transaction and Payment records.
To Rebuild the Nominal: select the appropriate financial year and select Re-Build from the left menu.
The Nominal can be re-built at any time. It does not update any opening balances so if these have changes we will need to update manually. It also does not update parts stock values as these are calculated at the end of each month
You can set Targets / Budgets for each nominal for each month. Note to set the budget for sales (as shows in Graphs etc) you need to set for each department.
VAT / GST Liability Accounts
There are several VAT / GST Liability accounts which add up to the total VAT / GST Liability.
Having an opening year balance on VAT on Sales, Purchases and UVV makes the figures look strange, so we find it works best to enter any Payment Records in the same period as the transactions they relate to (The paid date can be any time), and that will mean the year Opening balances will all be zero. For example if the last year closing balance was:
VAT on Sales +95.00
VAT on UV +5.00
Vat on Purchases -50.00
VAT Payment -50.00
The Total is +0.00 so all the opening balances for the next year can be zero.
Alternatively, if a Payment is entered in the next period and there is still a liability at the end of the year, as in the following example:
VAT on Sales +95.00
VAT on UV +5.00
Vat on Purchases -50.00
VAT Payment -20.00
The total liability would be 30.00 which would normally be a Payment owing for that year that has been paid in the next year, so we would enter the liability in the Payment Account Opening balance
VAT on Sales 0.00
VAT on UV 0.00
Vat on Purchases 0.00
VAT Payment +30.00
(Total +30.00)
Because the total is the same it does not really matter that it is just in one field. Note: Normally enter as a positive figure.
Alternatively you can enter the Closing balances for the previous year in the Opening balnces for the current year, but the figures would not then be very meaningful eg::
VAT on Sales +95.00
VAT on UV +5.00
Vat on Purchases -50.00
VAT Payment -20.00
(Total +30.00)
Note: The difference between the Opening balance and the Closing balance is the transactions, so we can compare to the listings, eg: VAT on Sales difference would be the same as the VAT on a list of sales for the same period.
Export
You can Export the Nominal data using the Export option on the left menu.
If you want to split any of the Nominals, select that Nominal and enter codes in the Description field for the Name and Percentage of the split. For example if you wanted to split Sales Income - New Units between BMW, Honda and Other you would enter: |BMW,60|Honda,15|Other,25
If you do not want a Nominal code exporting at all , just enter ** anywhere in the description field
Then you can create the Export file by selecting the Export option from the left menu. This will create the file and you can check it by opening it in a spreadsheet such as Microsoft Excel
BMW Dealers
Please ensure you have Evopos 2.06 Build 011 or later
When exporting confirm your BMW dealer Number and the Month Number for the month you want to produce (Note: This is the financial month number not the year month number so if your year started 1st July then August would be month 2).