The Nominal Ledger System has been designed with the intention of providing management with up-to-date information required to exercise financial control over the company. This system boasts a number of novel features. It has been designed to give maximum flexibility for the small business, but to exercise tighter control in larger concerns.
Chart of Accounts
Any Number of accounts can be defined in a hierarchical structure. Searching accounts can be affected by both account number and name in all stages in the system. A change in chart of accounts structure dynamically reflects itself in all management reports.
Dynamic Accounting Periods
Period definition and rolling can be as flexible as the user wants them to be. The system can be set up to define accounting periods once at the start of year. It can also be set up to re-define periods at any point in time during the year. All management reports can be re-issued for the newly defined accounting periods Any number and duration of periods can be defined.
Period rolling can be restricted so that posting can only be effected in the current period and to proceed to the next period one simply needs to close the current one. In this case, enquiries on previous periods can be affected, but posting is not allowed. On the other hand posting can be set up to be allowed in all periods, current, past, and future. When posting is effected in the past all relevant balances will be adjusted accordingly. While this is a very powerful feature and is beamed upon by small concerns, it is however, frowned upon by accountants of large companies. As in all our packages, as a security measure, these transactions are tagged with user code and date of actual posting. We can, of course, switch it off.
The End-of-Year Re-Run is another novel feature. It was developed in response to frustration experienced by many users who had closed a financial year and, for some reason or other had to effect some last-minute adjustments. The system allows the posting of these adjustments in the previous year and 'roll back' the year end procedure (namely, initializing P&L and carrying forward new Balance Sheet balances). New management accounts can then be issued. Note that any transactions which have already posted in the new year will remain intact.
Optionally, transactions posted can be split into different departments that are pre-defined by the user. Departmentalization thus occurs at the transaction level. This is considered as a great advantage over other systems which traditionally departmentalize at the chart of accounts level, normally resulting into a huge chart of accounts since each account has to be repeated for each and every department.
User Defined Transaction Types
The user has the facility to define up to ninety nine transaction types including the following details: Transaction Number, Transaction description, debit/credit prompt and debit/credit account. This facilitates the posting of repetitive transactions.
Different journal entries may be entered directly. These can be split up into a maximum of 100 debits and 100 credits posted in one transaction. A distinct narrative can be entered for each split transaction. Optionally, each split or whole transaction can be assigned to a department.
The NLS can be fully integrated with all our accounting packages namely the Sales Ledger, Purchases Ledger, Invoicing/Point of Sale, and Cash Book. The NLS can pick up either individual transactions from all the ledgers or sub-totals per account for a particular date range. For example one can transfer all invoices one by one to the Sales accounts or one can opt to transfer the total of all invoices issued between a certain date and another. This results in more concise data especially in the sales accounts.
This process also supports multi-department transactions.
The user has the facility to display/print the following reports, all of which can be tailored to suit individual taste and degree of detail. Profit and Loss Statement and Statement of Accounts can be issued by department.
- Chart of Accounts
- Profit and Loss Statement
- Balance Sheet
- Trial Balance
- Journal Listing
- Statement of Accounts
Optionally, we can provide an ODBC driver that will connect the system to report writers such as Crystal Reports. Through this, the user can easily compile his or her own special reports. Our services include installation and training of ODBC and other database drivers and Crystal Reports.