To Add a New Nominal Account Record

You must give the new account a number, between 0001 and 99999999. We recommend you follow the numbering scheme set up automatically by Sage Line 50 for the standard set of nominal accounts as follows;
Asset Accounts range from 0001 to 1999, Liability Accounts range from 2000 to 2999, Capital and Reserve Accounts range from 3000 to 3999, Income Accounts range from 4000 to 4999, Purchase Accounts range from 5000 to 5999, Direct Expenses range from 6000 to 6999 and Overheads range from 7000 to 9999.
For example, if you are creating a new Asset Account, assign a number within the Asset Accounts range shown above. These account ranges can be divided again, e.g. into Fixed Assets, Current Assets, etc.
If you keep to this number system, when the nominal accounts are shown in the nominal accounts list box, all the Asset Nominal accounts will be shown together, followed by the Liability Nominal accounts and so on.
If you enter an existing account number, that accountÆs details will be displayed. Use the Finder button if you need to examine the existing account list.

This box shows the current balance of this nominal account. This box is empty when you first create a new account.
The O/B button (Opening Balance) is used to enter your opening balance for this nominal account. We recommend that you do not enter your opening balances until you have read the Entering your Opening Balances chapter and have entered your customer, supplier and product records.

Enter an account name of up to 60 characters. Whatever name you enter here will appear on all the financial reports and on the Sage Line 50 transaction screens, when you use this account.
Note: (for Timeslips users only) when creating a nominal code name, only use up to 30 characters. Your Timeslips program only handles nominal code names up to 30 characters long.

This is a display only box. The Account Type shows either: 'Bank Account' if you have already set up this nominal account as a bank account; or 'Control Account' if the account is a control account; or 'Nominal Account' if it is neither a control account or a bank account.

Note: If you create any new nominal account codes, use the Nominal Ledger Chart of Accounts option to make sure these codes appear in the correct categories on your financial reports.

3. If you want to, you can enter a budget for this nominal account against each month of your financial year. To do this, click in the Budget box against each month in turn, entering the budget for this nominal account.

4. To create a new account, click Save. If you need to clear your entry and start again, click Discard. To return to the main Nominal window, click Close.