Nominal Account Codes
Chart of Account is critical for capturing and analysing financial data. FastAccounts.pk provides plenty of options to customise the Chart of Account.
We have now provided an option to have auto codes for the Nominal Accounts. In FastAccounts.pk the Chart of Account consists of three elements.
- Nominal Account
Following are Categories in the FastAccounts.pk
We have set up several Sections within each Category, you can use “Add New” for more Sections. The code for Sections is “Category Prefix + Section Serial Number”.
Lastly, there are over 200 Nominal Accounts pre-added, however, you have the option to Add New or Delete existing Nominals to customise the Chart of Account. You always have the option to add codes of your choice for Nominal Accounts however now you can enable the Auto Code option for Nominals.
The auto code for the nominal account is made from “Section Code + Nominal Serial Number”
Setting up Auto Code is simple and easy with FastAccounts.pk,
- From the “Smart Settings” expand the “Nominal Auto Code” option
- Enable the Nominal Auto Codes
- In case, you would like to reset all old codes, use the option “Auto Code Update” from Advance, please note this will remove all existing codes which have been linked previously and add new codes in order. This is a non-reversible action therefore consider carefully before using this option.
Once you have enabled Auto Code, any new Nominal Account will automatically be allocated a code.
FastAccounts.pk is the fastest growing cloud accounting software in Pakistan.
For further information please contact FastAccounts Support Team.