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Nominal Codes

Before you start

This article provides insights into the Nominal Codes table, within References. Nominal codes are numeric identifiers used in accounting to categorise financial transactions, enabling organised tracking and reporting of income, expenses, assets, and liabilities.

Within Paperwork, nominal codes are used within invoices. They are an optional field within the lines table within an invoice or a purchase order.

Completely optional

Nominal Codes is a purely optional area of Paperwork. It comes down to individual organisations' business logic whether or not it is used.

Understanding Nominal Codes

Nominal codes in Dsposal's Paperwork include the following information:

  • Nominal Code: This field is for the code itself. For example if your nominal code is "50200", the value for this field would be "50200".
  • Name: This is the name of the nominal code.
  • Description: A short description of the nominal code.
  • Account Type: Select the account type relevant to this nominal code. The account type options come from the Account Types table in References.
  • Tax Rate: Select the tax rate relevant to this nominal code. The tax rate options come from the Tax Rates table in References.

Editable

Nominal codes are "Editable", meaning they can be added, edited, and archived by an organisation.

Managing Nominal Codes

Organisations can manage nominal codes by:

  • Adding new nominal codes.
  • Editing existing nominal codes to update details such as description, account type, or tax rate.
  • Archiving nominal codes that are no longer in use or relevant to streamline the list and improve usability within Paperwork.

Uses

Nominal codes are used in the following areas of Paperwork: