What is a nominal code?

Summary

This article explains the purpose of nominal codes.

More Information

Nominal Codes make up the detail of your Nominal Ledger. The purpose of your Nominal Ledger is to provide you with management accounts to control your business and plot your way forward.

Your management accounts are made up of the Balance Sheet and the Profit & Loss, and the Nominal Codes are the constituents of these reports.

Examples include : Bank Account, Debtors, Creditors, Sales, Purchases, Rent, Wages.

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Keywords AND Misspellings

Cost Centre, Nominal Code, Centre, Search