Reset nominal account balances to zero

If you entered test data in the Nominal Ledger, you can use this routine to reset the balances to zero on all your nominal accounts or if you prefer, nominal accounts associated with a specific cost centre A segment of an organisation for which costs are required to be collected and formally reported on separately; e.g. a company division such as sales or production..

The ability to clear balances for a single cost centre is particularly useful when dealing with consolidation The process of combining the Nominal Ledger information for a set of different companies, where one is the main company and the other(s) subsidiaries.. This provides a means of clearing the balance for a subsidiary company from the parent company ledger when consolidating companies that operate in different currencies.

If you are archiving your transactions, as specified during the Nominal Ledger setup process, the entries are removed from the current transaction file on the nominal account and added to the archive file. If you have decided not to use the archive file, then the transactions are deleted from the ledger permanently.

Note: You can verify your account balances, using Balance Ledgers in Accounting System Manager.

• The credit and debit balances on the specified nominal accounts are set to zero.
• Deleted transactions are added to the archive file, if the ledger is set to archive transactions.

You must have:

• Taken a backup of your Nominal Ledger data files. This is a precaution in case a mistake is made during the deletion process.