Generate nominal accounts for existing cost centres and departments

Are you ready to do this?

Have you completed the necessary set up so that you can generate new nominal accounts?

  • The cost centres (funds) and/or departments that you want to use for the nominal accounts must exist.
  • The report category must exist so that you can assign the balance of this nominal account to the appropriate section of either the Profit and Loss Income and Expense or Balance Sheet reports.

Find this screen

Open: Nominal > Create & Amend Accounts > Generate New Nominal Accounts.

How to

Generate nominal accounts

This screen has four pages:

  1. Enter the account details and click Next.

    The default name is used for every account created. You can change it for each account on the final step. Useful if part of the account name will be the same for all the new accounts.

  2. Choose the analysis code values. These are applied to every account created. To change the values for individual accounts, amend the account after the accounts are created.
  3. Choose the Cost Centres and click Next.
  4. Choose the Departments and click Next.
  5. All the accounts that'll be created are displayed. You can change the Name, Report Category and SOFA Category.
  6. Click Finish to create the accounts.

Useful info

When to use this

This is a quick way to create new nominal accounts for your funds (cost centres) and departments. When Sage 200cloud was first set up for you, it's likely that your nominal accounts were set up without the your fund (cost centre) and department codes.

Once you've created your codes for your funds (cost centres) and departments, then use this add the required codes to your nominal accounts.

For example, you have a nominal account for ICT resources with a code of 71922. You want to create ICT resource accounts for restricted RST and unrestricted URT funds as well as YR1 and YR2 departments. You select these cost centres and departments and Sage 200cloud creates the relevant accounts as follows:

71922 RST YR1
71922 RST YR2
71922 URT YR1
71922 URT YR2

Use this to add CC and Dept codes to your nominal accounts. This is a quick way of creating accounts for your cost centres (funds) and depts.

You can use this for new or existing accounts. For example, you already have an account code of 6000, and want to add cost centre codes A, B and C, and Dept codes of X. Y and Z. This will create all the accounts with the required combinations.

If you want to add budgets, memos or attachments to any of the accounts, you can do this on the Amend Account Details screen.

If you're only creating a single nominal account, use the Create New Nominal account screen ( Nominal List > New Account).

When to use cost centres (funds)

You can use cost centres to segment parts of your business so that you can monitor income and expenses from individual areas in your company. You append a cost centre to profit and loss nominal accounts. Each nominal account has the same Code but different cost centres. For example, if you have several branch offices and you want to be able to produce a P & L for each office as well as one for the whole business, you could create a cost centre for each branch office. You then make sure that every profit and loss nominal account also using an account with the cost centre for each branch.

When you enter transactions, these are posted to the nominal account associated with this cost centre. When you produce your P & L, it reports the total of all accounts with the same code.

Tip: As all these nominal accounts are reporting the same thing, they should also have the same Report Category.

Cost centres are used to represent your funds. You'll need to select a cost centre (fund) for any nominal accounts that will be used to record the income and expenditure of your funds. This is likely to be the majority of your income and expense ( P & L) accounts. Most of your balance sheet nominal accounts will not need to be related to a fund, so these accounts don't need to have cost centres.

If you're an Academy, any nominal accounts linked to a cost centre with a fund type, and a SOFA category are included on the SOFA report.

Using departments

Departments are codes that you can add to profit and loss nominal accounts, to help keep track of your income and expenses.

Each nominal account has the same code but with different departments.

Departments are additional codes that you can add to profit and loss nominal accounts, to help keep track of your income and expenses in a particular area.

For example:

  • A primary school might set up a department for each year, from Nursery to Year 6.
  • A secondary school might set up a department for each teaching subject area, such as English, Mathematics and Art.

Each nominal account has the same code but with different departments.

Which report category should I choose?

Report categories are used to group your nominal accounts on your financial statements. Each category determines whether an account is for income or expenditure (Profit and Loss), or for your assets and liabilities (Balance sheet).

Every nominal account must have a report category, as this determines which report the balance of the account is included on and how it's reported.

Adding and amending report categories

When you first set up Sage 200cloud, we provided a set of report categories for you to reflect the broad group of things required by most businessesschools. You can't change or delete these, but you can add additional ones of your own. (Settings > Cash Book / Nominal Accounts > Report Categories).

For maintained schools, these report categories match the CFR codes. For academies, these are categories common for most schools.

Tip: If you add your own report categories, make sure you also add them to your Financial Statement layouts (printed reports) and the Financial Statement Designer Excel reports).

When to use a SOFA category

SOFA categories are only required if you're an academy. They're used to group your nominal accounts together to be included on the SOFA report.

An account balance will only be included on the SOFA report, if the nominal account has a Cost Centre and a SOFA category.

As a general rule, all nominal accounts with a Cost Centre and a Profit and Loss report category, will require a SOFA category. You'll also need some additional Balance Sheet nominal accounts for the transfer of funds, pensions benefits and funds brought forward from a previous year. See About the SOFA report.

A predefined set of SOFA categories has been created for you. These are taken from SORP 2015.

If you need a different SOFA category, you can add new ones on the Report Category screen (Settings > Cash Book / Nominal Ledger > Report Categories).

More about analysis codes

Analysis codes are extra pieces of information that you can use as custom fields, to improve your reporting and to compare different areas of your business.

An analysis code has two parts:

  • Code or Name - this a label and represents how you want to group your data.

  • Value - this can be a set of predefined values or free text. This is how you want to break down the data for each group.

On each account, you can choose the value that you want to associate with each code. You set the labels you want to use for each code on the Analysis Codes screen.

Fix it

Can't change the analysis codes?

The analysis codes set here are applied to all accounts that are created. You can't change them from this screen.

If you want to use different values on an account, you 'll need to amend the account separately from the Amend Account Details screen.