Enter or amend project nominal defaults

Use the Nominal Defaults tab to record default nominal codes for the project, and if WIP is enabled, record or view WIP nominal defaults for the project.

To manage project nominal defaults

Open: Project Accounting > Projects > Amend Project.

Choose an item from the project's structure.

Note: Nominal defaults are not set on project phases.

Select the Nominal Defaults tab. Enter the required information.

Default selection (WIP project level only)

Note: Only applicable if WIP is enabled and cost centre breakdown is in use.

The work in progress (WIP) account, used to gather project costs for the duration of the project, is enabled on the Project Accounting Settings | Posting tab when you set up nominal accounts for postings. At the same time as enabling WIP on the Posting tab, you can choose to use a nominal account with cost centre and department (Use Specified) or just a nominal account.

The cost centre and department specified here on the project Nominal Defaults tab are appended to the nominal account, if Use Specified was not selected and if cost centre breakdown is used. If Use Specified was selected, the Use Specified cost centre and department are used instead. Selecting the cost centre and department here whether or not Use Specified has been selected will ensure that the cost centre and department you want to use for the project remain set up for the project, should Use Specified be cleared at a future time.

Cost centre

Select the cost centre for the WIP nominal account.

This will be appended to the WIP nominal account if Use Specified has not been selected at a higher level in the project structure, and if cost centre breakdown is enabled.

Department

Select the department for the WIP nominal account.

This will be appended to the WIP nominal account if Use Specified has not been selected at a higher level in the project structure, and if cost centre breakdown is enabled.

WIP (project items only)

Note: Only applicable if WIP is enabled.

The work in progress (WIP) account, used to gather project costs for the duration of the project, is enabled on the Project Accounting Settings | Posting tab when you set up nominal accounts for postings. You can also specify on the Posting tab the default options for cascading the WIP nominal account through the project structure. The third level of cascade is the project item.

Use Specified

Displays Yes if Use Specified has been selected at a higher level, or No if it has not.

Nominal

Displays the nominal account selected at a higher level in the project structure.

If Use Specified displays Yes, the nominal account, cost centre and department combination entered at the higher level is used for WIP postings for the project item and you cannot select a different nominal account here.

If Use Specfied displays No, you can select a different nominal account for the project item. The cost centre and department entered as the Default selection (WIP project level only) will be appended to the nominal account for WIP postings for the project item.

Expense	Select the default expense nominal code. This is the nominal account that cost transactions (such as expense claims) will be posted to.
Revenue	Select the default revenue nominal code. This is the nominal account that revenue transactions (such as invoices) will be posted to.