All Omni Accounts Products include a full Nominal Ledger. This can be used as a standalone function or run concurrently with your Customer, Supplier and Banking Modules. It is the top-most level of your accounting system and all transactions captured via the modules are posted directly into your Nominal Ledger. Reports printed from your Nominal Ledger are what your company audits are based upon. The Nominal Ledger is responsible for producing your Statement of Financial Position and Profit and Loss Reports, which reflect your company’s profitability and viability.
Your chart of accounts will need to be created in the Nominal Ledger. A default chart of accounts can be selected when creating a company and can then be edited to suit your requirements. Each account is specified as a Profit and Loss or Balance Sheet Account, and then further grouped into financial types.