Accounts, Standard Sets of Nominal and Control Accounts

When you set-up a set of accounts (see “Accounts, Set-up Account Sets”) you can choose to have the following essential, standard, life and general accounts created automatically…

1. ESSENTIAL NOMINALS & CONTROLS

Below are listed the “Essential” nominal and control accounts, without which the system cannot function. You should rename your “BNK1” account and add others for each of your real life banks (see “Accounts, Set-up Bank Accounts”)…

Controls
	CRED	Creditors control
	DEBT	Debtors control
	PLBF	Profit & Loss (brought forward)
	PMTA	Payments in advance
	PMTN	Payments not banked
	RCTA	Receipts in advance
	RCTN	Receipts not banked
	VAT	VAT Control
Banks
	BNK1	Bank account
Sales
Purchases
	CADV	Pay-away, Advisers
	CINT	Pay-away, Introducers

2. STANDARD NOMINALS & CONTROLS

If when creating a new set of accounts you select the “Standard” nominal and control account set, then you will get the “Essential” set plus the purchase nominal accounts displayed below…

Purchases
	OADV	Overhead, Advertising
	OBNK	Overhead, Bank charges
	OCEX	Overhead, Computers
	OCHA	Overhead, Charity donations
	OELE	Overhead, Electricity
	OENT	Overhead, Entertaining
	OFEE	Overhead, Professional fees
	OFUR	Overhead, Furniture etc
	OGAS	Overhead, Gas
	OINS	Overhead, Insurance
	OLEG	Overhead, Legal fees
	OMOT	Overhead, Motor new purchase
	OMRP	Overhead, Motor repair / service
	OPET	Overhead, Motor petrol
	OPHO	Overhead, Phones
	ORAT	Overhead, Rates
	OREP	Overhead, Repairs
	ORNT	Overhead, Rent
	OSTA	Overhead, Stationery etc
	OSWS	Overhead, Software support
	OTRA	Overhead, Travel excluding car
	OTRN	Overhead, Training
	OWAG	Overhead, Wages

3. GENERAL INSURANCE NOMINALS & CONTROLS

If you choose to add the “General Insurance” nominal and control accounts then in addition to the “Standard” or “Essential” set you will get the following…

Controls
	CADS	Adviser, Comm (pay-away in suspense)
	CADT	Adviser, Comm (pay-away transferable)
	CICT	Introducer, Comm (pay-away transferable)
	CINS	Introducer, Comm (pay-away in suspense)
	G*CS	General, Comm (in suspense)
	G*CT	General, Comm (transferable)
	GXI*	General, Charges (in suspense)
	GXIA	General, Charges (transferable)
Banks
Sales
	GCEA	General, Comm (received)
	GPRM	General, Premiums (received)
	GXIE	General, Charges (received)
Purchases
	GPRM	General, Premiums (bought)

4. LIFE, INVESTMENT & MORTGAGE NOMINALS & CONTROLS

If you choose to add the “Life” nominal and control accounts then in addition to the “Standard” or “Essential” set you will get the following…

Controls
Banks
Sales
	CFEE	Consultancy, Fees
	ICEA	Investment, Comm (indemnity)
	ICEN	Investment, Comm (non-indemnity)
	ICXR	Investment, Comm (renewal)
	LCEA	Life, Comm (indemnity)
	LCEN	Life, Comm (non-indemnity)
	LCXR	Life, Comm (renewal)
	MFEE	Mortgage, Fees
	PCEA	Pensions, Comm (indemnity)
	PCEN	Pensions, Comm (non-indemnity)
	PCXR	Pensions, Comm (renewal)
Purchases

5. SUGGESTED ADDITIONAL CONTROLS (MANUAL ENTRY REQUIRED)

You will also need a control account for each type of asset that depreciates at a different rate (e.g. computers and cars – see “Accounts, Set-up Control Accounts”). Companies will need a control account for share capital while sole traders will not. There is no one “correct” set of control accounts. You are recommended to refer to your last set of audited accounts, and talk to your accountant. You might also like to consider using some of the following…

Controls
	SHAR	Share Capital
	DIRE	Directors Loans
	PREP	Prepayments
	ACCR	Accruals
	DEFE	Deferred Revenue Expenditure
	TAXS	ACT and/or other taxes
	AINT	Assets, Intangible
	AIND	Assets, Intangible, Depreciation
	ATAC	Assets, Tangible, Computers
	ATAE	Assets, Tangible, Office Equipment & Fittings
	ATAV	Assets, Tangible, Vehicles
	ATLC	Assets, Tangible, Leased Computers
	ATLE	Assets, Tangible, Leased Equipment & Fittings
	ATLV	Assets, Tangible, Leased Vehicles
	ATDC	Assets, Tangible, Depreciation of Computers
	ATDE	Assets, Tangible, Depreciation of Equipment & Fittings
	ATDV	Assets, Tangible, Depreciation of Vehicles