Nominal Ledger
How do I process a Nominal Reconciliation?
Procedure for Reconciling a Nominal Account (Current Year > Nominal > Nominal Reconciliation) Account Field: Select the relevant Nominal Account from the drop-down menu that you wish to reconcile. Details Field: Enter any necessary free text in the ...
What are Standard Entries?
Standard Entries Overview Standard Entries are nominal journal templates designed for recurring debit, credit, or combined transactions. You can access them via: Current/Previous Year Menu Nominal Posting Standard Entries Creating a New Standard ...
How to Reverse a Nominal Reconciliation in SFM
Reversing a Nominal Reconciliation in SFM Click on the Archive Select Nominal > Nominal Reconciliation from the drop-down menu. Select the Nominal reconciliation you wish to reverse. Press the Reverse button or (CTRL+R). Click Yes on the Confirm ...
Setting Up and Using the Intercompany Journal
Setting up Inter-company Accounts makes it easy to automatically update journal entries in multiple companies, helping you increase your efficiency. Step 1: Creating an Intercompany Account Log in on one of the companies required for the multiple ...
How to Set a Nominal Account On Hold in SFM
To put an account On Hold Select the account by left clicking once Press CTRL + SPACE BAR on your keyboard (To identify if the account is on hold, it will appear greyed out) Note: this function also works for Debtors Accounts Creditors Accounts ...
How to Upload Your Own Chart of Accounts in SFM
The SFM Chart of Accounts can be managed and updated using Excel functionality. To ensure a smooth upload, please use the provided SFM Format. Standard Chart of Accounts.zip: The zip file includes a blank template, documentation, and a simplified ...
How to print a Management Profit and Loss Report
To create a Management Profit and Loss report in SFM: Go to Current Year or Previous Year > Nominal > Chart of Accounts Reports > Management Reports, and click on the report type required. Once you have chosen your report type, a printer window will ...
How to print a Trial Balance Report in SFM
To create a Trial Balance report in SFM: Go to Current Year or Previous Year > Nominal > Chart of Accounts Reports > Trial Balance Reports, and click on the report type required. Once you have chosen your desired report type, a printer window will ...
Setting up a Set Off Account in SFM
Follow the below article: How to create a new Control Account in SFM? (Bank Account, Cash Account, Stock Control, etc)
How to Create a New Analysis Code in the Jobs Module
To set up a new Analysis Code in the Jobs Module, follow these steps: 1. Create a Nominal Code Navigate to: Current Year > Nominal > Chart of Accounts Click the ➕ (Add) button to create a new Nominal Code. 2. Create an Analysis Code Go to: Support > ...
How to set Percentage Allocation in SFM
The Percentage Allocation functionality in SFM allows you to split an entry into two or more different Nominal accounts automatically allocating this by percentage which is setup by the user. Setting Up Percentage Allocation Create a Nominal ...
How do I print nominal transactions across different financial years?
As from SFM Version 2.0.8.56, a user can print nominal transactions across different financial years. The report to achieve this is called Transactions for All Accounts. and it is found in Current Year > Nominal > Chart of Accounts Reports > ...
How to Reverse a Nominal Transaction in SFM
Reversing Entries in SFM Once users confirm an entry in SFM, they cannot modify any of its elements. The only available option is to reverse the entire transaction and re-post it with the correct values. The system supports both simple reversals and ...
Can I set nominal account budgets in SFM?
Nominal account budgets can be imported in SFM through a template (attached). The budget amounts are entered per period/ per nominal account. Below are some points to note when entering the budgets in the template: 1. The budget amount has to always ...
How to setup a System Control Account in SFM? (Bank Account, Cash Account, Stock Control, etc...)
Create the Account in your Chart of Accounts as seen below. Please make sure you use the code depending on your Heading and Sub-Heading digits. After creating the account, you need to specify the account as a System Control Account. Go to Support > ...
How to check which year is your current year in SFM
To check which year the client is currently in: Go to Current Year > Utilities > Posting dates. Check year.