This guide provides step-by-step instructions for users to set up nominal codes. Nominal codes are essential for categorizing and tracking different types of charges, allowing users to allocate whether they are subject to Value Added Tax (VAT) or not.
Step by Step Guide
1. Accessing Nominal Code Setup
- Log in to the WMS system with your credentials.
- Navigate to the 'Accounts' tab and select 'nominal code'.
2. Initiating Nominal Code Creation
- Click on the Plus symbol to begin the process of creating a new nominal code.
3. Entering Nominal Code Details
- A new screen will appear, allowing you to input details for the nominal code.
- Fill in the required information, including:
- Nominal Code Name - Provide a unique and descriptive name for the nominal code.
- VAT Status - Set whether this nominal code will be subject to VAT. Options typically include "20% VAT," "0% VAT," or "Not Set" for VAT-free charges.
- Tax Code Association - If applicable, associate the nominal code with a specific tax code. Refer to the Tax Code setup for more details.
4. Save the Nominal Code
- Once you have entered the necessary information, Click on the save button.
5. Confirmation
- Upon successful creation, the new nominal code will be added to the system.
6. Associating Nominal Code with Tax Code (If Applicable)
- If the nominal code is subject to VAT, you may need to associate it with a specific tax code.
- Refer to the Tax Code setup guide for instructions on associating tax codes with nominal codes.