Which nominal code numbers do I use? Accounting Software

qwertyuiop
qwertyuiop Registered, AAT Student Posts: 1
I understand that this is going to sound like a silly question. But i'm really confused as to which nominal codes I should use when setting up nominal ledger accounts for the accounting software exam.

Is it as simple as 'Travel and Subsistence' should be given a nominal code beginning with 5*** 'direct expenses'?

How would I know which code to allocate bank charges to?

Comments

  • amurray
    amurray Feels At Home Registered, MAAT, AATQB Posts: 304
    It has been a long time since I sat this exam, however I remember Travel & Subsistence falling in the Other Overheads category I believe it was in the '6000' or '7000' range of codes....

    There should be a nominal code for Bank charges, I think its in the '8000' range of codes or possibly the '7000' range.

    Do you have any study text books which show you an example of which chart of accounts need to be created? - I used the Osborne Textbooks when studying the Foundation Level and found them very useful.
    MAAT, AATQB, FIAB, MICB PM.Dip.
    Completed AAT in March 2020
    Currently Studying: CIMA 'Operational Level'
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