Opera 3 Nominal Ledger Training Manual

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Chad Domenic Atkinson
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1 Opera 3 Nominal Ledger Training Manual

2 Contents Overview... 3 Open Period Accounting... 3 Period End... 4 Journals... 5 Posting a Journal... 5 Creating a Journal... 6 Basic Journal... 6 Recurring Journal... 7 Reversing Journal... 8 VAT Analysis Journal... 8 Rectifying a Journal... 8 Reporting and Analysing... 9 Reports... 9 Analysis... 9 R Nominal Ledger

Overview The Nominal Ledger is the heart of your company s financial management. It provides a comprehensive and organised means of controlling your financial accounts.

3 Overview The Nominal Ledger is the heart of your company s financial management. It provides a comprehensive and organised means of controlling your financial accounts. The module can be used on a standalone basis or in conjunction with other modules. Transactions from other modules update the Nominal Ledger either in batches when required or in real-time. Real-Time processing updates the Nominal Ledger immediately. Open Period Accounting This is an optional feature which allows you to control whether your Nominal Ledger accounting periods are open or closed for new postings. The accounting periods can be kept open as long as necessary. (However, are usually closed once management accounts have been presented for the financial year). When this option is used, each transaction has a Nominal Ledger transaction date which determines the accounting period it is posted to and the period name is displayed at the time of posting. The period it can be posted to is the current, previous or future Nominal Ledger period if the period is open. Financial Calendar The Financial Calendar can be found under Utilities. This can only be accessed if using Open Period Accounting. Financial year Current period Year End date By highlighting a period, you can change the period status from Blocked to Open for each module if necessary. Use the dropdown to change and save. (ADMIN is the only user that can change a status from Closed ). R Nominal Ledger

If this is ticked, you won t need to go into the Financial Calendar each time to block a module.

4 Period End When performing Period End for your modules, for example the Purchase Ledger. You are given the option to Block postings to the Nominal Ledger for that period. If this is ticked, you won t need to go into the Financial Calendar each time to block a module. Period End Screen For the Nominal Ledger period end, you are given the option to block the Nominal for that period. If this is the case, all other modules will be changed to Blocked. Period End Nominal R Nominal Ledger

Journals There are four types of journal documents which can be created; Standard Created within the current nominal period and if balanced, the user is given the option to Post and print immediately.

5 Journals There are four types of journal documents which can be created; Standard Created within the current nominal period and if balanced, the user is given the option to Post and print immediately. (These journals are removed by the Nominal Period End routine) Recurring Created in the current nominal period and if balanced, is posted at regular intervals determined by a pre-fined schedule. (Recurring journals are posted using the Post Recurring utility) Reversing Created in current nominal period and if balanced, posted during the current period then automatically posted in reverse to the next period during the period end routine. Retained These are entered and if balanced, posted during the current period but are retained to be adjusted and used again in subsequent periods. If a journal needs to show on VAT reports then the VAT Analysis options needs selecting. This will ask for VAT values for lines that are subject to VAT. Posting a Journal A journal that has already been created can be posted by locating the journal and from the Action button and selecting Post Journal. It will ask for the Nominal Posting Date to determine which period and then you can select where to publish the journal. (To file or screen etc.). An image of the journal will also be created and attached to the relevant accounts. A unique number will be assigned to the journal. The journal must balance so that it can be posted Journals can be posted to the prior financial year from the Nominal Ledger. ( Action and selecting Post Prior Year ). However, these postings are also posted to the first period of the current financial year. (If using OPA, the status for the relevant periods should be set to Open ). R Nominal Ledger

Creating a Journal Basic Journal Journals can be created by using the New icon on the toolbar or Ctrl+N. Enter a description and the date of the journal.

To add lines to the journal, select Details (F8) function from the Action button. Journal Details For a new journal, you will need to specify an account and tab into the value field.

6 Creating a Journal Basic Journal Journals can be created by using the New icon on the toolbar or Ctrl+N. Enter a description and the date of the journal. If the journal has been specified in a foreign value, select the currency from the dropdown box. (Exchange rate will be required). To add lines to the journal, select Details (F8) function from the Action button. Journal Details For a new journal, you will need to specify an account and tab into the value field. Enter the value in either the Debit or Credit fields. On tabbing out of these fields, a comment can be entered. (If the specified account has been marked as Forced Comment then a comment is mandatory). Pressing the page down key, the line will be saved and a new line will be added where you again, specify the next account. The Journal can be saved at any time by selecting the escape key and selecting the OK button. If the journal balances, the system will ask if you want to post it. Nominal Posting Date If you click yes, the Nominal Posting Date will appear to confirm which nominal period the journal should be posted to. If you choose to not post, the Journal is saved and can also be changed by selecting the Details function again. R Nominal Ledger

You can select one from the list; Recurring Journal Header Screen Days The interval of days between each posting will need to be entered in the Day(s) box.

7 Recurring Journal The detail lines of a recurring journal are the same as a basic journal. However, if the Recurring option is ticked then the system will need to know the frequency of the postings for that journal. You can select one from the list; Recurring Journal Header Screen Days The interval of days between each posting will need to be entered in the Day(s) box. Month Enter the day in the month for posting in the Day(s) box. (For example, if 15 is entered, the journal is due on the 15 th day of every month. If you enter 31, the recurring entry will be posted on the last day of each month Week Period The number of times, in total, you want the recurring entry to be posted will need to be specified in the Times to Post. This option only applied if you have selected the Recurring option. The Next Posting field is the date of the next posting based on the frequency and day s field. Nominal Utilities To post a Recurring Journal, you must use the Post Recurring feature under Utilities R Nominal Ledger

VAT Analysis Journal A VAT journal will request how lines of the journal are to be analysed to VAT processing.

8 Reversing Journal A reversing journal is identical to a basic journal. The Reversing option must be selected. If the journal is posted in the month it will be reversed into the next period at period end. A reversing journal can also be retained. VAT Analysis Journal A VAT journal will request how lines of the journal are to be analysed to VAT processing. When entering the lines to be VAT analysed, the gross amount of the transactions should be entered in the debit/credit fields. The system will then present you with a list of pre-defined VAT rates. The VAT value can be overridden in the VAT amount field if required. Rectifying a Journal The rectify command is used to change journal details after they have been posted. You have two options; 1. Rectify Current Line 2. Rectify Complete Journal Current Line To change the Account of a journal, the Rectify Journal Line should be used. You will need to find the relevant journal and double click to see the details of the journal. The line that needs to be rectified should be highlighted. From the Action button, select Rectify Current Line. Enter the correct account. Click OK once done and the journal will be posted. A journal with 2 Transactions are then posted due to this. One of them being a transaction which reverses the original line. The second being the original line but with the correct account. Complete Journal Rectify Complete Journal has two options; you can repost to a different date or remove the journal completely without reposting. Selecting the Re-Post to different date will post a reversing journal in the same period as the original journal and then a new journal is posted in the new period using the NL posting date. The other details are the same as the original Journal If Re-Post is not selected, a reversal journal is posted in the same period as the original journal. R Nominal Ledger

Reporting and Analysing Reports The nominal module does not have a standard Profit & Loss or Balance Sheet reports, although Pegasus supply the tools to create custom management reports using either

9 Reporting and Analysing Reports The nominal module does not have a standard Profit & Loss or Balance Sheet reports, although Pegasus supply the tools to create custom management reports using either the Matrix Reports utility or the Excel add-in XRL. The standard reports include: 1. Trial Balance that can be run for any period range and any of the following sequences: Account Type/Sub-Type Cost Centre Project (Dimension 1) Department (Dimension 2) 2. Audit Trail that again can be run for a period range in a specific year, but also allows a source module(s) to be selected. This report can be sequenced by the following items: Account Type/Sub-Type Cost Centre As Entered Journal Project (Dimension 1) Department (Dimension 2) Analysis The Nominal View utility is a powerful and easy to use analysis tool that allow the user to interact with values of the report and drill down to reveal the transaction for any node of the tree style view. Any period range can be selected and from the criteria tab the report can be filtered down to a specific range of accounts, types, cost centre s or dimensions The information can either be printed, copied into Excel or used to produce a chart. Two standard views are included by default (Nominal & Accounts), but more can be created from the Maintenance section. R Nominal Ledger

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