The chart of accounts is a complete list of financial account codes (or nominal codes) into which financial transactions are posted and from which financial reports are produced. If you are using an accounting software package already (Sage, Xero, Freshbooks etc) then you will already have a chart of account created with Nominal Codes.
ReRum comes with a number of Nominal Codes named & numbered already in the system so in most cases you will just need to change the number of the pre-defined nominal codes to match those used by your accounting software.
This shows the default Nominal Codes that are pre-defined in your copy of ReRum.
You can edit a Nominal Code by clicking View then 'Edit Nominal Code'. Here are the typical Nominal Codes customer add or change:
- Rent: Type Sales - All accommodation invoices/revenue is posted against this Nominal Code.
- Administration Fee: Type Sales - This is typically used for Extras (High Chairs, cots, Z Beds etc).
- Sagepay - Online Terminal: Type Card - This is used for all Credit card payments or refunds
Add a Nominal Code
- Commission: Type Sales - This is used for all commission payments to Agents