Overview:

When viewing the Profit and Loss or Balance Sheet reports in Zumzum Financials, values are grouped under main headings and summarised by text labels, which correspond to Nominal Categories. These reports utilise a three-tier Chart of Accounts (COA) structure: Nominal Categories, Nominal Sub Categories, and Nominal Accounts. The summarised values under each heading are derived from Nominal Accounts linked to specific Nominal Sub Categories. Since organisations can customise Nominal sub-categories, it’s essential to identify these categories to understand the report’s composition. To do so, users can access the Nominal Sub Category tab, sort the list by Nominal Categories, and view the related Nominal Accounts to see how report values are calculated.

Issue

When a user is viewing the Profit and Loss or Balance Sheet reports, the values are grouped  by a main heading and summarised by a text label.  How do I know the nominal accounts that make up the text label on the reports?

Solution

Zumzum Financials has a Chart Of Accounts (COA) which uses a three-tier structure

• • Nominal Categories
  • Nominal Sub Category
  • Nominal Accounts

The Profit and Loss report and Balance Sheet reports use the Nominal Categories as the main headings for the report.  Below each heading or Nominal Category are the Nominal Sub Categories.  The value of the Nominal Sub Categories is calculated from all the Nominal Accounts.

Since every organisation may customise the Nominal Sub Categories names to suit their own needs, you would need to find your list of Sub Categories.

To find your list of Nominal Sub Categories follow these steps:

1. Find the Nominal Sub Category tab
2. Select the list view All 
3. Sort the list descending by Nominal Categories 

Use this list view to see the relationship between the Nominal Sub Category and any of the Nominal Categories.

Each Nominal Sub Category contains multiple Nominal Accounts, so click on the name of the Sub Category to view the related list of Nominal Accounts.

The Nominal Accounts related to this Sub Category that had ledger transactions during the period for your Profit and Loss report or Balance Sheet report are used to calculate the values on your report.

Learn more about financial reports in Zumzum Financials.