Overview

The Nominal Account Balances report is a financial document that provides a snapshot of the balances in nominal accounts, which are used to track revenues, expenses, and other financial transactions within a company. Nominal accounts, unlike balance sheet accounts, are temporary and reset to zero at the start of each accounting period. This report typically details the amounts for various income and expense categories for a given period, offering insights into the company’s financial performance and operational efficiency.

This report is important because it helps businesses monitor and analyse their financial performance by summarising the results of their revenue and expense activities. By reviewing nominal account balances, companies can assess their profitability, identify trends in income and expenditures, and make informed decisions about budgeting and financial planning. Additionally, it aids in financial reporting and auditing processes, ensuring accurate and transparent tracking of financial performance over time.

Zumzum Financials Standard Reports are stored in the Zumzum Financials report folder.

Please share this folder with your users who require view access to any of these reports.

Alternatively, you may prefer to create your own reports folder, reports and dashboards.  Start with these reports and save as your own versions.  This approach may also make it simpler for you to share deploy and share reports and dashboards to your users.

To run this report, follow these steps:

Run Nominal Account Balances Report

1. Navigate to Financial Reports.
2. Select Nominal Account Balances.
3. The report will then run.
4. You can sort the records by descending or ascending by clicking the title of the column.

Learn more about general ledger transactions and nominal accounts in Zumzum Financials.