Setting up nominal codes in Service Geeni is crucial for accurate financial reporting and seamless integration with accounting systems. This overview outlines the key components and approaches to setting up nominal codes within the platform.
Charge Code Nominals (Revenue)
Charge codes define how revenue is categorised for various job types, such as repairs, services, and inspections. These codes can be set at the system level and overridden at the customer or equipment level to reflect specific billing arrangements.
Contract Nominals (Revenue)
Contracts can be assigned specific nominal codes to track revenue accurately. This setup allows for detailed financial analysis of contract-based income.
Contract / Equipment Category
Categorising contracts and equipment enables the assignment of default nominal codes based on predefined categories. This approach streamlines the nominal assignment process and ensures consistency across similar contract or equipment types.
Purchase Analysis (PA) Code (Cost Journal + PI)
PA Codes are used to categorise purchase-related transactions, such as supplier invoices and cost journals. Assigning appropriate PA codes ensures that costs are accurately reflected in financial reports.
Sales Analysis (SA) Code (Revenue)
SA Codes categorise sales transactions, facilitating detailed revenue reporting. These codes can be linked to specific stock items or services to automate revenue classification.
Hire Options (Revenue)
For businesses offering equipment hire services, specific nominal codes can be assigned to hire-related revenue. This setup allows for precise tracking of income generated from hire activities.
Engineer (Cost Journals)
Engineer-related costs, such as labour expenses, can be tracked using cost journals linked to specific nominal codes. This approach provides visibility into the direct costs associated with service delivery.
Contract-Specific Revenue Profile (Revenue)
Contracts can have tailored revenue profiles, assigning specific nominal codes to different revenue components. This granularity supports detailed financial analysis and reporting.
Approaches to Nominal Code Assignment
Service Geeni offers flexibility in assigning nominal codes through various levels:
System Defaults: Set overarching nominal codes that apply across the system, providing a baseline for transactions.
Customer-Level Overrides: Customise nominal codes for individual customers to reflect specific billing arrangements or financial reporting requirements.
Equipment-Level Overrides: Assign nominal codes at the equipment level, allowing for precise tracking of revenue and costs associated with specific assets.
Contract-Level Overrides: Define nominal codes within contracts to capture revenue and costs accurately for each agreement.
This hierarchical approach ensures that nominal codes can be tailored to meet diverse business needs while maintaining consistency and accuracy in financial reporting.
Accounting System Integration
Service Geeni supports integration with accounting packages like Xero, Sage and QuickBooks.
Proper nominal code setup is essential for seamless data synchronisation between Service Geeni and these systems.
Ensuring that nominal codes in Service Geeni align with those in your accounting software facilitates accurate financial reporting and reduces the risk of errors.
By thoughtfully configuring nominal codes across these areas, businesses can achieve accurate financial tracking, streamlined accounting processes, and insightful reporting within Service Geeni.