If you’re an existing business moving over to Tally its important to use the codes you’ve previously been using and then define the balances of these codes. We’ve already got a standard nominal list set up for you within Tally, you can view it and change it manually simply by going to Settings and then Chart of Accounts. To make changes you will need to enable access by clicking Settings > Advanced Settings and then ticking the box for Enable access to nominal codes > Click Update.
Required Fields
The nominal code import requires two critical fields:
- Nominal Type – this is the type of nominal – it must be either Sales Type, Outgoing Type or Bank Transaction Type – i.e. “Outgoing Type”.
- Nominal Name – this is the name of your nominal code and should be unique – i.e. “Bank Charges”.
- Nominal Code – this is the nominal code number and must be entirely numbers and unique, usually these are four numbers long – i.e. “4001”.
- Nominal Code Type – this must be either Turnover, Expenditure, Fixed Asset, Current Asset/Liability, Capital & Reserves or Cost of Sale – i.e. “Fixed Asset”.
Optional Fields
- Nominal Price Managed – this is relevant for Sales Types & Outgoing Types only and will allow for automatic entering of details when selected it can only be Yes or No – i.e. “Yes”.
- Quantity in Stock - this is relevant for Sales Types & Outgoing Types only and will allow for stock management – it must be a number only – i.e. “100”.
- Stock Warning Level – when should you get alerted to the amount of remaining stock – it must be a number – i.e. “50”.
- Description – this is relevant for Sales Types & Outgoing Types only and will allow for automatic entering of the description when selected as a line item. It can be a mixture of letters and numbers – i.e. “1 Pair Black Shoes”.
Uploading the template
To import, click Settings > Import Data > Import CSV Files > Enter in your Username & Password > Select CSV > Select Nominal Codes > Upload your file > Use the drop downs to map the file.