Chart of Accounts & Nominal Codes
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.
Brightpearl provides a standard chart of accounts or it can be rebuilt to meet your accounting needs.
Every account, or nominal, is assigned an account type. The account type controls how the account is treated when posting transactions and generating financial reports.
The account types available are different depending on the Brightpearl account localization.
Reserved & required accounts or nominals
The following accounts (nominals) are reserved by the system and must exist:
- 1001: Stock/Inventory (UK only)
- 1200: Stock/Inventory (US only)
- 1100: Accounts Receivable / Debtors Control Account
- 2050: Stock received not invoiced (UK only)
- 2250: Stock in transit (US only)
- 2060: Deferred COGS
- 2070: Landed costs
- 2100: Accounts Payable / Creditors Control Account
- 2200: Sales Tax
- 2201: Purchase Tax
- 2202: Reserved code / VAT Liability Account
- 2299: Rounding corrections
- 3200: Retained Earnings / Profit & Loss
- 9997: A/R Import (created automatically during import of accounts receivable (debtors)
- 9998: Suspense Account
- 9999: Mispostings Account
Building a chart of accounts - adding accounts or nominals
Brightpearl provides a standard chart of accounts which will allow you to begin using the platform straight away. If additional accounts are needed these can be manually added at any time. Those accounts which are not wanted can be deleted. Once an account or nominal has been used (accounting entries have been posted to it) it can no longer be removed from the system.
When transferring historical accounting information from another system, your implementation consultant will import your chart of accounts and opening balances.
When adding new accounts it is important that they are assigned the relevant account type so that financial information is reported correctly.