Can you advise which nominal codes (or range of codes) appear as long-term liabilities, rather than current liabilities?
And is there any way to make a loan account on the banking pages show up as a long-term rather than current liability?
I have a long-term credit facility which is flexible for drawdown and repayment, but if I set it up as a loan account it always appears as a current liability. In reality it’s long-term.
Thanks
You could create a new nominal code for this under your Chart of Accounts, something similar to this:
You could use this in place of the bank account. It does make tagging a bit trickier, but it would keep it in the right place for you on the balance sheet.
Hope that helps!
Thanks @QFMathew, that works for the balance sheet. Presumably there’s no way to make this nominal act like a bank account though?
Apologies for the delay in responding.
Unfortunately there’s not a way to make this act like a bank account. That said, the bank account is just another nominal code. Using the tagging option of “Something else not on the list”, for example, would replicate the same as what using “bank transfer” does in terms of the actual transfer.
You could, in theory, have both set up and journal/tag them at month end to the long term liability nominal.
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