I would appreciate help on chart of accounts structure on sage50, to be able to classify separately different kind of items. I would like to learn the best way to create sub-nominal codes, therefore, to know if adding one digit or two, to a generic nominal code is an acceptable practice: for instance for code 7600 Legal Fees, then create a new one: 76001 Legal Fees - Commercial, then, 76002 Legal Fees - Immigrations Law, and, 76003 Legal Fees - Employment, and so on. On the same way, I was asked to separate Travelling overseas on different type of expense for analysis proposes; 7405 Overseas is already used for travelling flight tickets, and I have the intension to create new ones, adding one digit or two as sub-accounts, like this: 7405 Overseas Travelling (already used for flight tickets) 74051 Overseas Travelling - Car Hire 74052 Overseas Travelling - Hotel Room, 74053 Overseas Travelling Hotel Room Service 74054 Overseas Travelling Hotel Room Laundry
74055 Overseas Travelling Hotel Taxes 74056 Overseas Travelling Subsistence 740561 Overseas Travelling Subsistence Breakfast
740562 Overseas Travelling Subsistence Breakfast Business Meeting 740563 Overseas Travelling Subsistence Lunch 740564 Overseas Travelling Subsistence Lunch Business Meeting 740565 Overseas Travelling Subsistence Dinner
740566 Overseas Travelling Subsistence Dinner Business Meeting
The idea is left the first code group as tittle, without being used, and then adding digits to new codes. please let me know if this could be considered a good accounting practice. on the other hand, would it be considered as Sub-Contractor, an invoice from an external person who invoiced as every month for consulting services, who may be an employee in the future. Please let me know if I can refer to any existing chat of accounts layout with subaccounts, providing me with the link if this is the case.
Thank you so much in advance for your support
Gisela