Each nominal account must have a major heading assigned to it. Each major heading will define the accounts as either Profit and Loss type account, or as a Balance Sheet type account.
The major heading then further defines where the nominal account will appear in the P&L or Balance Sheet enquiries and reports.
Major heading 1 to 6 are profit and loss accounts while major heading 7 to 12 are balance sheet accounts.
Editing major headings is done from the System module which is Security Profile permission driven.
Note: Each time you create a new nominal account, you must select a major heading.
Access the Major Headings in the Nominal Ledger
You can only access Major Headings if you are assigned to a Security Profile which allows permission to access the records.
Click Financials then click Settings.
Click Major Headings where you can view and edit existing records.
Note: The major heading name field allows 40 alphanumeric character entry and is the only field that you can edit. The name is not a compulsory field and does not have to be unique either.
You can also get more information about the default major headings that are created when a new database is created in our Default Major Headings article.