Code 463 - IT Software & Consumables

To reorganize your IT software and consumables nominal code, start by reviewing your current chart of accounts to identify where the IT expenses are currently being recorded. Create a new main nominal account code and at least one nominal sub-account level separating out Software costs from Consumables & Hardware and IT Support costs to ensure better tracking and categorization of expenses.

As software usage has increased among all sectors it is becoming more and more important to create extra levels of categorisations. We’ve separated out Accounting from Security, Productivity and Industry specific software and have provided you with some examples. Although some of these are used by the majority of businesses it will depend on your specific requirements and needs to be adjusted accordingly.

Ensure that the new nominal codes aligns with your accounting software's requirements and integrate seamlessly with your existing chart of accounts. Update any recurring transactions and coding templates to reflect the changes, and communicate the updated codes to relevant staff members to ensure consistency in recording expenses.

Regularly monitor and review the new nominal code to make any necessary adjustments as your IT software and consumables expenses evolve.