Legal Status of Company                                       

This is an optional field where the user can indicate the type of business for which Thesaurus Accounts is being used, i.e.

1.  Limited / Unlimited Company
2.  Sole Trader / Other

The purpose of ticking the relevant box predetermines which nominal ledger accounts are flagged for use by the user, hiding the irrelevant accounts for the chosen type of business.

 For example, if the user indicates that the business is a Limited/ Unlimited Company then the sole trader-orientated accounts such as Drawings, which are not required for the transaction entries of a limited company are hidden from view, and vice versa.

Any accounts which are hidden from view can be restored to view for use at any time using the Show/Hide Nominal Accounts option within the Setup menu.

The user can opt not to indicate the legal type of the business by simply leaving both boxes unticked so that no accounts are automatically hidden from view.